How New Yorkers rejected Amazon’s $2 billion deal


– So, you probably heard about Amazon’s New York headquarters. It was this billion-dollar project. There was gonna be a new
helipad, a waterfront esplanade, and four Empire State Buildings
worth of office space. But on Valentine’s Day, Amazon decided to break
things off with the city. The company was scrapping the plans, pulling out of the Long Island City site and New York entirely. It was an ugly end to months of planning, a major embarrassment
for everyone involved. But to understand how
it got so messy so fast, you have to look at the big picture. Amazon’s Seattle headquarters is the biggest urban
tech campus in America, with 40,000 workers and almost a fifth of the
city’s prime office space, but that still wasn’t
big enough for Amazon. In 2017, Amazon announced
it was looking for a home for its second headquarters, dubbed HQ2. Two hundred thirty-eight
cities jumped in with proposals, usually dangling massive tax breaks. There was a bizarre game
show vibe to the whole thing. ClickHole joked about
the mayors of Pittsburgh and Kansas City beating
each other to death for a chance at the headquarters. After all that, Amazon’s finally choice was kind of an anticlimax. Instead of revitalizing a smaller city, Amazon would split the new headquarters between New York and Washington, D.C. There is also a small
outpost planned in Nashville, but, for the most part, the company would be investing in cities that didn’t need the money. Almost from the beginning,
New Yorkers were skeptical. In the days after the deal was announced, there were a ton of protests. Amazon even got booed out
of a city council meeting. – [Man] “Stop it!” – [Crowd] “G-T-F-O, Amazon has got to go!” “G-T-F-O” – A big issue in the background was rent. Those high-paid tech
workers bring a lotta money into the neighborhood, which
has a way of driving up rent, sometimes really fast. The effect has been most
extreme in the Bay Area, where the influx of tech money has driven up rents by as
much as 50% since 2010. That’s led to a lot of conflict between tech workers
and everyday citizens, some of whom see the
companies as hostile invaders. Anti-gentrification activists have gone as far as blocking the buses that take Google employees
to work outside San Francisco as a kind of protest of what
Google’s doing to the city. If you’re Amazon, you have to think: Are we gonna see that same kind of local
opposition in Queens? Locals also had a problem
with the deal itself, which gave Amazon $2.5
billion in tax breaks as a reward for moving in. This kind of deal happens a lot and you can argue it’s a good trait, since the city still ends up
collecting more tax revenue than it pays out in subsidy. But there’s a lot that
doesn’t take into account, including all the residents
and other businesses that get displaced by
the new headquarters. On paper, Amazon was
offering the city a lot, including job training at
nearby housing projects and internship programs
with local high schools. But the idea of paying
Amazon billions of dollars to remake downtown Queens was just too much for local politicians, particularly City
Councilman Jimmy Van Bramer. Jimmy Van Bramer:
“Is giving Jeff Bezos $3 billion of hard-earned taxpayer
money progressive values?” – [Crowd] “No!” – It didn’t help that Governor Cuomo, who masterminded the
deal, was wildly unpopular and didn’t have much goodwill to draw on. But the most dangerous local opponent was State Senator Michael
Gianaris, who in January joined New York’s Public
Authority’s Control Board. That has official oversight
over the Amazon deal. And since the board
requires unanimous approval for a lot of motions, Gianaris would’ve had lots of chances to make life difficult for Amazon. In November, Gianaris told The Verge his staff was digging in
to the incentive package to see legally what we can do. But as it turned out, he
didn’t get the chance. Three months later, Amazon backed out. In its statement, Amazon
said it was pulling out because, “A number of
state and local politicians have made it clear that
they oppose our presence “and will not work with us.” Now, that could be a reference
to Gianaris specifically, but the broader opposition
was just as scary. None of the local politicians had the power to stop the deal completely, but they could make things a lot harder. The Queens project would’ve
taken 15 years to complete and along the way, there
were gonna be permit issues, labor disputes, and the kind of headaches that come with any ambitious
construction project. There would be lots of
chances to make trouble and extract real concessions
from Amazon. In the end, it just wasn’t worth it. Now, not every tech company is so unlucky. At the same time that Amazon
was fighting in Queens, Google announced a massive expansion to its Manhattan headquarters, but they did it without the big subsidies, without the game show, and, as a result, without the public opposition. And south of DC, where
there are fewer people being displaced and fewer
activists to raise hell, Amazon headquarters is
going forward as planned. It’s like Mayor De Blasio said
after the deal fell through, “You have to be tough
to make it in New York.” Thanks for watching. Ton of questions in this episode. Was Amazon right to back out of New York? Would it have been bad for the city, for the headquarters to go forward? Let us know in the comments and as always, like and subscribe. See you next time.

