It's why companies are pushing for back to office. All the profiteers / investors who own commercial real-estate threatening companies with pulling their $ out if they don't get back into their empty buildings.
bro, being a real estate broker isn’t a brag. It’s a certification and a few hundred dollars. You’re bragging about most elderly people’s backup plan. 😂
I feel one thing that can help alleviate would be to loosen zoning laws, make more things mixed use! My cousin and I run a small electrical and plumbing business and we would LOVE to find a small shop with a garage door and enough room for 2-4 trucks, storage for materials, and be able to build a 2 bedroom apartment inside of it. I have found plenty of buildings that are perfect size with everything we need but since it’s not zoned for that we wouldn’t be able to. Im sure others would love a mixed use building for other things too!!!
Who cares? Who knows what ur doin? Don't worry bout what people or city think. Do ur thing, until u get "caught" (oohhh. Uh) (this is where u act scared) and say oh I didn't know(now act stupid) get an order to stop what ur doin. Now that's just a slap on the hand. Better yet move out to the country. Who the hill is gonna be out there? Lol😂😂😂😂😂
I noticed this was very common when I lived in SE Asia. There would be a shop or restaurant downstairs, and the family lived upstairs. There were also what looked like clearly housing-only areas.
@wtmerit6129 That is not the case right now. We are actually understaffed. The amount of money being spent and the number of people served is higher, but the number of federal employees has not really increased. Doge needs to focus on congress spending instead of picking on the federal employee. Most of the people they are made at are people appointed to run stuff by Biden and the FBI. Rightly fully so, but no matter who is in office, federal workers do their jobs.
@JS-th2ev the point is that they have too many jobs. The government is too large and intrusive. The bureaucrats just keep adding regulations on top of each other.
@OneOut1 is not true. Show us the data to support there are too many jobs. If you look it up, it is the opposite. I work with FAR, and each Regulation was put there for a reason. Again, Congress needs to analyze data and determine what needs to be there. Not two billionaire CEOs. It's like allowing corporations to make their own laws. We did not elect Elon or Vivek.
Try SINCE 2017 At Trump tax cuts. This all didn't start till wanna be Real estate Mogul became president and changed tax code for rich to hide their money/escape taxes and losses via real estate market. Money laundering, corporate shell companies, no need for banks in Bahamas anymore, tRump made USA an Oligarchy/Criminal enterprise Wet dream
Yep it's too high, too many companies are selling the sames things, costs are too high and worker pay too low. Yep it's going to be a bigger drop than housing.
They should convert the high rise businesses into luxury apartments or into medium income housing. The middle class always gets the raw deal. They make too much money for government subsistence but not enough to buy a home. Thank you Biden and Harris for destroying the middle class.
Dan Pena doesn’t have a clue about St Louis we don’t have a 68 story building for that would be taller than the arch and one cannot build a building taller than the St. Louis arch and for a record the tallest building is the metropolitan building downtown St. Louis. Get your facts straight.
Trump's first term saw the most ever lobbyists in government positions. The coming government will have the most billionaires ever in it. They decided to skip the middlemen and plunder the taxpayers directly. Trump's upcoming cabinet will hav a combined net worth of approx. 312 BILLION dollars. And that doesn't even count Musk
@@brankobelfranin8815 I just commented and it got deleted which tells me all I need to know about TH-cam but Elon went to isrl and became a cuck for them
Real estate is bought with created money. The banks creating the money already had their share in interest and will now aquire the assets for pennies. Yes their numbers will look bad but they don't care. They never loose.
Lose* sad world, sad life. Jesus saves, free yourselves. It's all an illusion, obtain real assets, metals, land, yes properties r cool if u can obtain 🤔💞🙏🏾👏🏾🙌🏾
I think America is toast tbh and don't take that as a jab from the other side of the pond, England is done for as well. 1/2 the shops in my town are empty.
@@darrenjones7487nah America isn't toast just transitioning... there's a difference, everything is going online, digital etc the demand for store front is dieing super fast, people found out it's 100 times easier to sell there product online and they don't have all the overhead fees like renting or buying property, taxes, etc... its like 15-20 yrs ago here in America movie stores used to be big business and in a blink of a eye the transition happened ordering movies online was the new big thing... samething happening with real estate...
I was on a week-long drive and had a hotel booked in St louis. When I stepped out of my car I was so offended by the sights, sounds, and smells, especially the smells that after driving nine straight hours I drove an additional two just to make sure I slept far away from that filthy place. It's got to be one of the biggest dumps in America.
@@SaaS-Marketing-Willy While it doesn't offer the same tax benefits as Hong Kong or Singapore, New Zealand is known for its business-friendly environment, even earning recognition from Guinness World Records as the easiest country to do business in
Commercial real estate landlords will get their come-upings, Landlords have been very aggressive throughout the years, now it's their turn to feel the burn, then they will be glad to have business customers in the future. This is what happens when a government sticks it's nose into business.
He stopped paying the rent for the building in SF that Twitter was in because the commercial rents in SF are ridiculously high and more than 70% empty.
He stopped paying the rent for the one building that was foisted on him by a pre exsisting lease from before he bought Twitter. It was part of trimming the ridiculous amount of fat that whale was carrying.
Do the math. Huge amount of commercial real estate that is vacant. There is also a huge amount of the american population that is homeless. With strict enforcement, that square footage could be usefully inhabited. Many americans could cheaply move there, but the catch is, they would have to follow the rules!
@basedlogic Im just tossing out an idea bro. Thats better than just giving up. If u s a would stop giving multi billions to every other country in the world, something like that could be well funded.
@ChadAF_YT really? The military couldnt function without everyone following the rules. Prisons couldnt function. Businesses couldnt be profitable. Back to my original suggestion: You don't think homeless Americans could be collectively be put in livable communal living environments?
