studio city: Short Sales Take a Long Time
- 04/23/09 10:37 AM
I always wondered about dimwits who go on holiday, then spend the entire trip a fingerbreadth from the hotel television. But there I was--fingers, breath and all--in my beachside room screaming at Nancy Pelosi and Henry Paulson on “All Bailout, All the Time” TV as they ran around like Chicken Little telling Americans that money no longer grows on trees and that the great oaks we call banks would perish if they didn’t get some greenbacks fast. The green was then plucked from our modest front yard flora and rushed to the banks, but the banks then stubbornly refused to shelter (0 comments)
For those who don't need it, rent control can become an addiction, resulting from too many years of a sweet deal. It can leave the real estate muscles paralyzed and the investment portfolio sick. "Penny wise" might have a "pound foolish" problem.
Don't get me wrong. I'm not talking about those who live in rent-controlled apartments because they cannot afford to move; I'm referring to the thousands of well-heeled ones. The affluent --with greater job stability—move less frequently than the needy, thus retain the treasured units. Those who can least afford it must re-rent at higher rates. (2 comments)
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