OPINION: Atlanta Housing Authority Land Deal


If I offered to sell you a 138 million dollar
property for say, 17 million – a 120 million dollar discount – what would you think? What? You say you don’t have 17 million dollars sitting
around? I’ll tell you what, I’ll make the deal
even sweeter. I’ll help you borrow the money. Still hesitant? How about if I give you 7 years to make up
your mind. Yep, at any point over the next 7 years if
you want to buy the property, just let me know. If not, no worries. Too good to be true, right? Well, that’s the deal the former Chief of
the Atlanta Housing Authority reportedly made with an urban property management group called
Integral – 6 years ago. And now Integral wants the city to honor the
agreement. Integral says the sweetheart deal was a “thank
you” from the AHA’s Renee Glover for the work it did transforming low-income housing
projects into mixed-use developments. Glover apparently didn’t tell anyone else
about the giveaway of city land – or get their approval. Now, the Atlanta Housing Authority’s current
leadership says “no thanks” — and is suing to stop the deal it… calling it unconscionable,
secret, and a violation of state and federal regulations. Sounds like strong language. Catherine Buell, the current president of
the AHA, was recently quoted in Reason.com, a libertarian, political web publication,
as saying “The Atlanta Housing Authority is not a land bank for private developers to
purchase land at rock bottom prices.” I agree. Here’s some background: Integral has been working with the Atlanta
Housing Authority for decades and even had HUD-backed loans for revitalization efforts
in the early 2000s. The 2011 agreement with Glover was part of
an amendment to allow Integral to purchase land adjacent to the low-income developments. Integral’s co-founder, Egbert Perry says
the deal is fair because of the value his investment added to AHA land. Perry and Glover now serve together on the
board of Fannie Mae, the Federal National Mortgage Association. I think the contract between them is not valid
because Glover didn’t have the authority to do it herself, and neither the AHA Board
nor HUD signed off. There are no meeting minutes indicating a
vote was ever cast and members of the Board have no recollection of it ever happening. The Board even suspected Mrs. Glover was freelancing
and they voted around that time to restrict her duties over concerns she was acting without
members’ consent. Atlanta Mayor Reed has expressed outrage over
the deal and wrote a scathing letter to the CEO of Integral calling the sale, “unlawful,
unethical, and untenable for anyone”. If you agree, let the Mayor know you want
him to keep up the pressure to halt the sale. Here is his contact information. He may have success in the court of public
opinion. Bottom line: We as taxpayers have a right
to expect government leaders to make deals in the public interest. This deal doesn’t pass the smell test. Alright just so we’re all clear, this segment
represents my views, and not necessarily those of FOX 5 Atlanta. But we want to know if it represents your
views, so tell us whether you like it or not, and who knows maybe I’ll respond to you
on FOX 5.

