Implode-Explode Heavy Industries news feed http://implode-explode.com/ Tracking the many faces of the global credit implosion. en-us iehi-feed-65155 Fri, 17 Jan 2020 23:38:52 GMT What Happened When a State Made Food Stamps Harder to Get http://implode-explode.com/viewnews/2020-01-17_WhatHappenedWhenaStateMadeFoodStampsHardertoGet.html Four years ago, thousands of poor people here in Cabell County and eight other counties in West Virginia that were affected by a state policy change found themselves having to prove that they were working or training for at least 20 hours a week in order to keep receiving food stamps consistently. In April, under a rule change by the Trump administration, people all over the country who are "able-bodied adults without dependents" will have to do the same.

The policy seems straightforward, but there is nothing straightforward about the reality of the working poor, a daily life of unreliable transportation, erratic work hours and capricious living arrangements.

Still, what has happened in the nine counties in West Virginia in the last four years does offer at least an indication of how it will play out on a larger scale.

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The most visible impact has been at homeless missions and food pantries, which saw a big spike in demand that has never receded. But the policy change was barely noticeable in the work force, where evidence of some large influx of new workers is hard to discern. This reflects similar findings elsewhere, as states have steadily been reinstating work requirements in the years since the recession, when nearly the whole country waived them.

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iehi-feed-65154 Fri, 17 Jan 2020 14:37:44 GMT Why Luxury Units in Manhattan Are Vacant And The Rest of the Country Isn't Much Better http://implode-explode.com/viewnews/2020-01-17_WhyLuxuryUnitsinManhattanAreVacantAndTheRestoftheCountryIsntMuch.html From any rational perspective, what New York needs isn't glistening three-bedroom units, but more simple one- and two-bedroom apartments for New York's many singles, roommates, and small families. Mayor Bill De Blasio made affordable housing a centerpiece of his administration. But progress here has been stalled by onerous zoning regulations, limited federal subsidies, construction delays, and blocked pro-tenant bills.

... as the new houses have become more luxurious, homeownership itself has become a luxury. Young adults today are one-third less likely to own a home at this point in their lives than previous generations. Among young black Americans, homeownership has fallen to its lowest rate in more than 60 years.

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the most expensive housing markets, such as San Francisco and Los Angeles, haven't built nearly enough homes for the middle class. As urban living has become too expensive for workers, many of them have either stayed away from the richest, densest cities or moved to the south and west, where land is cheaper. This is a huge loss, not only for individual workers, but also for these metros, because denser cities offer better matches between companies and workers, and thus are richer and more productive overall. Instead of growing as they grow richer, New York City, Los Angeles, and the Bay Area are all shrinking.

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iehi-feed-65153 Wed, 15 Jan 2020 22:38:01 GMT Megxit Could Lead To An IRS Raid On Buckingham Palace http://implode-explode.com/viewnews/2020-01-15_MegxitCouldLeadToAnIRSRaidOnBuckinghamPalace.html iehi-feed-65152 Tue, 14 Jan 2020 19:05:46 GMT The Dogs Ate SoftBank's Money http://implode-explode.com/viewnews/2020-01-14_TheDogsAteSoftBanksMoney.html iehi-feed-65151 Tue, 14 Jan 2020 18:58:19 GMT WeWork debacle has unicorn investors seeking protections http://implode-explode.com/viewnews/2020-01-14_WeWorkdebaclehasunicorninvestorsseekingprotections.html A quarterly survey by law firm Fenwick & West, which tracks deal terms of startup clients, showed a sharp rise in those with senior liquidation preferences for later stage funding rounds in the third quarter, the time when WeWork's IPO plan unraveled.

For a graphic on Interactive graphic on liquidation preference clauses in deals, click here

Safeguards include a higher minimum price on shares in an IPO, "ratchets" that give investors more shares if the shares are priced below what they paid, guarantees of a certain return on investments, and rights to block the IPO.

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iehi-feed-65150 Tue, 14 Jan 2020 15:51:10 GMT Private Restaurants for New York's Richest Diners Are on the Rise http://implode-explode.com/viewnews/2020-01-14_PrivateRestaurantsforNewYorksRichestDinersAreontheRise.html ``Sound exciting? Unfortunately, you most likely won't be able to go. While Tavern by WS is open to the public, the space above it -- called simply WS New York -- is reserved for members willing to pay a $15,000 initiation fee, plus $7,500 in annual dues. A brochure for WS New York lures people to join for an "insider perspective on rarified worlds." As one of the club's managers was heard explaining at the party, "Think Soho House, but 10 years older, so 10 years richer and more exclusive.''

