Recalling better times 

I've never been able to get a real job. even today I can't get a job that pays thirty to forty thousand dollars. Every now and then I test this by applying to a bunch of jobs with a properly professionally put together resume just to remind myself that the moment I take my off off the ball and let things slack, I lose everything. It's over. It keeps me motivated to continue to be the best I can be in all of my endeavors and to never let things slack even when it's very tempting to. A lot of people like you will never be accepted into the normal world. I'm one of them. Instead of trying to bang my fists and feet against the front door of the real world, I went off and made my own. I believe that you'll have the ability to do the same in due time! It means a lot of time bumbling around, not having a fucking clue what you're doing with your life, where you live, what you'll eat, what tomorrow holds, dealing with the stress of there being no guarantee of a future, and the possibility that you're wasting all of your time for nothing. It's a hard thing to do. It all becomes worth it once something finally clicks. I don't blame most people for not having the stomach to do this. The only reason I had the stomach for it is because I had no choice. I think that's what makes it easiest for people like me. It's Not the fact that I'm special, smart, or brave. It's that we have no choice. It's a superpower because it forces you to do the thing that you need to do to live an awesome life later. The normal world sucks anyway; the best part of life is coming up with a plan to make your own. :)

@@rossmanngroup YT forcing you to log in now cant watch anything without being signed in

​@rossmanngroup We're headed into the 4th industrial revolution thanks to global neoloberal capitalism & it's corruption allowing a handful of billionaires to own and benefit solely from the tech we built & paid for as consumers, workers & tax payers. All service & factory jobs are being replaced by automation and all data analysist jobs will be next. Between sending our industry overseas & automation, I doubt there's many jobs around. They are just lying and making us blame ourselves for something they are perfectly aware they are doing to us. These people don't want us all to sit back & enjoy the fruits of our labour with this technology, they've made it clear they don't plan on giving us a UBI when the last job is automated. So then what? Capitalism will be redundant. We will rely on them to feed us without exchange for labour. Labour will loose all leverage. These western elites envision a dystopian transhumanist fully automated 'utopia' for themselves, not the rest of us.

​@@rossmanngroup Hey Louis, thanks for this, really resonated, for a random guy 6 states away...

@@rossmanngroup Thank you. I made a youtube channel 2 years ago and now I can live off of it (I'm from Hungary) and it's reassuring to listen to someone with the same point of view because I don't know anyone personally who does. My goal is to do the same to my viewers. You're putting good energy/karma/idk into the universe and it lands.

Well, yeah. If that was a buyout price then even I would buy it.

My brain automatically thinks that the price is per year and I have to manually tell it it’s per month then my brain breaks

What do you mean its only basically the average wage per month for a broken building!

So… how many laptops do you have to fix to carry that rent, factoring in salary for the workers.. 500? 1000? It’s the rocket equation all over.

Thinking of restaurants makes it even more horrific. Like how many items per day you need to flip for this... Ignoring any other costs... How many opening hours were there again in a day?

they would need to hit -200% to get me in there, youre gonna have to pay me the cost of a building and give me a building before I would ever consider a disgusting place like that

NYS and especially NYC is WAAAAAY too expensive for what it offers, especially due to the fact it seems NY is so anti small business.

Buy Bitcoin

​@@BEASTMODE-fe5mg NYC has an income tax. That's insane. Average people in NYC pay ~50% income tax and get f'all for it.

I lived in NYC for two years. On the day I moved into the apartment while we were unloading the u-haul on a street with no traffic or parked cars I got a $200 parking ticket. Unknown to me u-haul paid the ticket and I also paid the ticket. Guess who got multiply screwed ? Did I hear anything from NY? Of course not - was I able to get redress, hell no. The rest of the 2 years there didn't get any better. Including being hit by a drunk driver that fled the scene and the police refusing to come and do their jobs despite calling 911 multiple times in a 4 hour period. F NYC. Moving out of there was such a relief. Looking at the place now and watching Cash Jordan videos .... man.

Real talk.

You sound like someone that doesn't understand finance.

this is 100% true but they provide service: the prices aren't equal in the country and goods need to be shipped in buld and shops are part of buildings. Somebody had to invest to build the building to rent out stores and that is the service which they should paid for and not for dreams of other investors.

Which is smart, in a scummy sort of way.

@@dancooper6002 You sound like one of them finance scammers.

Because it worked so well for the banks last time in 2009, right? Some people never learn, because when they do a mistake, the taxpayers will foot the bill.

Banks and investment firms, hedge funds, etc. And now they are doing the same with non-commercial real-estate (aka: residential!). Now THAT is scary.

