benmaritz retweeted
NEW:
Reporting from the Bay Area--
How did San Francisco reduce homelessness and overdoses while Seattle struggled?
Video/Editing by @tkjohnsonimages
@komonews @SheriffSF
komonews.com/news/local/how…
Reporting from the Bay Area--
How did San Francisco reduce homelessness and overdoses while Seattle struggled?
Video/Editing by @tkjohnsonimages
@komonews @SheriffSF
komonews.com/news/local/how…
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I used our recently open-sourced models to run an analysis of the proposed reforms to Seattle's MHA tax on new housing. TLDR - it would save about $100 on rent for all renters in the City. 1/2
linkedin.com/pulse/how-lowe…
linkedin.com/pulse/how-lowe…
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Why all renters? Because rental housing is super competitive and new construction sets the price for the whole market that existing landlords can follow.
The models (python and excel) are open source. Point your agent at this and run your own numbers! github.com/benandbalto/ba…
The models (python and excel) are open source. Point your agent at this and run your own numbers! github.com/benandbalto/ba…
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I open sourced the python-based real estate models we use, including the little compiler that creates human-readable excel files. Includes traditional, HUD and LIHTC deals!
github.com/benandbalto/ba…
github.com/benandbalto/ba…
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Give your agent that link and point it at a deal folder you have been working on. Tell me if it agrees or disagrees with your own work!
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Seattle is in a housing crisis. How much have rents increased since 2019, in inflation adjusted terms?
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Are falling rents in Seattle a good thing or bad thing? (ApartmentList.com October data)
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Accounting factory ripping on its first month end. 100+ agents running at once doing bank reconciliations. Takes about 2-3 hours each and about a 60% one-shot rate. Not bad as a start.
Custom control plane running sol 6.1 agents in github.com/open-inspect/b…
Custom control plane running sol 6.1 agents in github.com/open-inspect/b…
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Seems bad. Seattle doesn’t have a rent freeze but we do have other policies that make it super hard to operate affordable housing.
The system here hasn’t collapsed due to large “stabilization payments” from the city to the non profit owners. 1/2
The system here hasn’t collapsed due to large “stabilization payments” from the city to the non profit owners. 1/2
I doubt many fully appreciate the magnitude of what is being reported in this piece.
First off, it is 100% accurate and as a large owner of this type of product I can confirm from first hand experience that this is exactly what is happening.
Lenders are arguably the most rational economic actors and their decision to flee the affordable housing market is a direct result of conditions on the ground.
The situation is absolutely dire - rents (and thus revenues) are frozen, the % of those revenues that are collectable has fallen dramatically (as a direct result of "tenant protection" policies), and costs are growing at a rate substantially above inflation. On top of it all, interest rates have risen 400bps+ over the past few years further constricting available cash flow critical to operate these buildings.
The net result of absolutely horrendous government policy has been to choke off critical cash necessary to operate affordable housing for the most vulnerable populations in the city.
Yes, the landlords get hurt, which I'm sure will make many happy. But much worse off are all the affordable tenants that continue to see the quality of their housing crumble, as well as those desperately in need of housing that are unable to find it because developing, owning and operating these assets (whether for-profit or not-for-profit) has become economically impossible.
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2/2 as the office of housing budget shrinks (due to very real revenue pressure the city faces), OH will need to decide between more stabilization funding or more new subsidized supply— or letting buildings fail
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As if T3code and tmux had a love child. The t3 maintainers say they aren't interested in contributions (understandably) but if anyone else needs to see all their agents at once like I do, its here: github.com/benandbalto/t3…
We are entering into a golden era of open source software.
I like desktop apps for vibe coding, but my workflow really needs side by side views like you can get in tux. It took me all of 5 min to fork t3code to get this.
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We are entering into a golden era of open source software.
I like desktop apps for vibe coding, but my workflow really needs side by side views like you can get in tux. It took me all of 5 min to fork t3code to get this.
I like desktop apps for vibe coding, but my workflow really needs side by side views like you can get in tux. It took me all of 5 min to fork t3code to get this.
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I’m calling the bottom right now.
The CEO says the firm will focus on acquisitions and asset management for its $5.9 billion portfolio. bizjournals.com/seattle/news/2…
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This affects every homeowner and renter, as it will cause their property taxes to go up significantly.
Office makes up a big chunk of real estate value. If it falls by 2/3 then the amount of the tax lost will be spread out across all other property.
That’s how it works.
Office makes up a big chunk of real estate value. If it falls by 2/3 then the amount of the tax lost will be spread out across all other property.
That’s how it works.
Downtown Seattle's decline is impossible to ignore...
The city's PLUMMETING commercial real estate valuations tell the story
Just look at these recent deals:
Roosevelt Commons: Bought for $157M in 2019, sold for $27M - an ~83% discount
901 Fifth Avenue: $304M in 2019, sold ount
Plaza 600: Valued at $97M in a 2019, sold for $12.5M - a MASSIVE ~87% decline
And it's not just office buildings. Retail centers and hotels have been DECIMATED over the last several years
Seattle was truly one of the great American cities but has been destroyed in recent years due to obvious reasons
How does downtown Seattle recover from this?
Stay tuned and follow for more commercial real estate deals trading at massive discounts
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Working on choosing models for the accounting factory and running a bake off but it’s hard because opus keeps exposing mistakes in my answer key on the harder problems
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benmaritz retweeted
Coincidence or connected? You tell me.
After 40 of my campaign signs were vandalized with "slumlord" stickers, a post circulated online claiming my management company was tied to over 300 code violations.
Here are the facts straight from the city’s records:
The public mitted by an official tied directly to my opponent’s campaign.
Out of over 300 violations, only 18 occurred while my company was involved with the properties—with some citations on the list dating all the way back to when I was in 8th grade.
Those 18 were typical resident infractions like parking violations and improper dumping (like discarded mattresses), not building or property negligence.
Is this really a coincidence, or a coordinated effort to smear my campaign, business, and reputation?
Let's stick to the facts.
After 40 of my campaign signs were vandalized with "slumlord" stickers, a post circulated online claiming my management company was tied to over 300 code violations.
Here are the facts straight from the city’s records:
The public mitted by an official tied directly to my opponent’s campaign.
Out of over 300 violations, only 18 occurred while my company was involved with the properties—with some citations on the list dating all the way back to when I was in 8th grade.
Those 18 were typical resident infractions like parking violations and improper dumping (like discarded mattresses), not building or property negligence.
Is this really a coincidence, or a coordinated effort to smear my campaign, business, and reputation?
Let's stick to the facts.
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From the FAFO dept, Tacoma's housing investment market is now in free fall.
The most stringent rent control regime in the PNW, and now the threat of tenant collective bargaining, no investors are touching the market. Despite it being a good market with growing rents. 1/x
The most stringent rent control regime in the PNW, and now the threat of tenant collective bargaining, no investors are touching the market. Despite it being a good market with growing rents. 1/x
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This isn't just a problem for evil developers -- if you can't sell an existing building in Tacoma, nobody will build a new one. No sales/B&O tax on new construction for the city. No new homes to compete with old ones and drive down rents.
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