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Even harder to infiltrate are the increasing number of enviable dining rooms at high-end condominiums -- like 432 Park Avenue, where esteemed chef Shaun Hergatt oversees the kitchen, or 220 Central Park South, which will house the next New York restaurant from uber-chef Jean-Georges Vongerichten. There, all 54 seats will be off limits to anyone who's not a resident (or guest of one) at the building, where a penthouse sold for $238 million... In fact, exclusive restaurants with high-end chefs are becoming the latest in-demand amenity of luxury condos, according to Stacey Kanbar and Julie Kopel from the Kanbar Kopel Team at real estate firm Compass, who say they've noticed an uptick in the trend among clients looking at new upscale buildings.

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Private dining rooms have become important points of distinction and selling tools for the properties in part because the luxury real estate market in New York is suffering a glut of unsold spaces, says Stephen Zagor, a consultant who teaches restaurant and food entrepreneurship at Columbia Business School and New York University. A recent report found that more than 25 percent of new condos in Manhattan hadn't been sold as of September 2019, including some 40 percent of Billionaires' Row.

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iehi-feed-65149 Mon, 13 Jan 2020 14:07:42 GMT Michigan Zombie Foreclosures: Second Lien Holders Are Coming! http://implode-explode.com/viewnews/2020-01-13_MichiganZombieForeclosuresSecondLienHoldersAreComing.html iehi-feed-65146 Fri, 10 Jan 2020 15:12:41 GMT Trump Administration Repossesses Combat Veteran's Prosthetic Legs http://implode-explode.com/viewnews/2020-01-10_TrumpAdministrationRepossessesCombatVeteransProstheticLegs.html iehi-feed-65145 Fri, 10 Jan 2020 00:57:58 GMT Oversupplied NYC Will See A Flood Of New Apartments And Condos This Year http://implode-explode.com/viewnews/2020-01-09_OversuppliedNYCWillSeeAFloodOfNewApartmentsAndCondosThisYear.html Around 20,000 new apartments for sale and for rent will be ready by the end of this year, The New York Times reports, citing data from Localize.city. Most of them will be priced at the top of the market, which is already oversupplied.

The bulk of these new units will be in Brooklyn, with more than 13,000 units in 421 buildings due to open. Manhattan takes second place with 79 buildings with 6,342 new units. Queens follows with 154 buildings with more than 6,000 new units. The Bronx, which has experienced significant development activity in recent year, will see 2,470 units open up. Staten Island's pipeline is lagging far behind: only 126 units are set to open in New York's least populous borough this year.

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iehi-feed-65144 Thu, 09 Jan 2020 19:53:47 GMT NYS Mansion Tax Causes Bruce Willis To Take 42% Loss On His Home http://implode-explode.com/viewnews/2020-01-09_NYSMansionTaxCausesBruceWillisToTake42LossOnHisHome.html iehi-feed-65142 Tue, 07 Jan 2020 01:49:03 GMT Manhattan's Flood of New Condos Could Take Six Years to Sell http://implode-explode.com/viewnews/2020-01-06_ManhattansFloodofNewCondosCouldTakeSixYearstoSell.html The borough has 7,050 unsold, newly built units, according to a report by Halstead Development Marketing. The bulk of those -- almost 6,000 -- haven't been formally listed for sale, creating an under-the-radar "shadow inventory."

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The glut is a product of a post-recession construction boom aimed at globe-trotting investors, who now show little interest in collecting lavish Manhattan homes. And most newly built apartments are out of reach for the majority of New Yorkers.

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iehi-feed-65141 Sat, 04 Jan 2020 19:14:35 GMT Jesus Freaks Hack Michigan State University FCU Steal $2.3 Million http://implode-explode.com/viewnews/2020-01-04_JesusFreaksHackMichiganStateUniversityFCUSteal23Million.html iehi-feed-65140 Fri, 03 Jan 2020 17:14:41 GMT Brooklyn Foreclosure Alert! NYC Is Helping Kick You Out Of Your Home Faster http://implode-explode.com/viewnews/2020-01-03_BrooklynForeclosureAlertNYCIsHelpingKickYouOutOfYourHomeFaster.html iehi-feed-65138 Thu, 02 Jan 2020 23:07:54 GMT ‘They've turned their backs on us': California's homeless crisis grows in numbers and violence http://implode-explode.com/viewnews/2020-01-02_TheyveturnedtheirbacksonusCaliforniashomelesscrisisgrowsinnumber.html Communities have largely declined to treat the crisis like a natural disaster that demands humanitarian aid. In many places, what followed instead was a backlash, and in some cases overt attacks.