I stand corrected, pinning your comment for clarity. Thank you for correcting my impression based on my readings. I missed this. With regards to my 15 minute long speech, excited and hopeful, where I celebrated the return of the ladder I climbed to success in my youth; Please disregard completely. There is no hope here. This is what I get for posting an optimistic video. FML. There's nothing more depressing than realizing that the path I took from being a worthless, broke nobody to where I am now is gone forever for so many young upstarts. There's always new paths, and there will be many people infinitely more successful than I, but this was one of the ways to get started, to open that type of small business, to become something And feel pride in serving your local community. Seeing that it's permanently gone is so sad. I'll always remember that date that I had at that restaurant and how well it went. First time I ever felt genuinely appreciated. I was 16 or 17 at the time. I remember the smile of the waitress and that coy look on her face as she realized I was cheating on the coupons and trying to get it all sorted before my date came back from the bathroom; she let me do it anyway. The hug that my date gave me when I arrived there in spite of being late, just happy to see me. The fun memories I had at that place. Every time I walk by and I see a santander ATM in its place in a white-boxed room with no soul, I wanted to puke in my mouth. WTF happened to the city I grew up in? My first real landlord's name was John Grossbard, the John Grossbard that is referred to in that episode of Seinfeld, where Kramer says he got Grossbarred. He had the entire basement of 251 West 30th Street and it was called planet to planet studios. This was in what used to be known as the music building, before it was redesigned around 2019 into some bullshit playground for facebook-wannabe-startups. They kicked all the musicians out of the building & it stopped being the music building. Dan the Man had one of the most famous studios in that building. Such a nice guy. I hope he's doing well. I only got to meet him a handful of times in passing, But I remember him being such a gentleman. You sure wouldn't think it from the client list that he had going out of his room! Sean Price and everybody else, but they were all so kind in a way you would never imagine if you listened to their music. I would go to that building when I worked at 247, if somebody was having a technical problem I thought I could fix. I was always happy to help because my friend Jake worked in that building. It was like a family. I wouldn't ask for money. And if I needed a package signed for or I needed someone to vouch for me before renting john's studio I had no money to afford a deposit on, everyone in that building got me without a second thought. John rented me the large room in the back of the basement for $3,300 a month on a month to month basis and didn't require a security deposit. He didn't ask to look at my financials because he knew that I had none and that this would be a degrading question to someone in my position. But he gave me the space anyway, and he trusted that I'd do right by him. He gave me a chance. I rented the room that used to belong to MBK, Alicia Keys' old management company. I didn't even have a lease, just a handshake. I'll never forget the line he told me when there was a bug infestation; _"if I made this place any nicah, you couldn't afforahd it!"_ A nice old guy. A piece of shit, but a nice old guy :) He was an NYC landlord in the style of the 1970s, not the 2010s. After that, Allen Park gave me a chance at 186 First Avenue. Allen was a Korean immigrant who bought that building in the 80s, who was in his late 90s when he rented me that first store. He knew that I was in my early 20s, had no financial backing, wasn't a great business person. I was a kid with a dream who worked 70 hours a week to do right by my customers & retain the best Google and Yelp reviews in the area. Allen rented me that store in a heartbeat, blocks away from the New York University dorms. This was right next to a major train station in a bustling area of the busiest city in the world; for $3,500 a month. He said he could get more money for it, but he wanted someone honest who wouldn't be any trouble. He was happy to have me there. Allen gave me a chance. He trusted me. He didn't run my credit. He didn't ask for a bunch of proof of insurance, because he intuitively knew damn well I had none. He wrote me a lease that was only a few pages long, not the 96 to 200 page monstrosities you see today That you have to spend $5,000 on a lawyer just to comb through and negotiate so that you don't get fkd. At 186 1st ave, I eventually got 30+ customers a day, which pushed me to become the best & most efficient, hard-working version of myself. It forced me to have better customer service skills, prioritizing skills, social skills. There were so many people in that really tiny area, tiny city, eight and a half million people, right in the center of the highest population density in the world. And they all used the products whose boards I eventually became an expert in fixing. I had such a high sample rate of products so that I could do pattern recognition and learn what the standard faults were and infinite chances to fix something today even if I couldn't fix it yesterday. Realizing that all of that would never happen in today's New York City makes me incredibly sad. It's a mannequin where a person once stood. I have an odd personality. I never started this channel with the goal of becoming famous, nor was that ever possible in my wildest dreams. I wanted to throw the ladder I climbed to get where I was back down to the next generation of repair people who started where I did. No matter how much I tried, it went on fire behind me. I miss the place that allowed me to pursue all of my dreams. I couldn't have done that anyplace else in the world. I did it there, and now it's gone. No matter how hard I tried to toss a ladder back down, there was somebody else there to set it on fire. Whether anti-repair practices from manufacturers, ponzi scheme money laundering building owners, it's always something. The opportunity to live the life I lived will never be there for someone else born in my position. That fucks me in the soul in a way I can't put into words.