I believe there was a study in Calgary, Alberta, that showed maybe 25-35% of office buildings MIGHT be able to be converted to residential. Plumbing infrastructure being the biggest issue.
You should look into how much money Elon gave trump and the meetings happening between him and congress seems to me like Trump is puppet being controlled by Elon. Elon says Jump trump jumps lol
Trust big words buddy, That makes you a top tier moron! Not something I’d be sharing with the world, but that’s what morons do they broadcast their stupidity!
@@bhuvneshbhardwaj3594 that's a leftist you won't be able to have a constructive discussion with. Note how she is only able to bash him without really citing why. Just bashes him.
I disagree. There was no singular policy that "caused" this level of inflation. I can tell you as a landlord and owner of a property management firm, it was corporations padding their failed businesses with gains from real estate portfolios. Then, through half-assed renovations and insane price increases.
@@stevefraser8411 Gold is heavily manipulated just like every other mineral, fiat etc because the exact amounts in circulation and to be potentially mined cannot be known
Did they really tear it down? I thought the same thing. Legit wondering if it was a figure of speech like selling at scrap price due to lack of buyers. I like your train of thought, but that was 2008.
Look what happens when commercial real estate gets abandoned, it stays that way for years, even decades, because most large corporations already have their skyscraper there really isn’t any demand. unless it gets re zoned by council for residential purposes.
It’s sad if people believe this because St. Louis doesn’t have a building that big you can only build smaller or shorter than the arch so you can basically have the Metropolitan building which is 42 stories which is the tallest building in St. Louis so this old man must be old and doesn’t have a clue of what he’s saying
The met building is the tallest and has 42 floors. Correct. But the at&t building, which he is talking about, is shorter but has 44 floors according to Wikipedia.
He definitely got the height of the building wrong, but that isn't the point of his statements. It's the least important. Did the commercial real estate market dip 22 out of 23 quarters? Are buildings sitting empty and being sold for the value of the raw steel?
If all my residential tenants went on a rent strike I'd evict them all and before they got out I would have 4 new tenants lined up for each unit. If I had all my commercial tenants do the same thing, they would certainly have my attention. Supply and demand. I remember in the 70's that everyone was slamming money down to get into an indoor mall. Now, we're bulldozing malls to make room for residential. In 30 years it may flip. The pendulum swings both ways.
Yeah, it swings both ways, until it fucking doesn't. Lolol May wanna take a good, hard look around. Withing 20 years, workforce alone will be cut by 50% or more. Simply do to AI. So, you really expect people to believe that we're gonna need all that commercial real estate for Artificial Intelligence? You think it's gonna be iRobots sitting at desks? Is that what you think?
Ice never been able to buy any of my residential properties with NO recourse! Let the investors fail fail fail and Noooooooo Baaaaiiiiillll Ooooooouuuttts!!!!!
I guess you haven't seen the news , After Elon bought the Republican party Maga was celebrating now it seems Maga is giving him the middle finger 😅😅 It seems Maga is racist after all 😅😅 morons
Commercial real estate developers should focus on increasing industrial capabilities such as more domestic steel manufacturing, which we need for national security.
Simply put elon has chaged the auto industry social media areospace indusry medical industry for the better . He has open patents for everything and has done more for the world than anybody else here .
I am a watcher, think about this...doing more for the world vs changing the world is different. Remember movies where aliens come to earth and change our way of life? Then later we realize that the changes even though helpt temporarily humans but overall the outcome wasn't. But who knows
Yeah, tell these rich lames that. They want to own everything- so do not sell your homes. Don't be con into paying into an apartment. When you can own your own home,Amen!
Another piece of the puzzle no one talks about in regards to commercial real estate and workers returning to these offices is the fact that we can’t add anymore highways or add more lanes to already existing highways. Working at home is a major advantage to saving gas and car expenses, pollution, crowded streets, commute time on the roads, etc.
The 44-story 1.46 million square foot former One AT&T Center in downtown St. louis SOLD for $3.6M, a $1.9M LOSS from its $4.5M price at auction 2 years prior. There is NO bottom for some of the old, obsolete, vacant office and commercial space all over the country. it’s roughly 1/3 of the overall inventory.
The government's not the only people that have tons of employees working from home. It benefits not only the employees but the business as well that we're paying millions in real real estate. The only people that benefited was the landlords and the banks and guess what people realize they don't need them and employees are actually more productive from from home I think forcing people back into this society to save the banks and save the big real estate companies is a huge mistake. I think they need to let the holdings go and move on with it
@@Spam_Unlikelyreally? Then why was middle class thriving under Trump the first time he was in office???.... So excited for this next 4 years ♥️🇺🇸♥️🇺🇸♥️🇺🇸♥️🇺🇸♥️
@@aprilmurrell3317because Obama set him up that way. That's why our economy sucks under Biden because Trump set it up that way. All the changes that happen in a presidential term does not really take effect until the following president term. So all Trump is going to do is just ruin us even further than we've ever been ruined before. You have no idea who you voted for, he really does not care about you at all unless you are a millionaire or billionaire and have a corporation. Trump is right you really are stupid.
It all sounded good until he put _"About time."_ at the end of his comment. The first half of the comment was telling the truth about how these businesses work. The only people to be affected by not being paid _"higher salaries"_ are the blue collar workers of these businesses. Everyone else working for these businesses- the C.E.O.'s, C.F.O.'s, presidents, vice presidents, the board members and other high ranking/ paid people well not be effected with the "owners can not afford higher salaries to pay rent." Look at all of these big corporates laying off hundreds to thousands of workers of, while the to brass at getting multi-million dollar bonuses.