Steven Mnuchin: Trade tensions haven’t impacted US economy


THOSE STORY COMING UP TOP STORY FANNIE MAE, FROMED FRED TRUMP ADMINISTRATION PROPOSING A PRIVATIZATION OF MORTGAGE FINANCE GIANTS COULD KEEP THEM AT CENTER OF U.S. HOUSING MARKET FOR YEARS TO COME JOINING ME RIGHT NOW TO TALK ABOUT THAT HOST OF OTHER TOSS-UPS U.S. TREASURY SECRETARY STEVEN MNUCHIN MR. SECRETARY ALWAYS A PLEASURE TO SEE YOU THANKS FOR BEING HERE.>>HI, MARIA GOOD TO BE WITH YOU AS WELL.>>ALL RIGHT. SO THE TREASURY HAS SUBMITTED HOUSING PLAN TO THE PRESIDENT CAN YOU I HAVE IT HERE 53 PAGES WORTH OF IT CAN YOU TALK ABOUT THANK YOU HOUSING PLAN, TO WRZ AGAIN PRIVATIZE GOVERNMENT SPONSORED ENTITIES FREDDIE MAC FREDDIE MAC.>>IN CON CERTIFY TORESHIP 11 YEARS WE THINK NOW TIME TO RECAPITALIZE MAKE THEM STRONGER THAT TAXPAYERS ARE NOT THE AT RISK, EVENTUALLY RAISE THIRD PARTY CAPITAL, SO THAT WE RESTRUCTURE THEM, AND THAT IN ANOTHER HOUSING DOWNTURN TAXPAYERS ARE NOT AT RISK. MARIA: ONE OF THE ISSUES HERE IS YOU’VE GOT TO GET PRIVATE CAPITAL YOU’VE GOT TO GET COMPETITION, IN THE MARKETPLACE ALSO HAVE TO GET CAPITAL TO COME INTO THIS. SITUATION, SO HOW ARE YOU GOING TO DO IT? PULL OUT SOME OF THE HE MORE IMPORTANT ITEMS FROM THIS HOUSING REFORM PLAN THAT YOU THINK IS GOING TO THAT YOU THINK WILL IN FACT MOVE THE NEEDLE ON THAT?>>WELL MARIA FIRST STEP IS WE ARE IN THE PROCESS OF NEGOTIATING WITH FHFA ON CURRENT LINES, WE EXPECT IN NEAR FERM WE WILL HAVE AN AGREEMENT WHERE WE WILL ALLOW BOTH FANNIE MAE AND FREDDIE MAC TO RETAIN, THEIR EARNINGS, WHEN WILL BE A SIGNIFICANT INCREASE IN CAPITAL A STEP IN THE RIGHT DIRECTION TO US ULTIMATELY RAISING THIRD PARTY CAPITAL.>>I THINK YOU MAKING A REALLY IMPORTANT POINT, BECAUSE, YOU KNOW I WAS READING A COUPLE OF COMMENTS ON TWITTER ON SOCIAL MEDIA AND, YOU KNOW, PEOPLE ARE SAYING LOOK, HOW SOON ARE WE GETTING FANNIE FREDDIE OUT OF CON CERTIFYSHIP PEOPLE FEEL UNCONSTITUTIONAL IN THE FIRST PLACE TO FORCE COMPANIES OFF IF ALL PROFITS GO TO TREASURY, TELL THEM WHEN AND WHEN THEY SHOULD AND SHOULD NOT PAY DIVIDENDS.>>I AM NOT GOING TO COMMENT ON LEGAL CASE FOR OBVIOUS REASONS BUT I WOULD SAY WHAT WE ARE FOCUSED ON IS HOUSING REFORM, AND AS PART OF HOUSING REFORM, WE DO WANT TO MAKE SURE THAT THERE IS REAL CAPITAL, IN FRONT OF TAXPAYERS, THE OTHER ISSUE, I LOOK FORWARD TO TESTIFYING AT SENATE TOMORROW LOOKING FOR A BIPARTISAN LEGISLATION TO PUT A FULL FAITH AND CREDIT ON THE SECURITIES. AND WE THINK THE GOVERNMENT SHOULD BE PAID FOR THAT. WRAP, WE THINK SHOULD BE SIGNIFICANT PRIVATE CAPITAL IN FRONT OF IT OPTIMISM TO FDIC MODEL OR THE GINNIE MAE.