There were at least eight incidents in LA where people threw flammable liquids or makeshift explosives at homeless people or their tents this year, according to authorities and the Los Angeles Times.

A 62-year-old beloved musician's tent was set on fire in Skid Row in August, killing him in what police say was an intentional killing. That month, two men also allegedly threw a "firework" at an encampment, causing a blaze that grew into a major brush fire just outside of the city. One of the men arrested was the son of a local chamber of commerce president. Police said this fire was intentional. In a separate attack, a molotov cocktail destroyed tents and donations.

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This month, in a case closely watched by many west coast cities, the US supreme court dealt a victory to homeless advocates by allowing an existing ruling to stand that states governments cannot ban people from living on the street if they don't offer enough shelter beds.

Officials in Oakland have proposed a new policy to cite homeless people in parks while some have suggested setting up a shelter in a defunct jail. Law enforcement leaders in Bakersfield in the Central Valley pushed a plan to throw homeless people in jail for misdemeanor offenses. A state taskforce has also suggested a similar system of forcibly placing homeless people into shelters.

These efforts ignore the overwhelming evidence that criminalization and locking people up are costly and harmful responses that fail to fix the crisis, said Eve Garrow, homelessness policy analyst with the American Civil Liberties Union of Southern California.

"There's a dangerous and disturbing movement in California to address homelessness not by expanding access to safe, affordable and permanent housing ... but by jailing people," she said. "It's a terrifying prospect of a world in which we segregate, incarcerate and restrict the civil liberties of people just because they have disabilities and they are too poor to afford a home in our skyrocketing private rental market."

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iehi-feed-65137 Thu, 02 Jan 2020 21:06:14 GMT First Time Home Buyers: Is Now The Right Time To Buy? http://implode-explode.com/viewnews/2020-01-02_FirstTimeHomeBuyersIsNowTheRightTimeToBuy.html iehi-feed-65136 Thu, 02 Jan 2020 17:58:28 GMT New York Bank Robbery Suspect Released Without Bail http://implode-explode.com/viewnews/2020-01-02_NewYorkBankRobberySuspectReleasedWithoutBail.html iehi-feed-65135 Wed, 01 Jan 2020 15:54:18 GMT I, Who Vowed to Never-Ever Short Stocks Again, Just Shorted the Entire Market | Wolf Street http://implode-explode.com/viewnews/2020-01-01_IWhoVowedtoNeverEverShortStocksAgainJustShortedtheEntireMarketWo.html

In my decades of looking at the stock market, there has never been a better setup. Exuberance is pandemic and sky-high. And even after today's dip, the S&P 500 is up nearly 29% for the year, and the Nasdaq 35%, despite lackluster growth in the global economy, where many of the S&P 500 companies are getting the majority of their revenues.

Mega-weight in the indices, Apple, is a good example: shares soared 84% in the year, though its revenues ticked up only 2%. This is not a growth story. This is an exuberance story where nothing that happens in reality -- such as lacking revenue growth -- matters, as we're now told by enthusiastic crowds everywhere... The unanimity of it all was astounding. I've seen this before, but not in this magnitude.

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iehi-feed-65132 Tue, 31 Dec 2019 13:36:32 GMT NY Governor Andrew Cuomo Named 2019 U-Haul Salesman Of The Year http://implode-explode.com/viewnews/2019-12-31_NYGovernorAndrewCuomoNamed2019UHaulSalesmanOfTheYear.html iehi-feed-65131 Mon, 30 Dec 2019 14:18:46 GMT Five Most Expensive Homes Listed For Sale In Manhattan This Month http://implode-explode.com/viewnews/2019-12-30_FiveMostExpensiveHomesListedForSaleInManhattanThisMonth.html iehi-feed-65130 Sun, 29 Dec 2019 18:45:00 GMT The European Housing Market Is Heading Into A Crash http://implode-explode.com/viewnews/2019-12-29_TheEuropeanHousingMarketIsHeadingIntoACrash.html