@georgekidwell9409 We are not socialist workers, we do not want to live paycheck to paycheck working for a profitable business that is part of the reason recessions happen. Because when amid already being profitable and corporate savings are from what would be workers salaries the economy suffers. How? The working class, most powerful of all classes is the economy we like to spend and for some reason those who went to college to get a degree think we shouldn't have a profitable salary. Greed, Jealous, whatever you call it they do not like us. A common item from Ferrari like a bolt would be very expensive so why can't the worker be paid as well for it? When you could go to VW and get the same part for cheaper but image wise I would expect the Ferrarri general laborer to be paid more. Workers need a capitalist worker mentality. Its not always employers to it is also the land value that keeps rising for no reason making the goods sold on the land more expensive while salaries become unaffordable so the business they work for can pay their rent.
If you pay a mortgage or any type of tax you don't own anything you don't pay on something you own you pay on something you rent. Which is why these rich people use all the loopholes to avoid paying taxes which use yourself can learn about.
@sparky_murph Okay, here's one, say you own a piece of land and you no longer want to pay taxes on that land. And relatives of yours passes away, bury them on that land and go have your land certified as a cemetery, they can no longer tax you. They can't tax cemetery land public or property.
@sparky_murph You want to know something I find insane, the revolutionary war happened because of taxes and the people and the founding fathers shot the law, the judges, and the government because of a 2% tax. How are citizens gonna allow their government to charge them 40% today.
@sparky_murph And if you look at your money, it says in federal reserve no longer gold or silver. So the U.S. Dollar is backed by credit and debt and you can't pay off debt with debt. It was intentionally done this way so they could crash the dollar at any time and they want that so it leaves all of you pretty much hopeless.
Even better. There is no rent, Austin, Shanghai and Berlin gave him the real estate and built him the factories for FREE to get him to do build cars there
Ripping someone off because the rent is too high is a 5D chess move? No you just move to Texas as a business or common sense move, not paying your rent is called squatting.
Only the old Twitter headquarters in California. The lease was negotiated before he bought it and he did this as part of trimming the fat that Twitter was wallowing in.
Imagine a Billionaire with So much power, that he can basically take the whole Commercial Real State sector of the economy to the gutter !! And Americans think they live in a free country !!
@speedonotincluded companies like Black Rock have massively overbought the Housing market. Now they're trying to dump it, which means your property values going down. And people like you and I that need a house get stuck with this. Exit liquidity You need a buyer and a seller. Or you have people that hodl
*Since I became so rich in cryptocurrency I realise that crypto is the future cuz I invested 10k and made up to 36k as weekly profit I appreciate the help of your channel😃🙂*
I'm sick of all the people who think their opinions are the truth and denigrate everyone who doesn't measure up to their 'truth'. STOP all the negativity and accusations. Take a big positivity pill and chill out. Keep your anger opinion to yourself and make us all happy. Negativity breeds negativity... when you give in to this, it just breeds more of the same. Life isn't fun anymore cuz you can't see the good. Try turning it around by stopping with criticism. Its so much funner to be positive! Negativity makes the heart black. Positivity breeds good heart, good feelings, a happier life. Especially if you include Jesus in the equation.
Convert commercial to residential... the buildings are where young people want to live (downtown, big cities), and businesses don't need them. Developers missing an opportunity.
COVID taught companies, they don’t need rental commercial real estate overhead. Work from home and rent out hotel lobby once a week for a face to face meeting
not complex really. commercial real estate didn't adjust to meet market expectations (which fell due to a plethora of reasons unique to each building), so after each business got their option to renew, they seriously had to decide if they will continue renting there. then they just left the buildings empty, trying to force the market. you don't force the market, it forces you. it's no coincidence that there are so many empty buildings despite the end of covid pretty much in all cities in the US and Australia. small commercial construction is still quite worth it for owner occupiers (while selling unused parts of the new building for debt reduction) in many locations so with a clear alternative, expect those wishing upon a star to get a tenant at inflated prices to contue to suffer.
This was already on the horizon but GREATLY accelerated by remote workers due to Covid. When companies saw that they can have their employees work from home they realized there is no benefit in leasing the buildings. End the nonsensical remote working and commercial real estate will stop falling. It’ll never get back to what it was but it would stop the bleeding.
Well for example Los Angeles California To get any business license is a nightmare, to get a health permit for restaurant or market is even worse. But you can put up a tent tables chairs and 2,3,4 cooking barrel on a side walk Immediately no problem. I seen hole parking lot made in to out door restaurants, they even got waitress waiving people as they drive by. Why would anyone open a legitimate business. Food trucks and trailer are all over too.
It's insane that billionaires & corporations contribute smaller percentages in taxes than the rest of us. Removing the cap on payroll deductions will solve Social Security shortfall. The country's budget goes up a bit every year, just like our personal budgets. We've got to stop voluntarily reducing our income (tax revenue) and collect every $ owed. Republicans just cut the IRS budget, so it'll be harder to collect from tax cheats.
Commercial real estate between San Francisco and San Jose had 50% vacancy in 2001 and is still under 65% occupancy. That is the middle of Silicon Valley.
There’s over $1 trillion hitting in the first quarter of convertible notes due in the Commercial Real Estate sector. This is what is going to topple that market.
People don’t realize the cost of taking the commercial RE and turning it into multifamily / apartments would not pencil out in 80% of the cases for developers. Rents for these new spaces would be very high, and if they don’t get those rents they will not be able to pay their lenders… we need pricing of lumber and materials to go down for housing crisis to be solved.
He said Real Estate has gone down 22 of the last 23 quarters and the reason is is because Elon Musk said that a year ago from November that it is no loger the best asset. I'm not an expert but 22 quarters doesnt fit into one year...
Drowning our country into unfair debt. So that the everyday person is now eating the big guys debt instead of food, we are being dwelled out... 😢GROSS😢
Love Elon, but since he switched over to Trump after QUEEN Kamala, not trustworthy anymore!
Oh you mean Kamala that in days spent 2.5 billion and grifted her way into debt yet she walks away a millionaire.
Haha, sheep
@@MrS91489 Sheep voted for Kamala to the tune of 2.5 billion that she grifted away to become in debt.