>>WHERE WE HAVE TALKED ABOUT THIS BEFORE IN THE PAST YOU ACTUALLY AGREED WITH MY ASSESSMENT THAT FOR TIME OBAMA ADMINISTRATION WAS JUST TAKING MONEY FROM THESE COMPANIES AND PUTTING IT WHEREVER THEY WANT, I MEAN THE INVESTORS GET TOTALLY SCREWED FANNIE AND FREDDIE NOW PEOPLE SAY LOOK THE GOVERNMENT LOOTED FANNIE MAE AND FREDDIE MAC WHEN ARE WE GOING TO BE ABLE TO GET MONEY BACK.>>MAR I AM NOT GOING TO COMMENT ON INVESTORS’ SITUATION I WILL COMMENT ON YOU ARE RIGHT THEY HAVE BEEN IN CONSERVATORSHIP TOO LONG WE WANT TO MAKE SURE THEY ARE IN THE NO CONSERVATOR SHIP ON PERMANENT BASIS IF WE CAN’T DO THAT WE ARE PUNISHABLE COMFORTABLE MOVING FORWARD ON ADMINISTRATIVE SAID MAKING THE CHANGES WE NEED TO DO. MARIA: ALL RIGHT, THIS IS A BIG ISSUE, FOR INVESTORS, AS YOU KNOW. YOU — I KNOW YOU DON’T WANT TO TOUCH CERTAIN THINGS, BUT — WHAT CAN YOU TELL US ABOUT THE FACT FEDERAL APPEALS COURT IN NEW ORLEANS OVERTURNED THE RULING THAT BACKED GOVERNMENT PROPRIETY TO TAKE UL MORTGAGE GIANT PROFITS OF THE JUDGES ALSO INCLUDED THAT THE STRUCTURE OF FANNIE AND FREDDIE REGULATOR UNCONSTITUTIONAL BECAUSE OF JOB PROTECTIONS FOR THE DIRECTOR WHAT DO YOU ASK YOU A.>>WE HAVE OBVIOUSLY, BEEN WORKING WITH DEPARTMENT OF JUSTICE ON THIS CASE REVIEWING THE DECISION NOT LETTING THIS STAND IN THE WAY ONE WAY OR THE OTHER WITH HOUSING REFORM AS I SAY THERE IS AN INVESTOR ISSUE WILL CONTINUE TO GO THROUGH THE LEGAL PROCESS, BUT THE MOST IMPORTANT ISSUE IS REGARDLESS THAT HAVE CASE, WE WILL RESTRUCTURE, FANNIE MAE AND FREDDIE MAC SO THAT THEY HAVE PRIVATE CAPITAL, IN FRONT OF ANY TAXPAYER RISK.>>HOW LONG WILL THIS TAKE WHAT IS TIMING ON THAT? DO YOU BELIEVE YOU CAN BEING ACTUALLY GET NEW CAPITAL INTO THE SITUATION AND ALLOWING COMPANIES TO RETURN TO THE PRIVATE SECTOR?>>WELL, MARIA I THINK WE ARE GOING TO WORK WITH CONGRESS IN THE FIRST PART OF THIS, I HOPE THAT IF WE ARE GOING TO GET CONGRESSIONAL SUPPORT WILL BE NEXT THREE TO SIX MONTHS IF WE CAN’T DO THAT WE WILL MOVE ON ADMINISTRATIVE FRONT, AS I SAID EARLIER, THE FIRST STEP OF CAPITAL WILL BE WE EXPECT IN VERY NEAR-TERM TO REACH AN AGREEMENT, TO ALLOW FOR CAPITAL BUILT UP THEY EACH HAVE THREE BILLION IN CAPITAL THE TREASURY LINES WE ARE GOING TO START RETAINING EARNINGS SO THAT IS FIRST STEP IN CAPITAL.>>ONE INVESTOR WANTS TO KNOW GIVEN THE RULING THAT NET WORTH SWEEP WE KNOW WAS ILLEGAL, IS THE SEPTEMBER SWEEP GOING TO BE HALTED ARE WE GOING TO SEE MONEY GO BACK TO THE INVESTORS?