@@rossmanngroup ...man

Great comment!

​@@rossmanngroupman who has lost all hope loses little bit of extra hope he didn't know he had.

@@rossmanngroup daaaang

I never feel bad for investors unless they're investing in a product or person they believe in & get scammed. Nobody should feel bad for someone who willingly took a risk & they lost. It's like feeling bad that someone bought a lottery ticket & they didn't win. You deserve no pity.

@@bbbbbbb51 I would say it's worse than the lottery thing, because investors who weren't scammed by someone to go invest, KNOW what they're doing. They're banking on making profit, and how do you make profit in investing? By someone else losing money, most likely those who got scammed into it.

Investing is just gambling.

Yeah idk why would you feel bad for the people who drive up prices

@@DaddyFrosty exactly

He was at 1 when he publicly posted the lady lying about square footage years ago

Hopefully soon it'll be Trump: -1 billion

daddy issues

An abundance of space on one's credit card is not the same thing as an abundance in one's bank account.

Since I read the news article about this, I've been eagerly awaiting Louis' take on the story.

To be fair, their ineptitude was shown in several of Louis's videos and they did try to give him fines even after his business left the state!

Ya well Im pretty sure california tried to fine companies for leaving the state... Come, the weather is fine! Oh you want to leave, fork it over buddy...

? Everybody uses "public" electricity unless one owns a power station. Do you have private electricity ?

@@ms-jl6dl actually its a "public utility" the electricity you buy from them is private. No one has a right to know what you do with it, you have control over it, as long as you pay the bill. Perhaps it would have been better if OP stated steal instead of use, but one should have been able to draw such inference from the statement.

@@ms-jl6dl We have Solar Panels at our house, we actually make surplus Electricity every month & get paid to generate it.

It's more acute in a large city because more people are affected. I( expect a lot of what he said would apply to many generations.

​@@Cheepchipsablei feel like its more accute in smaller cities and towns. They literally hit the point of failure as a city and become a ghost town that isnt a ghost yet. Just a patch of land with wayward souls, lost in the middle of nowhere with no means of getting to any respit from what society took with the internet. A place where the best jobs are blue collar and few and far between. Here in the big cities someone always needs something done.

Yeah ... I used to have a business making buggy whips. I miss those better days.

All those businesses are now just one Super Walmart 😢

Yep, and they bribe politicians to keep themselves unaccountable.

ah, infamous private equity.

@@effexon Indeed. We MUST please the shareholders!

YEP unreasonble rents, its why many central hearts of cities commercial areas now stand empty.

​@@schoolofrockcary6625We MUST invest in REITS to be able to afford anything in retirement because everything is getting so expensive because of these damn corpos😂

In real world (without scams) apartment prices should never go up. Yes the value will go up due to inflation, and due to slow land conversion from outskirts to center of the city, but it will also go down due to aging and outdated technology (eg. lack of modern heat insulation), so the final price should more or less stay even.

​@@hubertnnnIt is time to learn about fractional reserve banking for you.

​@@rkan2what do you think was the "scam" he was referring to?

@@hubertnnn You're not factoring in supply and demand to your estimations. if a lot of people want to live in a specific place in the city (say simply because it's hip and fashionable), prices will rise until they reach a new equilibrium because there are only so many units available in that area. If that area then becomes less fashionable, prices will drop as demand decreases and supply of available units increases. Fashionability comes and goes, it's not invariant like "is close to the main train station". Prices would absolutely flux even if the system was 100% fair and legit with no finance shell games or speculators in play. Buildings are also more than capable of being technically modernized, and for a lot of people that just want to live somewhere cool a technically modern building likely isn't a huge selling point. If your dream is living in a quaint old brownstone in a cute artsy and super hip neighborhood it may even be a turnoff.

​@@hubertnnnI don't think you understand basic market economics.

Noir L.A. plays in the background

@@electron6825 If NYC had LA's type of weather, a lot of the dynamics would change. If NYC had SF's terrain or London's or Paris's charm & beauty, the dynamics would change too. Yet NYC has always done well, maybe in spite of itself, not necessarily because of itself.

Lemme see your cushions, couch person.

