We’ve fallen so far. After Katrina the whole country reached out to NOLA, now our billionaire class is comfortable publicly writing off the second largest city in
America.
While this idea is genuinely absurd, I think we arrived at the stage of decay where inhuman entities gambling on real estate might make the mistake to buy it.
In order, of course, to sell to Aquaman.
Another historical parallel are the weirdo technocrats of the early-to-mid-20th century, an anti-democratic movement that worshipped at the altar of “efficiency”… and in which Musk’s maternal grandfather was heavily involved:
Half of their "innovation" is just coming up with new ways to say "we get all the money and power" that don't sound like mid-20th century garden variety fascism. Always the same plan with a different pitch deck.
PE firms will buy up properties at greatly depressed prices, then successfully lobby for a massive injection of public money to shore up insurance markets and make those properties valuable again
Why would the private equity firms buy uninsurable properties? Do they think they'll be able to extract more in rent than the building costs before it burns down? Do they think that someone else will pay for post-disaster reconstruction? Or will they self-finance the reconstruction?
Forced migration, is that not how you end up with a flood of displaced people? The whole State of Florida is on the brink of insurance collapse. The Carolinas are threatened, New Orleans, too. Think about your advice. Fighting the source of global warming may be a better way to go.
There'll always be someone willing to buy your home in California fire country up until the moment there's a fire. If they can't get traditional insurance, they'll go to the state insurer of last resort.
To him, so he can capitalize on others’ misfortunes. They don’t think anyone who can’t afford to self-insure a $3 million property deserves an ocean view.
Sell to a private equity firm, the vulture capitalists who are feeding on the remains of the American economy. we have exactly what I have always believed unregulated capitalism would bring us it. It’s a malignant economic system that develops metastases and leads to death. Regulation could save it.
Honestly don’t know how any of us LA County foothill community residents will ever find a buyer for our houses at this point because of the insurance situation.
I guess if you're buying the house with cash because no one will finance your uninsurable house...
Bill Ackman is just one in a long line of rich dudes who think they aren't stupid because they have money.
Billionaires simply have no idea how stupid they sound because no one near them has the courage to tell them.
The inevitable result is that they get stupider year by year.
I did and backed out when I saw how long the videos are. There was a time in my life when I could actually consume 2-3 hours of content like that but I'm not there right now. Thanks for the tip though!
I really dislike long videos, and those seemed too long for me too, but once I start watching one - I can't stop, it's very riveting, he really does a great job. If you have some spare time - give it a try, you won't regret it.
I'm sure he is, but I do not have a stretch of time in my day anywhere close to 4 hours that I can slot this into, and I always lose track if I watch stuff piecemeal.
No, they sell it to poor people who have fewer other options.
It's the same as the US government buying crypto next year. It's offloading high value assets while they're still high to Patsys & marks.
I'm not up to the current lingo with what youth call them now, you get the idea.
Someone tell old stupid Bill part of the process of selling the home involves the new owners arranging insurance. If they can't get a policy the sale won't go through.
Besides, where will you move TO? As we're all painfully aware, the blue states so don't want anyone new to move in they're not building housing, so there are no homes for them to buy there, and the red states... well, houses are cheap, but there's not a lot of healthcare or environment.
I live in Seattle too. An anecdote is just one data point. The data indicates that we're not building enough housing for the people who live here, much less those who want to move here. Permits plummeted last year. The city council doesn't seem that interested.
◇I don't know about anyone else but where I was living every time new apartments got built they ended up being luxury apartments and condos, well out of the price range of most people◇
Bill can go fuck himself. He's a complete asshole, totally about himself, out of touch, and everything that's wrong with entitled bufoons. Any institutional investor who has money with him should be asked whether this is who they want representing their organizational interests.
Seriously. Do they think people are going to be lined up to buy property that’s uninsurable?
Or, if they are, it’ll be at a huge loss to home sellers since they’ll get pennies for it.
They cancelled a bunch of policies in Pacific Palisades last year and the home values were still very high back then. I think he means sell after the policies are cancelled and before the fires arrive.
He has a point, which is true in a lot of states with a high casualty loss rate: why aren’t more states creating residual market mechanisms to address this?
Exactly, Numb. You can't sell your home to someone who can't get insurance unless they pay cash. And who is going to lay out a quarter million to a million dollars to watch the house go up in smoke?