>>THE MONEY WOENLT GO BACK TO INVESTORS THE MONEY WOULD STAY IN THE COMPANIES AND THEN OBVIOUSLY, THE LEGAL PROCESS WILL GO FORWARD. AND OBVIOUSLY, THE TREASURER HAS VERY SIGNIFICANT CLAIMS FOR THE MONEY THAT WE’VE OUTLAID, BUT, YOU KNOW, I EXPECT WE ARE GOING WE ARE IN PROCESS OF WORKING WITH FHFA, GOING TO TRY TO SEE IF WE CAN DO IT IN SEPTEMBER IF NOT IT WILL BE VERY SOON AFTER THAT.>>WHAT WOULD BE A REALISTICALLY TOO MANY FRAME IN YOUR MIND, THAT THAT FANNIE AN FREDDIE COULD COME OUT OF CONSERVATORSHIP.>>DEPENDS WE ARE GOING TO DO IT QUICKLY AS WE CAN AS I SAID PART DEPENDS ON HOW QUICKLY WE GET CONGRESS TO ACT BUT WE ARE GOING TO MAKE SURE THAT WE LAY OUT A PLAN, TO GETTING THESE ENTITIES OUT OF CONSERVATORSHIP OUR GOAL.>>CONNECT THE DOTS FOR US FOR AUDIENCE, WHY DO YOU THINK THAT IS GOING TO HELP THE HOUSING MARKET WHAT WILL THAT MEAN OVERALL THE AT THE END OF THE DAY, GIVEN FACT RIGHT NOW COMPANIES CONTROL 95% MORTGAGES, MR. SECRETARY?>>WELL IF THESE COMPANIES WITH FHA CONTROL A VERY, VERY BIG PART OF THE MARKET AND LET ME COMMENT ON THIS IS REALLY HOUSING REFORM, AND WE ARE ALSO WORKING WITH HUD ON LOOKING AT REFORM OF FHA WE WANT TO MAKE SURE IF WE WITH FIGURES FANNIE AND FREDDIE WE DON’T PUT TAXPAYERS AT RISK AT FHA, THAT IS ALSO SOMETHING WE ARE LOOK BEING VERY CLOSELY AT WORKING WITH SECRETARY CARSON ON.>>DO YOU BELIEVE FHFA EXCEED STATUTORY AUTHORITY AS CONSERVATOR.>>MARIA A NICE TRY YOU KNOW I AM NOT GOING TO COMMENT ON.>>A ALL RIGHT LET ME SWITCH GEARS SECRETARY MNUCHIN OBVIOUSLY, THIS WHOLE CONVERSATION OF RECESSION HAS TAKEN OVER, A LOT OF PEOPLE WORRY THAT THE JOBS NUMBER ON FRIDAY SHOWED A SLOWDOWN UNTIL THE ECONOMY. WHERE ARE WE ON THAT? WHAT CAN YOU TELL US AS WE WATCH THESE NUMBERS COME IN? AND A LOT OF PEOPLE ARE BLAMING THE PRESIDENT’S TRADE POLICY LEADING TO UNCERTAINTY. AND THAT IS CAUSING MANAGERS TO SIT ON CASH.>>MARIA, THERE IS NO QUESTION THERE IS A CONSIDERABLE SLOWDOWN IN THE WORLD ECONOMY BOTH IN CHINA, AND IN EUROPE. BUT AS YOU LOOK AT THE U.S. WE CONTINUE TO BE THE BRIGHT SPOT OF GROWTH. I JUST CAME FROM G7 WITH THE PRESIDENT A FEW WEEKS AGO, THAT IS WHAT EVERYBODY WAS TALKING ABOUT, THE PRESIDENT’S ECONOMIC PLAN OF TRUTS REGULATORY RELIEF TRADE ARE REALLY WHAT IS DRIVING THE U.S. ECONOMY, I DON’T SEE IN ANY WAY U.S. RECESSION I THINK IF YOU LOOK ABOUT AT INTEREST RATES, I THINK WHAT YOU SEE IS BOTH IN TERMS OF LONG-TERM INTEREST RATES HISTORIC LOW GOOD FOR ECONOMY, I THINK YOU SEE THAT ON A RELATIVE BASIS WE ARE STILL HIGH RELATIVE TO THE REST OF THE WORLD ON INTEREST RATES, YOU ALSO SEE THE MARKETS EXPECTATION OF THE FED DOING RATE CUTS, SO I DON’T IN ANY WAY THINK YIELD CURVE REFLECTS A RECESSION AS FAR AS WE SEE VERY HEALTH ROBUST GROWTH FOR THE BALANCE OF THE YEAR.