Best thing Elon did
Trump syndrome.
The commercial real estate market was already in trouble and was accelerated during Covid when people started working from home.
25 % of them are going to be converted to housing and mix use...class A commercial will be fine.. its going to take like 10 years though
The excuse for AI to take over the market
Don’t be fooled
Facts
You think it wasn’t foreseen when they created that virus and spread it into the public.
It's why companies are pushing for back to office. All the profiteers / investors who own commercial real-estate threatening companies with pulling their $ out if they don't get back into their empty buildings.
We were warned about this several few years ago. Im a previous real estate broker. Elon has no part in this so this is disingenuous.
Smart
bro, being a real estate broker isn’t a brag. It’s a certification and a few hundred dollars. You’re bragging about most elderly people’s backup plan. 😂
Of course it's Elon, he's extremely rich and endorsed Trump so everything is his fault now 😂
Several Few? ...
Okkk
I feel one thing that can help alleviate would be to loosen zoning laws, make more things mixed use! My cousin and I run a small electrical and plumbing business and we would LOVE to find a small shop with a garage door and enough room for 2-4 trucks, storage for materials, and be able to build a 2 bedroom apartment inside of it. I have found plenty of buildings that are perfect size with everything we need but since it’s not zoned for that we wouldn’t be able to. Im sure others would love a mixed use building for other things too!!!
It's a shame america doesn't follow in European countries' footsteps..
You could probably do it and not say anything
I find it easier to ask for forgiveness then permission
Nope. 👎 No one wants to live next to a jiffy Lube!!
Who cares? Who knows what ur doin? Don't worry bout what people or city think. Do ur thing, until u get "caught" (oohhh. Uh) (this is where u act scared) and say oh I didn't know(now act stupid) get an order to stop what ur doin. Now that's just a slap on the hand. Better yet move out to the country. Who the hill is gonna be out there? Lol😂😂😂😂😂
I noticed this was very common when I lived in SE Asia. There would be a shop or restaurant downstairs, and the family lived upstairs. There were also what looked like clearly housing-only areas.
The second reason for the government is pushing RTO for its employees. Taxpayers shouldn't pay for offices that are no longer needed.
Get your ass to work. You do not sit in a chair and play with your hair NB paid for it.
Downsizing resulting from computerizing and robotisizing and the taxpayer is going to pay for it?
@wtmerit6129 That is not the case right now. We are actually understaffed. The amount of money being spent and the number of people served is higher, but the number of federal employees has not really increased. Doge needs to focus on congress spending instead of picking on the federal employee. Most of the people they are made at are people appointed to run stuff by Biden and the FBI. Rightly fully so, but no matter who is in office, federal workers do their jobs.
@JS-th2ev the point is that they have too many jobs. The government is too large and intrusive. The bureaucrats just keep adding regulations on top of each other.
@OneOut1 is not true. Show us the data to support there are too many jobs. If you look it up, it is the opposite. I work with FAR, and each Regulation was put there for a reason. Again, Congress needs to analyze data and determine what needs to be there. Not two billionaire CEOs. It's like allowing corporations to make their own laws. We did not elect Elon or Vivek.
Make the next law the Government cannot spend more than they make, anything other than that is extortion!
The government doesn't make money, they take it.
TERM LIMITS and
BALANCED BUDGET
The government doesn't make money. They take it or print it.
Governments don't make money, they spend it...
make that they cannot spend more than 80% of what they take in - and - they cannot tax their citizens more than 10% - and no loopholes
This problem with commercial real estate is not of Musk's making. He didn't formulate a "scheme".
but takes advantage of it to the max
The freaking banks are criminal. This old man is a dang banker who has robbed folks with interest for decades.
@@brankobelfranin8815as long as it is legal and a businessman takes advantage of the loopholes or situation then hats off.
@@jrcicirello Loopholes that peasents are not alowed to use. Yup yup lets support oligarchs.
@@jrcicirello yup yup lets support uber rich oligarchs
And this is one reason why hedge funds started buying single family homes 4-5 years ago.
Wow good insight
If you hold cash assets of diminishing value you need to put the money into some hard assets with value and demand.
Try SINCE 2017 At Trump tax cuts.
This all didn't start till wanna be Real estate Mogul became president and changed tax code for rich to hide their money/escape taxes and losses via real estate market. Money laundering, corporate shell companies, no need for banks in Bahamas anymore, tRump made USA an Oligarchy/Criminal enterprise Wet dream
@@silo3com not so much, Alisa is showing what I like to call SELECTIVE MEMORY
Blackrock owns 44% of all single family homes
Yep it's too high, too many companies are selling the sames things, costs are too high and worker pay too low. Yep it's going to be a bigger drop than housing.
They should convert the high rise businesses into luxury apartments or into medium income housing. The middle class always gets the raw deal. They make too much money for government subsistence but not enough to buy a home. Thank you Biden and Harris for destroying the middle class.
We need to have a moratorium on all foreign aid until we balance the budget.
Our agreements say otherwise
Forever spend it here or not at all
Agree ! Splendid idea !!
Foreign aid is just a fraction of the budget. The ONLY way to balance it is to reform Social Security and Medicare.
@@duaneaikins4621 I don't believe he thought it was THE ANSWER, but a good start imo.
This is why Elon keeps bringing up having workers no longer work remotely.
Why?
@@DatMfka”this” can’t you read
Heads Up Humanity😮
D😮GE = eG😮D look up it's meaning
@DatMfka musky is saying 'bye now. You are easily replaced'. Is THAT his freakin plan? With trips to Mars and Crypto currency? Ah fuck us
@@GFYYT11111MAD DOG = GOD DAM
Also, type 58008 on your calculator and turn it upside down. This game is fun!