Florida is the same.. I'm tired of getting bent over said couch and being "pegged" to death.

I like the way you write

A couple of years ago one of my daughter's friends visited with her friend from Sweden. We live outside NYC and I warned them about the crime in the city. The Swedish girl replied she was used to living with crime from back home. I was confused "But don't you live in Stockholm?" Then she described what Stockholm is like these days and I was shocked. When I grew up around gritty NYC in the '70's - '80's Sweden was considered a peaceful paradise, how did Swedes let it get so bad?

@@mitchmasterfix5292 I can explain, but it's multifaceted and would take a long time. But basically the socialist government decided that they were so great and that they could fix the world, so they build the "million project" (one million apartments) creating suburban box apartments which mentally drain anyone and then they filled it up with the suck of all immigrants and refugees from cultures and nations that are so far behind that they would never get to become anything else than the lowest worker ants. So the 2nd generation immigrants saw this and figured out that they stood zero chance to get anything else than the ghetto if they didn't turn to crime. So they did. And then it just spiraled on all levels.

“You will own nothing and be happy” - Klaus Schwab

Damn. Sorry. Shits gotta change for real

@@mitchmasterfix5292 Greed, in Sweden we don't even have a minimum wage, you can pay people a total of 0 and get away with it. On top of that they will rape you with taxes, the average serf pays about 80% of their income in different form of taxes. People imagine this country as some socialist utopia but it's actually a highly capitalist country with an extreme wealth difference.

Before work-from-home was the looming spectre of commercial retail real estate. First it suffered from the rise of e-commerce in the 2000s. Which also brought down most suburban shopping malls. Then Amazon conquered almost all of retail. Now Chinese drop-shipping and manufacturer-to-consumer is basically finishing it off.

@@movinon1242 This -- retail brick and mortar existed because we humans didn't have readied real-time internet, and a shipping system that promises 3 day delivery.

⁠​⁠​⁠@@movinon1242Personally I feel this goes further than retail but the real estate industry in general. Running a successful restaurant as a small business over anything else is a different concept. Amazon or China isn’t going to provide customers anything comparable to an experience or product that local restaurants offer. Live music, entertainment along with the overall experience still has a significant impact in communities. The money grab for leasing/renting crumbling brings more opportunities for the right businesses. Work from home brought insight that our culture rather ship-to shop over dealing with people. When it comes to culture, that will completely survive any retail business when providing an experience. Now I’m not talking about Applebees having a special location, leaning more to a local store, club or restaurant that provides something special that will be recognized and recommended for a lifetime. For example, Casa Bonita, exclusive restaurant with a huge impact on not just the local community, now well known nationally with a single location.

@@movinon1242 If there's no reason to go anywhere, then it's much easier to sell you a pod. They're already working on getting you to eat the bugs. Burger King and Tyson are, anyways. Oh and it has nothing to do with the ecosystem or climate change. Animal proteins are NECESSARY for the healthy development of strong-minded, able-bodied males. Which is a problem because when you're trying to enslave all of humanity to the anti-christ.... those are the ones who will fight back. If you take the meat, can prevent a resistnace before there's anything that has to be resisted "in the streets," as it were. A brilliant strategy... one that's been in the works for just shy of a few hundred years. Red shields and all that. Problem is it was never going to work. They lost due to their own nature, but they'll have a nice time at the wheel... _for a time... 2 times, and half a time._

They'll just figure out a way to get working people to pay for it like the last time the rich folks started to lose their shirts.

Most of these "rich* people have so much debt that they're technically poorer than the homeless guy who hasn't got a penny to his name. That probably includes the seller of this building. Maybe the buyer too.

The outsider "rich" people lost, the real douchebags gain by buying for pennies on the dollar.

the schadenfreude would be all well and fine if they didn't immediately find a way to get YOU, me and everyone but themselves to pay for their stupidity, greed and nearsightedness

@@iparizotto The elites propose two solutions. One is a totalitarian socialist system where the elite has control of all resources (and mismanages them horribly) through the party. The other is a totalitarian socialist system where the elite has control of all resources (and mismanages them horribly) through a few "private" conglomerates. When people like me call for a return to a free-er market, most self-identified socialists assume I want these people bailed out and left in charge, but the actual market solution is letting them fail and stay failed. Instead governments bail them out, give them subsidies, government contracts and so on. That's looking an awful lot like the second option above to me 🤔

Work with the cops=fascist

@@LongDefiant wut. Bro I feel you might have twitter brain.

Metropolis is the New York everyone wants to move to. Gotham is the New York they wind up in.

