Linkage

Deanna Steele says she has never seen as many condo and vacation homes for sale in Kelowna, B.C. as she has this month.

The founder of Keys to Kelowna Properties Inc., a luxury vacation rental management agency, said the lake-front city's real estate market is "saturated'' by properties zoned for short-term rental use. Some of the sellers are people who bought not that long ago and are already trying to get out.

"They thought they were going to make a mint because they saw what was happening in the gold rush. And now they're realizing, 'Oh, big mistake,'" said Steele.

That gold rush — investing in short-term rentals in Kelowna and many other Canadian cities — could potentially slow to a trickle in the wake of new legislation to regulate short-term rentals introduced by the B.C. government in mid-October.

The timeline around a stable channel rollout is worded kind of strangely. The company says: "We expect it will take at least a month to observe and stabilize the changes in pre-stable before expanding the rollout to stable channel Chrome, where it will also gradually roll out over time. The exact timing may vary depending on the data collected, and during this time, we will keep you informed about our progress." It's unclear what "data" Google is concerned with. It's not the end of the world if an extension crashes—it turns off and stops working until the user reboots the extension. Maybe the company is concerned about how many people Google "Firefox" once their ad-blocker stops working.

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Google's sales pitch for Manifest V3 is that, by limiting extensions, the browser can be lighter on resources, and Google can protect your privacy from extension developers. With more limited tools, you'll be more exposed to the rest of the Internet, though, and a big part of the privacy-invasive Internet is Google. The Electronic Frontier Foundation called Google's description of Manifest V3 "Deceitful and Threatening" and said that it's "doubtful Mv3 will do much for security."

Tucked away many paragraphs into this report is a sentence which is getting a lot of attention on social media today saying that according to Politico’s sources there has been some resistance to the pause in fighting within the administration due to fears that it will allow journalists into Gaza to report on the devastation Israel has inflicted upon the enclave.

“And there was some concern in the administration about an unintended consequence of the pause: that it would allow journalists broader access to Gaza and the opportunity to further illuminate the devastation there and turn public opinion on Israel,” Politico reports.

In other words, the White House is worried that a brief pause in the Israeli massacre of civilians in Gaza will allow journalists to report the truth about the Israeli massacre of civilians in Gaza, because it will hurt the information interests of the US and Israel. They are worried that the public will become more aware of facts and truth.

Needless to say, if you’re standing on the right side of history you’re not typically worried about journalists reporting true facts about current events and thereby damaging public support for your agendas.

Someone uploaded one of those viral “help identify this racist jerk” clips featuring a man accosting a street vendor with awful Islamophobic vitriol, and it turned out he was the former US State Department Deputy Director in the Office of Israel and Palestinian Affairs.

It sounds made up, but that’s exactly what just happened; Vice has a whole article out about it. The video was uploaded today, and within hours the man was identified as Stuart Seldowitz, who helped direct US diplomacy on Israel-Palestine from 1999 to 2003 and then served on the Obama administration’s National Security Council.

On 20 September 2023, the Victorian Government released its Housing Statement – a major package of government investment and reforms in housing.

Part of the plan is to demolish significant public housing estates across the state, including all 44 public housing towers across Melbourne by 2051. According to The Age, the 10,000 public housing residents were informed of the decision by Homes Victoria via leaflets the day after the announcement.

At this stage it is intended that the public housing towers in Carlton, North Melbourne and Flemington will be replaced with 30,000 new dwellings, of which only 11,000 will be earmarked for social housing. The remaining 19,000 dwellings will be private housing.

According to the State Government, the towers are ‘no longer fit for modern living’ and are unable to be retrofitted and therefore need to be demolished. However, leading experts from the RMIT Centre for Urban Research argue that there is no publicly available evidence to support this proposition and that demolishing the towers will in fact likely add further to the current shortage of public housing. Demolition will displace the closely-linked refugee and migrant communities that have called these estates home for years. 

Car-dependent suburbia is subsidized by productive urban places. That's why American cities are broke. But how bad is it, and who is subsidizing who?

Australia is in the grip of a “bankocracy”, in which four banks control our access to money. Their profits, and therefore the salaries of their executives, depend on both the volume and the value of their assets growing.

The volume of their assets (that is, the number of loans) increases because Australians believe the only way to increase their wealth is to borrow 80 per cent to 100 per cent of the value of one or more houses. And the value grows because the banks’ customers compete with each other to buy the houses and push up their prices and therefore the size of their loans.

The more house prices rise, the greater the banks’ profits. As US investment guru Charlie Munger says: “Show me the incentive and I’ll show you the outcome.”

The way real estate works in Australia is that the federal government and banks encourage demand for it while state and local governments restrict the supply of it.

It’s not just that renters are in the minority – some minorities have real power – but the nation’s attitude to housing is deeply ambivalent and well hidden. There has been, and still is, a public dialogue about the problem of housing affordability and plenty of sympathy expressed for the disenfranchised, but the majority who own a house are quietly happy with their high prices, and economists and businesspeople approve of the economic “wealth effect”. Also, the minority who don’t own a house talk about the property ladder and the need to get on it. The idea of housing as the main, if not the only, form of real wealth creation for ordinary people is deeply embedded in the national psyche. Superannuation is starting to rival it but is still a long way behind.

That means doing something about it requires true political leadership – that is, doing something right that’s unpopular. Study after study on the subject has concluded that the high price of housing is leading to dangerous inequality and distorting the economy and society, yet political leaders have never tackled it effectively, for obvious reasons.

The fact that one of the three least-populated countries on earth contains the world’s second-most expensive housing is a national calamity and a stunning failure of public policy. For decades, political leaders have paid lip service to housing affordability, while doing nothing that would bring prices down. In fact, most of the big political decisions have done the opposite.

While some blame supply shortages or overseas investors, the primary factor contributing to this crisis is the outsized role of investment properties. Too many individuals and corporations have purchased properties solely for investment purposes, driving up prices and exacerbating the shortage of affordable housing. These investment properties sit idle or are rented out at exorbitant prices, and regular citizens can no longer find affordable homes.

The housing crisis is both an economic and a human rights issue. Housing is a basic necessity for life, health, and dignity. When treated as a speculative financial asset rather than a social good, inequality grows, and vulnerable populations suffer.

To address this crisis, we need bold solutions that answer the scale of the problem. By implementing progressive taxation, incentivizing the conversion of investment properties, and introducing anti-speculation regulations, there is a path to revolutionize the housing market and make affordable housing a reality for all. But it’s going to take fundamental, uncomfortable and unpopular change. Band-aid fixes and minor policy tweaks will not cut it.

New polling finds that President Joe Biden’s approval rating has hit an all-time low amid a groundswell of support for Palestinian rights among young voters.

According to an NBC poll released on Sunday, a whopping 70 percent of voters aged 18 to 34 say that they disapprove of how Biden is handling Israel’s massacre and ethnic cleansing in Gaza. The findings come as Biden has been giving Israel military assistance and political support with no red lines, despite a deluge of historians, human rights organizations and advocates for Palestinian rights warning that Israel is carrying out a genocide in Gaza and creating a humanitarian crisis of astronomical proportions.