Dan Pena doesn’t have a clue about St Louis we don’t have a 68 story building for that would be taller than the arch and one cannot build a building taller than the St. Louis arch and for a record the tallest building is the metropolitan building downtown St. Louis. Get your facts straight.
Thank you
Had to scroll for a bit to finally find someone who’d set this straight
Dan Pena says a lot of stuff he knows nothing about.
Thank you for clarifying. No response from content creator? Ok. Marked for "Don't recommend channel".
😂 internet man bad@@cinzanoparis3867
No more lobbyists in government!!
what is musk?
Musk is a Zionist lobby guy. Why do you think they made him go over to isrl
Trump's first term saw the most ever lobbyists in government positions.
The coming government will have the most billionaires ever in it. They decided to skip the middlemen and plunder the taxpayers directly.
Trump's upcoming cabinet will hav a combined net worth of approx. 312 BILLION dollars.
And that doesn't even count Musk
Legalised bribery
@@brankobelfranin8815 I just commented and it got deleted which tells me all I need to know about TH-cam but Elon went to isrl and became a cuck for them
Real estate is bought with created money. The banks creating the money already had their share in interest and will now aquire the assets for pennies. Yes their numbers will look bad but they don't care. They never loose.
Lose* sad world, sad life. Jesus saves, free yourselves. It's all an illusion, obtain real assets, metals, land, yes properties r cool if u can obtain 🤔💞🙏🏾👏🏾🙌🏾
They live off valance sheet collateral which declines and makes them insolvent. Bail.outs for the rich comin
Tiny........
Hats......
@davidnathanielcope1 They call themselves Js but they're not.
*lose
Downtown St. Louis has been toast for 15+ years.
I think America is toast tbh and don't take that as a jab from the other side of the pond, England is done for as well.
1/2 the shops in my town are empty.
It's very diverse
Soulard
@@darrenjones7487welcome to the west Ireland is in major trouble too poor leadership, cowards and thieves in office all round ruining everything
@@darrenjones7487nah America isn't toast just transitioning... there's a difference, everything is going online, digital etc the demand for store front is dieing super fast, people found out it's 100 times easier to sell there product online and they don't have all the overhead fees like renting or buying property, taxes, etc...
its like 15-20 yrs ago here in America movie stores used to be big business and in a blink of a eye the transition happened ordering movies online was the new big thing... samething happening with real estate...
I was on a week-long drive and had a hotel booked in St louis. When I stepped out of my car I was so offended by the sights, sounds, and smells, especially the smells that after driving nine straight hours I drove an additional two just to make sure I slept far away from that filthy place. It's got to be one of the biggest dumps in America.
Depends on what part you're in.
That smell may have been the hops from the Budweiser plant
St. Louis is beautiful. Tell me you haven’t been to Gary without telling me.
I'll give you two guesses on who ran it into the ground but you only need one.
You need a good tour of California to give you some perspective...
It’s all because the country made it so hard to make a business
It’s easier to start a business in USA than anywhere else in the world
@@SaaS-Marketing-Willy i dont think that true....
@@SaaS-Marketing-Willy not true
@@SaaS-Marketing-Willy While it doesn't offer the same tax benefits as Hong Kong or Singapore, New Zealand is known for its business-friendly environment, even earning recognition from Guinness World Records as the easiest country to do business in
@@SaaS-Marketing-Willy New Zealand, Singapore, Hong Kong (China), Denmark, and South Korea. ( top 5)
Commercial real estate landlords will get their come-upings, Landlords have been very aggressive throughout the years, now it's their turn to feel the burn, then they will be glad to have business customers in the future. This is what happens when a government sticks it's nose into business.
Yes, commercial real estate has taken a huge hit the last couple years. But no chance Elon’s companies have stopped paying rent.
Actually, there is. Look it up. I didn't.
He stopped paying the rent for the building in SF that Twitter was in because the commercial rents in SF are ridiculously high and more than 70% empty.
He stopped paying the rent for the one building that was foisted on him by a pre exsisting lease from before he bought Twitter. It was part of trimming the ridiculous amount of fat that whale was carrying.
No rent and the bank could own your
Business.😊
@@jameshathaway5117 We've been living in a dot commie hyper bubble for 30 years
Do the math. Huge amount of commercial real estate that is vacant. There is also a huge amount of the american population that is homeless. With strict enforcement, that square footage could be usefully inhabited. Many americans could cheaply move there, but the catch is, they would have to follow the rules!
And how much would that cost the tax payer.
@basedlogic Im just tossing out an idea bro. Thats better than just giving up. If u s a would stop giving multi billions to every other country in the world, something like that could be well funded.
Americans in no point of our history since the usa’s inception, have we been rule-followers
@ChadAF_YT really? The military couldnt function without everyone following the rules. Prisons couldnt function. Businesses couldnt be profitable. Back to my original suggestion: You don't think homeless Americans could be collectively be put in livable communal living environments?
I believe there was a study in Calgary, Alberta, that showed maybe 25-35% of office buildings MIGHT be able to be converted to residential. Plumbing infrastructure being the biggest issue.
Queen and kamalface should never be in the same sentence.
I trust Elon Musk and Donald Trump .
Well that’s ignorant. Elon musk doesn’t care about people. He cares about himself and his companies.
You should look into how much money Elon gave trump and the meetings happening between him and congress seems to me like Trump is puppet being controlled by Elon. Elon says Jump trump jumps lol
@annamarie8168 why do you say that anna?
Trust big words buddy, That makes you a top tier moron! Not something I’d be sharing with the world, but that’s what morons do they broadcast their stupidity!
@@bhuvneshbhardwaj3594 that's a leftist you won't be able to have a constructive discussion with. Note how she is only able to bash him without really citing why. Just bashes him.
That's why he wants people back in the office
The Government was keeping the secret!! Elon never seems to be secretive about his concerns!!!!