@@LongDefiant No matter how long Im already left, its amazing to watch Tankies and Anarchists single handingly ruining the entire movement with their delulu fantasy

​@@chrissi.enbyYTspidey is a fascist

Then there are the regulations you have to comply with which is yet another tax.

Is everywhere. Brazil too.

They cannot rent property out at what the market demands. Doing that would require a re-valuation of the company's assets based on the real rental income. If you have a mall of 100,000 sft, and 10,000 of it is leased at a rent of $100/ sqf, the whole mall is "valued" based on that: $10MM**. So you leave 90,000 sft empty. And accounting rules let you say the value of the 100,000 sft is based on what its worth once it is rented at existing (old, bubble -based) rates. If you rented that 90k sft out at its real value of $5-10/sft, suddenly the building is "valued" (in this illustration) at $1.63 million. The physical buildings of the mall is collateral on an $8MM loan. When its "value" is $10MM, this isn't a problem. When the new value is $1.63MM based on actual market rates, the company that owns the mall goes bankrupt. Obviously this is accounting trickery. But the lender doesn't want the mall to go under, and have to write off $6.3MM, as well as take ownership of a real estate property that no one will buy. They're not property managers. But changing the accounting rules now would not solve the problem. Using a different valuation method would eventually just be min/maxed in a completely different way. And in the interim, lots of good, healthy companies would be destroyed because everyone built their businesses on an agreed upon set of accepted accounting principles***. ** This is not at all how valuing commercial real estate really works. However, this example simply illustrates the general concept for understanding why CREs don't rent out a store in the mall for what it can actually bring in rental income. *** Changing valuation methodology in the middle of a crisis was one of the things that contributed to the downfall of many companies during the 2007/2008 Global Financial Crisis. Changing such accounting rules has to be a very long process. It allows companies to adjust. It must be done during a time of relative calm to avoid disasters. After all, we have these current accounting principles today because of the GFC of 2008 and changes demanded by our elected representatives.

greedy LLCs raised every year rent 10% or more for businesses so they left malls. nothing bad in building.

@@movinon1242 what goes on in when they plan building those malls? it seems meme comdey version line goes up, endless customers, at least 1000$ per sqft income every month for sushi bar and dollar store.... thus 10mn or 100mn loan is taken and mall becomes way oversized and thus 95% of sqft is hard to get renters. I agree on your simple example logic, however it often starts when mall is built. So are malls demolished simply because "business model" failed from day0 ?

@@effexon That is the model, the mal investment is BECAUSE of 'bad' government policy - tax and investment grants, front loading & stockmarket cons.

Amazon took it all and we sat at home ordering more.

Jared Jushmans family is realizing that exact same thing

*I think you mean Musical Chairs but your point is well taken.*

More like pass the pineapple. Sadly the pins are out.

A fun term for it is, "last sucker holding the bag" scam.

This is just another step toward the gentrification of NYC, where commercial real estate is converted into chain stores and tiny apartments. Cheaper than building new infrastructure.

Co vid time

Louis bike videos flashback

Fun times.

Daaaamn, now I feel even older. I also still remember the video in which Louis and his employees took away the bat or whatever it was from some random guy who vandalized shit in NY during covid. That must have been a few years now too. Now I feel even more old... v.v

@@rossmanngroup *kopaz noise*

With that much loss, they aren't going to pay tax for the rest of their life.

I initially thought you were talking about the tax *writeoff* the owner is going to get for this sale.

In this case, it's the cost of a land lease, as the land rights were sold several years ago, and the land the building sits on is leased from the buyer.

Michael Hudson wrote article in 2001: "Where Did All the Land Go?" He found out that these commercial buildings didn't really pay any taxes. Buildings were depreciated at unrealistically high values. This allowed the owners to claim that the buildings were "wearing out" faster than the appreciation of the building. There was also some shenanigans with the way that FED calculated imputed land values. In 1993 FED stats land held by non-financial corporations had negative value: $-4 billion. One must also consider that 97% discount might not be available for public. Instead it's the discount that's given to buddies of the bankers so that the bankers can snatch the building for cheap, just before the bank that they are working for collapses.

@@thegreenxeno9430 Do write-offs work like that? Can't they just deduct for one fiscal year?

Bingo - which then gets laundered and embezzled back to favorable companies via “revitalization” projects. That was Portlands bread & butter for years…

Yep, and next it will be fines for anyone leaving NYC. Or more likely to make it a bit more legal.. exemptions from huge fees if you stay to make it too expensive to leave

My guess: They are used to generate billions of paper losses as a huge tax break. That or outright money laundering though usually money launderers have the good sense to make sure to have plenty of businesses to legitimize the operation.