"The solution to this societal problem is to just make a difference decision as a consumer. I'm sure nothing bad will happen because of this" -Boomers for the past 40 years
Smart people don't become billionaires. A smart person will realize much earlier that they have all the money they'll need for the rest of their lives and actually use it, instead of hoarding it like dying with a high enough number next to your name gets you a prize.
At the very least, a smarter person learns to hide their wealth and/or stay out of the public eye. When considering billionaires in the public eye, you've already decided to only consider the foolish ones.
Sell to private equity who already have their own insurance arm & buy their reinsurance from Ackman & then when you retire & get an annuity you'll get it from a PE backed life insurer that uses a portfolio of mortgages like they are long term bonds & tada the risk you sold ends up back with you
It’s a level of thinking that really shows how the right never thinks beyond self in any scenario, either. “Find an unsuspecting buyer and you fuck them over!”
He's saying what he wants. Then, he and his counterparts can take the properties for their rich people towns and states.
He wants the average homeowner to not be insurable and lose their property. That Jackson adoration by Trump ... in a reverse of Jax "everyman" pop'ism = less will OWN property.
Also, the freedom to sell and move somewhere else is restricted to those who don't need to live near their jobs. If you can't get insurance in a particular city, but need to live their for work, buying a different house in the same city where you can't get insurance isn't going to help.
If the insurance companies stop selling in your neighborhood and you haven’t sold yet, you’re already screwed. No one but cash buyers can buy without insurance
As someone that recently went through buying a property, if you can’t get insurance, you have no way of buying the property so I guess he’s to wealthy to realise that you can’t sell shit without insurance unless your all rich
Comments
America.
In order, of course, to sell to Aquaman.
https://en.m.wikipedia.org/wiki/Silver_Legion_of_America
(I point this out just as a curiosity; I am *not* suggesting a direct throughline like the “new world order” conspiracy theorists are)
No it’s not a conspiracy, just an investment strategy — just a strategy that makes all Americans poor except the PE firms
Little does everyone know that the PE form has bought an ungodly amount of properties in said state with depressed prices
Everything they touch suffers and dies.
Bill Ackman is just one in a long line of rich dudes who think they aren't stupid because they have money.
These "pundits" are the dumbest knobs on the planet.
The inevitable result is that they get stupider year by year.
Truly breathtaking.
#idiocracy
https://www.youtube.com/c/hbomberguy
It's the same as the US government buying crypto next year. It's offloading high value assets while they're still high to Patsys & marks.
I'm not up to the current lingo with what youth call them now, you get the idea.
It's just apartments, not million dollar McMansions with acreage.
https://www.theurbanist.org/2024/01/16/seattles-housing-construction-booms-while-permitting-flashes-warning-signs/
Apparently billionaire investors who will pay bottom dollar.
Let's face the facts - if you're a billionaire, you have lost all connection to reality.
Money is a "game" to you.
STOP LISTENING TO THEM!!!!!!!!!
Everything they say is next level moronic, with extra moron sauce.
And they’re the “thinkers” of this crowd.
Jesus wept until he died (again, again) of thirst.
Are we sure he isn't South African? 🤑
Or, if they are, it’ll be at a huge loss to home sellers since they’ll get pennies for it.
which doesn’t speak too highly of markets, the people who know them, or the suckers with money
I guess when you have a bizillion dollars stuff like lenders and mortgages and a modicum of financial security don't mean Jack.
Ackman selling his California home to Shapiro, Shapiro selling his Florida home to Ackman
https://youtube.com/clip/UgkxUdruBRYm19nzfiW-eP8XvovgrhA4FXE7?si=qvbTwq1gsjHmEWBB
Ya know who buys homes that can't obtain homeowners insurance? Billionaires.
Billionaires are a policy failure that must be addressed if America is to survive.
Reagan lit the match, Roberts fanned the flames & the American electorate just ensured the fire will burn for at least another 4yrs.
I just wish they’d discover their theory is wrong the tiniest bit faster/possibly as a group activity
I mean, line don't go up if people go bye-bye.
He wants the average homeowner to not be insurable and lose their property. That Jackson adoration by Trump ... in a reverse of Jax "everyman" pop'ism = less will OWN property.