Congress created this by overspending. Rising inflation drove up real-estate and now it's all overpriced compared to the diminishing US$
I disagree. There was no singular policy that "caused" this level of inflation. I can tell you as a landlord and owner of a property management firm, it was corporations padding their failed businesses with gains from real estate portfolios. Then, through half-assed renovations and insane price increases.
@@DavidClinkscalesno singular policy? What about when Nixon took us off the gold standard
@@DavidClinkscales let me guess. You voted for Kamala?
@@stevefraser8411 Gold is heavily manipulated just like every other mineral, fiat etc because the exact amounts in circulation and to be potentially mined cannot be known
No, that’s a teardown! My question would be what did they use that steel for, and where?
Did they really tear it down? I thought the same thing. Legit wondering if it was a figure of speech like selling at scrap price due to lack of buyers. I like your train of thought, but that was 2008.
Space x air craft landing ports and ground satellites
I assume no one would buy it, so it was sold for the price of the raw steel. It will not be torn down; it was just sold for as little as possible.
They shipped it orf to China
Curious to know?
Same dude that said bitcoin will go to zero soon ? Years ago
Yeah, but you can always learn a fact from someone, even from idiots that act like they walk around with a chrystal ball.😁
wait, isn't he that 400billion dollar guy???😎😎😎
wait, isn't he that $400billion guy???😎😎😎
Then he's kinda right, years ago bitcoin was basically zero
It will
We waited way too long hoping Democrats would;
1. Keep campaign promises.
2. Reject Commies in their party.
3. Turn back anti Hillary/Biden.
It's not a scheme it's a credible plan
Look what happens when commercial real estate gets abandoned, it stays that way for years, even decades, because most large corporations already have their skyscraper there really isn’t any demand. unless it gets re zoned by council for residential purposes.
The more I explore secret books on Nixorus, the more I realize how much of society is sleepwalking through life.
goated book
What’s a good book to start with?
I need a good read suggestion too please
99%
It’s sad if people believe this because St. Louis doesn’t have a building that big you can only build smaller or shorter than the arch so you can basically have the Metropolitan building which is 42 stories which is the tallest building in St. Louis so this old man must be old and doesn’t have a clue of what he’s saying
Thank you pure bullshit
The met building is the tallest and has 42 floors. Correct. But the at&t building, which he is talking about, is shorter but has 44 floors according to Wikipedia.
He definitely got the height of the building wrong, but that isn't the point of his statements. It's the least important. Did the commercial real estate market dip 22 out of 23 quarters? Are buildings sitting empty and being sold for the value of the raw steel?
If all my residential tenants went on a rent strike I'd evict them all and before they got out I would have 4 new tenants lined up for each unit. If I had all my commercial tenants do the same thing, they would certainly have my attention. Supply and demand. I remember in the 70's that everyone was slamming money down to get into an indoor mall. Now, we're bulldozing malls to make room for residential. In 30 years it may flip. The pendulum swings both ways.
Yeah, it swings both ways, until it fucking doesn't. Lolol May wanna take a good, hard look around. Withing 20 years, workforce alone will be cut by 50% or more. Simply do to AI. So, you really expect people to believe that we're gonna need all that commercial real estate for Artificial Intelligence? You think it's gonna be iRobots sitting at desks? Is that what you think?
trash it before i leave cost you more
Agreed, highest, and best use at play.
Im looking for tenants. No industry and nobody can afford to rent. Black-rock/stone?
Ice never been able to buy any of my residential properties with NO recourse! Let the investors fail fail fail and Noooooooo Baaaaiiiiillll Ooooooouuuttts!!!!!
California liberals wanted to bully Elon. Elon gave them the Birdy and left. Now California liberals nerdraging. LOL
Dan Pena isn't a liberal
I guess you haven't seen the news , After Elon bought the Republican party Maga was celebrating now it seems Maga is giving him the middle finger 😅😅 It seems Maga is racist after all 😅😅 morons
Blah blah blah...another jar of mayonnaise who knows nothing
@Yourmomwantme you mad El Mayo was caught huh. We been looking for his buddies El Ketchup and El Mustard
Commercial real estate developers should focus on increasing industrial capabilities such as more domestic steel manufacturing, which we need for national security.
ELON MUSK & DONALD TRUMP ARE GREAT BUSINESS MEN !!! 🎉🎉🎉
Trump is BROKE that's WYH he's KISSING so many Billionaires BUTTS !!
WHAT R U BLIND?
yes who care only about themselves and lining their pockets.
Trump University graduate right here, folks. Listen to them, everyone.
❤ that's awesome sounds ❤ and huge businesses ❤ and powerful confident 🦋
❤ Elen mask 🎭 god bless you ❤ and give you great longer value life 🧬🌹 to increase your huge business ❤🦋🍀💯
Simply put elon has chaged the auto industry social media areospace indusry medical industry for the better . He has open patents for everything and has done more for the world than anybody else here .
I am a watcher, think about this...doing more for the world vs changing the world is different.
Remember movies where aliens come to earth and change our way of life? Then later we realize that the changes even though helpt temporarily humans but overall the outcome wasn't.
But who knows
And (arguably/helped) fixed the ice cream machines at McDonald's
NOT for the workers / employees !!!
Maybe you don't care about the rights of people or fairness... 🤔
With govt contracts paid for by tax dollars lolol
In a world where no one owns anything it can easily become a world where no one owes anything either.
Marxism
Right😂😂😂
With Ai why not?
Yeah, tell these rich lames that. They want to own everything- so do not sell your homes. Don't be con into paying into an apartment. When you can own your own home,Amen!
Another piece of the puzzle no one talks about in regards to commercial real estate and workers returning to these offices is the fact that we can’t add anymore highways or add more lanes to already existing highways. Working at home is a major advantage to saving gas and car expenses, pollution, crowded streets, commute time on the roads, etc.
Exactly. This shows you that Elon is really not an environmentalist. He only cares about money.