@@NotMyProblem711 it's a combination of all the above and then some. 7 and 8 digit real estate purchases are fast tracked because they are the liquidity of the worlds economy so they face much less scrutiny than the poors

Easy credit was a factor. Delay the inevitable as long as possible, and there might be a chance things will happen.

Don't worry. It isn't forever. Well… your bones are, but not much else.

yeah, thats exactly how the majority of people in germany felt in the 20s, things will get better, just they it did for them

figure out what’s broken and start fixing it. Hint, it’s not you, it’s the world and your community. We all need to start reconnecting with each other instead of thinking buying stuff for ourselves is the answer.

"I told myself almost daily as a kid I would not lose that spark. But at 32. I lost the spark." Sounds like me a few years ago. Cynicism to cope kind of works for me so far.

@@Robnoxious77 The answer could be had in looking past delusion. As a social species, humans had really dropped the ball when they began to act like the baboons they're closely related to by becoming excessively territorial, and furthered that division through faith-based beliefs with their foundational basis being less real than the sun which shines upon us all.

Um but the problem is that things are selling for what they're not worth, because of squatter whales that can price gouge through artificial vacancies.

Yet people buy houses for millions when they're barely worth thousands in reality. People buy Gucci when the prices have literally doubled on some products over 4 years. In 2020 I was looking at a pair of Gucci shoes that I liked. $400, not that bad. Now they cost around $800. And people are still fawning over premium brands even though it's not even premium. I had a pair of jeans from a discount clothes store. I had them for more than 6 years while in school. And I was running around on gravel and grass doing all sorts of activities. One hole in ONE of those two pairs. Got a pair of Levi's for weekend use. Those pants got torn through in 2 years while doing minimal physical activity. Discount pants cost $20. Levi's ON SALE cost $70. People don't pay based on what it's actually worth. Worth is rarely based on real world quality. It's emotion based. The problem now is that EVERYTHING has to be premium for some reason. Including discount brands. They pretend like they're selling you premium clothes, just like Gucci. $1,000 for a T-Shirt? Is it made out of carbon fibre weave? Most likely just cotton.

Bingo.

Only in some areas. Houses in my area are still selling quick...too many democrat refugees. They're going to sink my state like they ruined theirs :(.

Every end is a beginning for something else.

@@Carl-Gunderson Well, and San Fran, LA getting bad too.

@@RantTheRetort sure bud

Comercial real estate is not going well. Thats is why they( latge equity) are buying up homes across America. It has been very successful

*Yep. Gone but not forgotten was "the show about nothing" (Jerry's words, not mine).*

thanks capitalism for that

@@nicejungle you can also thank capitalism for getting us to this point we need capitalism just as much as we don't need it if capitalism gets too big it becomes a monster and destroys everything what we want to do is to avoid things getting too big you stop it where it becomes corrupt to hold it back from growing too much

@@ingamingpc1634 > "if capitalism gets too big it becomes a monster and destroys" And it's the essence of capitalism to grow and get too big.

Also the rich make sure laws and regulations are passed so that their assets are protected despite what ever happens.

👏👏👏

Nope, I'm sure they will mark it down as a distress sale and those don't count for tax assessments.

Based Zonday

Money rain. Some get paid and others feel the pain.

That's more unlikely than chocolate rain

It is a distressed sale, so it won’t count. And NYC operating budget ballooned ever since. Now, collect enough of those on record and one the news transactions , there will be enough evidence to challenge their position in the courts.

But remember that more rich people mean things get better right?! Until normal workers have to live in cars.

Will never happen. Social media has just made it all the more popular because every person thinks they’re an “influencer” now and view moving to a city as a lifetime dream/goal. The bright eyed, hopeful entrepreneur Louis references in this video can no longer feasibly exist in major city’s in today’s America. Every city is overrun by the exact “hip” types you’re talking about, and as soon as they move in they begin pushing their demands on everyone/getting into politics so they can rearrange the city to fit their values/ideas. They’re also more than happy to spend 2-3x market value on rent because they live like rodents and split the costs of a single apartment amongst 3-4 people. I know this bc I speak from experience. Philly is currently being ruined by these exact types of people. What little character remains is from businesses that have been here for generations, but they are slowly dying out and being replaced by hipster cafes/microbreweries/restaurants because the city is completely overrun by the same “hip” morons that are now relocating from NYC/DC after they’ve already ruined those cities.

The elite, bankers, politicians

that part!

Krugman has been irrelevant for decades.