The 44-story 1.46 million square foot former One AT&T Center in downtown St. louis SOLD for $3.6M, a $1.9M LOSS from its $4.5M price at auction 2 years prior.
There is NO bottom for some of the old, obsolete, vacant office and commercial space all over the country. it’s roughly 1/3 of the overall inventory.
So, are we sure Dan Pena was not on that list. To visit that Epsteen Island..? O-o As we do know Elon Musk wasnt on there
But Trump was... Birds of a feather flock together.
@@LoupeWholetrump was not on the list try again
Dan was there he is a complete freak
@@Robcupra360 You've been taking to many bong rippers off the cult. There is much proof of Trump's 15 year friendship with Jeffery.
@@Robcupra360 How do you know that ? They were good friends, tons of pictures together.
The government's not the only people that have tons of employees working from home. It benefits not only the employees but the business as well that we're paying millions in real real estate. The only people that benefited was the landlords and the banks and guess what people realize they don't need them and employees are actually more productive from from home I think forcing people back into this society to save the banks and save the big real estate companies is a huge mistake. I think they need to let the holdings go and move on with it
I trust Elon and trump, why? Bc things for past years isn’t all glory. I hope there is change but change!!!!
@@TheTinminator oh there will be change. Just not the change that benefits the middle class.
@@Spam_Unlikelyreally? Then why was middle class thriving under Trump the first time he was in office???.... So excited for this next 4 years ♥️🇺🇸♥️🇺🇸♥️🇺🇸♥️🇺🇸♥️
@@aprilmurrell3317because Obama set him up that way. That's why our economy sucks under Biden because Trump set it up that way. All the changes that happen in a presidential term does not really take effect until the following president term. So all Trump is going to do is just ruin us even further than we've ever been ruined before. You have no idea who you voted for, he really does not care about you at all unless you are a millionaire or billionaire and have a corporation. Trump is right you really are stupid.
@ Easy, my friend. Trump inherited a healthy economy from President Obama. Even the WSJ had to admit it.
I wonder why? They don't own the land! The owners of the land have taken it back!
He is smart so say what you want to about him, he is very smart!
If the land is expensive, the goods are too and the business owners cannot afford higher salaries to pay rent. About time.
what?
Pretty clear bro. Read it 8 times of u need to. Makes perfect sense
It all sounded good until he put _"About time."_ at the end of his comment.
The first half of the comment was telling the truth about how these businesses work.
The only people to be affected by not being paid _"higher salaries"_ are the blue collar workers of these businesses.
Everyone else working for these businesses- the C.E.O.'s, C.F.O.'s, presidents, vice presidents, the board members and other high ranking/ paid people well not be effected with the "owners can not afford higher salaries to pay rent."
Look at all of these big corporates laying off hundreds to thousands of workers of, while the to brass at getting multi-million dollar bonuses.
@@georgekidwell9409 But what if I compulsively need to vote against my own interests? It’s in my blood, my family and half of the population! /s
@georgekidwell9409 We are not socialist workers, we do not want to live paycheck to paycheck working for a profitable business that is part of the reason recessions happen. Because when amid already being profitable and corporate savings are from what would be workers salaries the economy suffers. How? The working class, most powerful of all classes is the economy we like to spend and for some reason those who went to college to get a degree think we shouldn't have a profitable salary. Greed, Jealous, whatever you call it they do not like us.
A common item from Ferrari like a bolt would be very expensive so why can't the worker be paid as well for it? When you could go to VW and get the same part for cheaper but image wise I would expect the Ferrarri general laborer to be paid more.
Workers need a capitalist worker mentality. Its not always employers to it is also the land value that keeps rising for no reason making the goods sold on the land more expensive while salaries become unaffordable so the business they work for can pay their rent.
He’s only correct about Office. All other sectors of commercial real estate are on fire.
If you pay a mortgage or any type of tax you don't own anything you don't pay on something you own you pay on something you rent. Which is why these rich people use all the loopholes to avoid paying taxes which use yourself can learn about.
Ok if we can learn about it, give up the information!!
@sparky_murph Okay, here's one, say you own a piece of land and you no longer want to pay taxes on that land. And relatives of yours passes away, bury them on that land and go have your land certified as a cemetery, they can no longer tax you. They can't tax cemetery land public or property.
@ does this matter on which the land is located at? Municipal, State?
@sparky_murph You want to know something I find insane, the revolutionary war happened because of taxes and the people and the founding fathers shot the law, the judges, and the government because of a 2% tax. How are citizens gonna allow their government to charge them 40% today.
@sparky_murph And if you look at your money, it says in federal reserve no longer gold or silver. So the U.S. Dollar is backed by credit and debt and you can't pay off debt with debt. It was intentionally done this way so they could crash the dollar at any time and they want that so it leaves all of you pretty much hopeless.
We used to have system in place where the government couldn't spend more than they bring in. It was called the gold standard!
Big corporations saved billions of dollars letting people work at home and not having to pay for office space
Holy shit. Is that true musk stopped paying back the banks on his realestate holdings. I hope so, that would be some fucking 5D chess.
Even better. There is no rent, Austin, Shanghai and Berlin gave him the real estate and built him the factories for FREE to get him to do build cars there
@@jgosal1981 Amazing !
Ripping someone off because the rent is too high is a 5D chess move? No you just move to Texas as a business or common sense move, not paying your rent is called squatting.
Only the old Twitter headquarters in California. The lease was negotiated before he bought it and he did this as part of trimming the fat that Twitter was wallowing in.
How dare he outsmart the government 😡
The Party's over!
Imagine a Billionaire with So much power, that he can basically take the whole Commercial Real State sector of the economy to the gutter !!
And Americans think they live in a free country !!
Mr. Bitcoin here with all the truthbombs
Most people don't know a thing called exit liquidity
Lol how's exit liquidity relevant here? It's not wether these buildings can be liquidated it's at what price they can be liquidated.
@speedonotincluded companies like Black Rock have massively overbought the Housing market. Now they're trying to dump it, which means your property values going down. And people like you and I that need a house get stuck with this. Exit liquidity
You need a buyer and a seller. Or you have people that hodl
Joe just as good at predicting what the economy doing
So,with all of the lack of housing why aren't these empty commercial buildings being converted into apartments?
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It's the same in the bay area. Huge business complexes, empty. One block was built by Microsoft a few years ago and is still empty.
Big time respect for this man Dan Peña talking before Elon the same respect I have for Elon
After they drop, then bought, can they get turned into residential units?
They are tanking the commercial REM to restructure the buildings for residential property.😮
I'm sick of all the people who think their opinions are the truth and denigrate everyone who doesn't measure up to their 'truth'.
STOP all the negativity and accusations. Take a big positivity pill and chill out. Keep your anger opinion to yourself and make us all happy.
Negativity breeds negativity... when you give in to this, it just breeds more of the same.
Life isn't fun anymore cuz you can't see the good. Try turning it around by stopping with criticism. Its so much funner to be positive!
Negativity makes the heart black. Positivity breeds good heart, good feelings, a happier life. Especially if you include Jesus in the equation.
Dan Pena is worth less than 1/250 of Musk. Could give no F's what Pena thinks of Musk. I want DOGE to work.
Average person can't even buy land and build a home on an average working job
Convert commercial to residential... the buildings are where young people want to live (downtown, big cities), and businesses don't need them. Developers missing an opportunity.
This has been going on for decades! Elon is only seeing it, so does every commercial realtor!
I moved to Texas around 2010. Well before Trump and I'll testify that Dallas and Houston Texas had/has multiple sky scrapers that are empty.
The largest 68 story building sold in ST. Louis for 3.4 mill is wild..
COVID taught companies, they don’t need rental commercial real estate overhead. Work from home and rent out hotel lobby once a week for a face to face meeting
not complex really. commercial real estate didn't adjust to meet market expectations (which fell due to a plethora of reasons unique to each building), so after each business got their option to renew, they seriously had to decide if they will continue renting there. then they just left the buildings empty, trying to force the market. you don't force the market, it forces you. it's no coincidence that there are so many empty buildings despite the end of covid pretty much in all cities in the US and Australia. small commercial construction is still quite worth it for owner occupiers (while selling unused parts of the new building for debt reduction) in many locations so with a clear alternative, expect those wishing upon a star to get a tenant at inflated prices to contue to suffer.
Converting that office space into living space get 2 birds stoned at once...
When and where is this interview with PENA
ELON MUSK IS A GENIUS 💰💰💰💰💰💰💰💰💯💯💯🔥🔥🔥...
This was already on the horizon but GREATLY accelerated by remote workers due to Covid. When companies saw that they can have their employees work from home they realized there is no benefit in leasing the buildings. End the nonsensical remote working and commercial real estate will stop falling. It’ll never get back to what it was but it would stop the bleeding.
2025 is going to be wild. I'd recommend accepting Jesus Christ and staying prepared for bad times.
America worships the all mighty dollar, greed is the god of the gluttonous.
Well for example Los Angeles California
To get any business license is a nightmare, to get a health permit for restaurant or market is even worse.
But you can put up a tent tables chairs
and 2,3,4 cooking barrel on a side walk
Immediately no problem.
I seen hole parking lot made in to out door restaurants, they even got waitress waiving people as they drive by.
Why would anyone open a legitimate business.
Food trucks and trailer are all over too.
It's insane that billionaires & corporations contribute smaller percentages in taxes than the rest of us. Removing the cap on payroll deductions will solve Social Security shortfall. The country's budget goes up a bit every year, just like our personal budgets. We've got to stop voluntarily reducing our income (tax revenue) and collect every $ owed. Republicans just cut the IRS budget, so it'll be harder to collect from tax cheats.
where was there a 68 story building in Saint Louis? never existed! bell one center is less than 50.
I can't understand either of them. Such rapid speech is sheer self-indulgence.
Apparently this guy didn’t look at this… The building is 44 stories & called AT&T Tower. There isn’t a single building in St. Louis that’s 68 stories…
Several buildings leased by the federal government by where I live. The parking lots are always empty. No one is working there.
Big corporations getting rid of medium and small businesses. 😢
When Peña speaks, you know you’re about to hear some bullsh!t
Brother I am listening attentively. If your suggestions are correct and I know they are. I am greatful!
Businesses are getting fed up leasing almost empty buildings
very very scary they are strangling people with rent too
Commercial real estate between San Francisco and San Jose had 50% vacancy in 2001 and is still under 65% occupancy. That is the middle of Silicon Valley.
There’s over $1 trillion hitting in the first quarter of convertible notes due in the Commercial Real Estate sector. This is what is going to topple that market.
People don’t realize the cost of taking the commercial RE and turning it into multifamily / apartments would not pencil out in 80% of the cases for developers. Rents for these new spaces would be very high, and if they don’t get those rents they will not be able to pay their lenders… we need pricing of lumber and materials to go down for housing crisis to be solved.
This is the guy who said, BTC would go down to ZERO U$... 100.000 reasons to not get him seriously
He said Real Estate has gone down 22 of the last 23 quarters and the reason is is because Elon Musk said that a year ago from November that it is no loger the best asset. I'm not an expert but 22 quarters doesnt fit into one year...
That is why they are turning office buildings into apartment buildings.
Why would you need to own an office building if your people work from homes THAT THEY THEMSELVES PAY FOR & MAINTAIN???
Why do you think they want everyone back in the office?
And that's why they went after our homes
Drowning our country into unfair debt. So that the everyday person is now eating the big guys debt instead of food, we are being dwelled out... 😢GROSS😢
What do you think about precious metals silver gold, etc.?