@@Support_Ad_Blockeryup, he is about as ignorant as Robert Reich

@@shawnmiller4781 They both have swallowed the neoliberal lie.

Guess they'll learn what it was like for Detroit.

It'll turn into the next Gary Indiana

@@gerthddyn They can learn to code.

​@@KW-ew7llif a whole country can collapse, so can a city

Correct

End Citizens United now and ban private equity firms from owning housing.

What's worse is it's becoming impossible to rent a home

What was luck and good fortune to have the funds to get a house 6 years ago has all but gone. Even now though, with higher valuations of surrounding properties due to these new stick-builts going up in a hurry (in which resides toxic-as-hell HOA's), that good fortune dries up and can end up pricing you out of the home you've been working to own for many, many years. Sad AF.......

It's the product of the same thing: mortgage-backed securities. There's a reason they were outlawed in 1933, and doing Bank of America's literal "bidding" to rewrite the law and permit it again is predictably leading to the exact same situation. The solution is the same, and could have been repaired in 2008-2009, but wasn't. It can only be fixed when "assets" have crashed, and because it has been allowed to continue along with interest rates below the rate of inflation, it is only getting worse.

A call center needs that much space per employee? The ones I've seen, they got a cubicle. And of course the break room, bathrooms and whatever but no where close to 80 square feet of space. Unless you can overlap those specific areas to count...

Too late. Where do you think the banks are investing now? With verbo and air bnb they are venerable hotel companies able to profit off their holdings. Its partially why rent is now $4,000/mo for a house in southern California. Its why newport beach has an average home value of 5 million. One house for 58% of that NY retail property, on average...

Homes are worthless. Investment in land

I expect the value of the assett is tied to the amount of money you can loan against it. May even be a tax reduction scheme to leave it vacant. We really need to burn tax law and start from scratch .

Europe as well

Yes, the land sold for $290,000,000 if I remember the articla I just read correctly.

How on Earth is that practical or possible? That's like buying a car and leasing the engine but less ridiculous because you can swap the engine out. How do you move a building to a new plot of land? What does the land owner do to maintain the land to justify the lease?

Stop foreign money laundering ahem investment visa…

1000 USD/day is New York levels of rent, it's very much for everyone

Bro anybody in NYC that ain't gang, politician, or a trust fund baby can't afford NYC. The blue collars of NYC are basically the peasants of the community, even though they do most of the work.

Just awaiting it drop to 99.9999

There's no way the actual value of that building is $8.5 million. It's a 23-story, 925,000-square-foot building. Whoever bought it, won the lottery.

@@wedding_photography probably more drops incoming so get ready to geta better deal XD

Purchase price just a drop in the bucket against the taxes and fees demanded by the city. Plus security, insurance, maintenance, utilities, etc. The new owner could lose money. At least if they assign rents based on the reset price, it will put pressire on other rents - maybe get the snowball rolling.

Manhattan was a nightmare of traffic in 2013 with parking that ran 50 bucks on the average and a toll to get anywhere. If thats freedom, it can rot. I do not ❤ NY. Boston is way better. Similar vibes but way better enviornment.

seriously, there's a reason they're called "starving" artists. all the cool and interesting people in NYC were poor. once the rich kids and the real estate investors came to town they immediately ruined everything that made them want to come to the city in the first place.

BS the Socialists did.

@@tissuepaper9962 Same thing happened to San Francisco.

@@travist.7279 turns out the ultra-rich are actually kind of boring and uncool. who knew?

She was worth over 200 million last I checked. Even if she lost 97% of her money She is worth many, many multiples of me And she's set for life. Fuck repair. I should have opened a gym.

@@rossmanngroup unreal. I was thinking exactly the same thing. Can't have too many gyms, right?

@@rossmanngroup im sure NYS will take the remainder 3% of her wealth with bs code violations that you were never in violation in

@@rossmanngroup Tammy Faye Bakker ?

@@rossmanngroup Gyms are falling out of favour because of all the misandry.

*Agreed. Late 60s my Dad passed thru NYC on a couple of overseas deployments. Said it was a shithole, better to stay near JFK on LI. 2006 I did much the same deployments. Even worse. Will never return there.*

I dont get a point for these comments Louis actually loved NYC yall always hated it

Same here. Different back story, but same opinion. I visited NYC once. Loud, crowded, filthy, and overpriced. I'll never go back.

More like a natural consequence of capitalism

Thanks Captain Overgeneralization​@@qwerty6928

@@qwerty6928 capitalism is a tool. It can be good or bad, depending on how you use it. Nothing positive about greed.

​@@jamescarter8662No such thing as "good" capitalism. It's a predatory system that serves white people and their elites and harms Black and Brown people.

@@qwerty6928 What we have right now is NOT capitalism. It's a banker-run oligarchy.

Force banks to value it at however much rent they actually take in, recalculated annually. Will be leased out *real* quick.

*Raise funds for NYC Gov't? They cannot responsibly manage the Billions now received annually. F!;k'em.*

So its still a scam

You'll own nothing and you'll be happy, I see no reversal of this. Its by design

The solution is to remove the overlord class

the world has moved on, NYC had its day. past tense.

They're still around somewhat. A lot of the specialized shops are online only now. Still depressing, but not entirely dead yet

Shithole.

Correction: You mean corporate controlled NYC.

@@OneAdam12Adam It's nearly all municipalities are now corporate controlled, and the economic bubble they blow controls too much.

For a moment I thought it was the president. Thanks for the clarification.

8 million is nothing for huge however many story building. It is New York and not some random countryside in france and italy - which were always low economy regions compared to literally "the City on planet earth" (i hate ny but that is true). The m^2 of the land alone is probably 8 million. 8 million in paris is also nothing. plus you have to include inflation which adds a lot. Dunno but on the cote d'azur, you definitely won't get your described mansion for 8 million either nowadays

@@MHWGamer yes, NOWADAYS 8 million is nothing

@@Soapy-chan so you agree that 8mil for that building after the price crash is really nothing considering the facts around it?

@@MHWGamer have you read my original comment and comprehended it?

@@Soapy-chan you tell me. You last sentence is literally "how is a building 8mil AFTER a price crash" which I understand as it should be lower, also added by your example of what you've got for 8mil back then. -> and you agreed with me in the follow up that 8mil for that building is nothing. So where are you at? Either your last sentence was meant differently somehow or you just wanted to point out about inflation (which I still can't rhyme sense in that sentence)

how does that translate as "government" to you? It's rich scumbags. Individuals and individual entities.

@@hyena280 Naw... you have already said you want to remain clueless. You cannot be taught. But I will give you a hint. In simple terms. There is more profit in the building sitting empty because owner can get a tax break for that. Who provides tax breaks? Government. Also if you listen to Louis, he also explains why they can't rent out for less because that will cause value to drop leading to financial consequences for any banks backing the financing on the property... which are regulated by... "gasp"... government. This is hardly scratching the surface but in a round about way... YOU are paying for the rich people to have overpriced assets to claim as part of their wealth. And because YOU wish to remain ignorant, you deserve to be oppressed like a simp.

That's Hollywood's MO for many years. Very few films make a "profit", despite how much they gross.

Eh, I like browsing shops full of stuff I want. What I don't like is running around town wasting time trying to find anyone who has the item I'm after. Online shopping lets me find what I want quickly and I don't even have to spend the time to go to the shop to get it. I can get on with my life. I can't see going back to physical shopping ever except for groceries.

And for very similar reasons, shopping malls in Europe are still mostly successful.

@@nicholasvinen That sounds very depressing to always be in a rush somewhere, i think its quite nice to roam around with my kids in town and just go random places and check random stuff, i see it as quality time rather than a waste of time. The biggest problem is now the finances, inflation murdered purchasing power so cant really do this alot anymore because theres no money to stop at some store or restaurant or a cafe. Its sad really as a social person

Its not so simple. One store in the middle of nowhere surrounded by "for sale" signs wont do anything. For people to go around and do shopping you will need multiple stores in small area, so you wont end up with 90% commute 10% browse situation. You also need the stores to be diversified and not 10 stores with the exact same products. That's why Europe shopping malls have a certain style to them: You have a large central store selling cheap food that everyone uses for their weekly grocery's that brings people into the place, then you have a food section that allows them to eat dinner and stay in the mall longer, and finally you have the small stores with more specialized products that give you access to huge variate of products (something for everyone).

You may like those things, but you are in the minority. Everyone else would rather sit at home and wait for the delivery truck. In person retail is dying out, that's just the way it is now. Retail sales in general haven't stopped, they've just moved away from brick and mortar to the virtual.

Timothy

What's not to get. Its just corruption. Big companies don't want competition, because with competition capitalism would start working again and they will be forced to reduce prices or increase quality of products. So they use their contacts to make sure small businesses never happen

Louis tackles this at about the 4-minute mark in the vid. They can’t reduce the rent because the bank they owe money to will mark down the property’s value.

It's sad. I'm old enough to remember before the 1990s when landlords weren't greedy.

Thank you very much. I really appreciate that. I also love your username.