>>I KNOW NUMBERS ARE STILL SHOWING GROWTH TO WHOLE IDEA THAT WE’RE GOING TO BE IN A RECESSION DOESN’T MAKE A LOT OF SENSE TO ME EITHER BECAUSE YOU ARE SEEING ACTUAL SLID NUMBERS IN TERMS OF GROWTH WHAT CAN YOU SAY TO INVESTORS AND PEOPLE OUT THERE, WHO MIGHT BE WORRIED THAT THE UNCERTAINTY AROUND CHINA THE UNCERTAINTY AROUND THIS TARIFF SITUATION, IS CAUSING THE ECONOMY TO STALL EVEN IF IT IS THE JEWEL OF THE WORLD I GET THAT CERTAINLY THE BEST STORY OUT THERE IN GLOBAL ECONOMY.>>WELL MARIA YOU KNOW THE PRESIDENT IS YOU KNOW WANTS TO DEAL WITH THIS VERY IMPORTANT ISSUE OF CHINA TRADE. AND WE HAVE BEEN WORKING ON THIS FOR THE LAST TWO AND A HALF YEARS SINCE FIRST MEETING WITH PRESIDENT TRUMP TOURNAMENT XI IS THERE WAS AGREEMENT ON BOTH SIDES TO REBALANCE THE TRADING RELATIONSHIP, SO IT WAS A FAIRER RELATIONSHIP. AND AMBASSADOR LIGHTHIZER AND I HAVE BEEN WORKING VERY HARD TO GET TO THAT THAT RESULT. AND IF WE CAN GET A GOOD DEAL WHICH IS OUR ON THE WE WILL BERINTO A DEAL WITH CHINA. WE HAVE TALKS COMING UP ON VICE MINISTER LEVEL THIS MONTH THEM COMING HERE VICE PREMIER COMING HERE IN THE BEGINNING OF OCTOBER, OUR OBJECTIVE IS TO GET A GOOD DEAL A DEAL GOOD FOR AMERICAN WORKERS AND AMERICAN COMPANIES.>>YOU HAVE BEEN FRONT MAN YOU AND BOB LIVE TEAM COVERAGE KAU AU BOB LIGHTS US HAVE AR DO YOU THINK THERE IS WILLINGNESS TO — SECRETARY MNUCHIN BIG TICKET ITEMS NOT — THE THEFT INTELLECTUAL PROPERTY FORCED TRANSFER OF TECHNOLOGY ISN’T THAT REASON THEY RENEGED IN APRIL THEY DON’T WANT ENFORCEMENT MECHANISM IN PLACE WOULD HAVE CREATED CONSEQUENCES IF THEY WENT BACK TO OLD WAYS OF STEALING.>>I THINK TALKS BROKE DOWN LESS ABOUT ENFORCEMENT, AND PARTIALLY ON OTHER ISSUES, WHERE THERE WAS SIGNIFICANT PUSHBACK. IN CHINA. I THINK THE ENFORCEMENT AREA WE HAVE A CONCEPTUAL — AN AGREEMENT ON, BUT, AGAIN, WE HAVE A DOCUMENT, WE HAVE MADE A LOT OF PROGRESS THEY ARE COMING HERE I TAKE THAT AS A SIGN OF GOOD FAITH, THAT THEY WANT TO CONTINUE TO NEGOTIATE. AND WE ARE PREPARED TO NEGOTIATE. IF WE CAN GET A GOOD DEAL, A DEAL THAT IS GOOD FOR US, WE WILL SIGN IT IF NOT THE PRESIDENT IS PERFECTLY FINE WITH CONTINUING THE TARIFFS, WHEN ARE RAISING SIGNIFICANT AMOUNTS OF MONEY FOR UTREASURY.>>IS IT FAIR TO SAY, ITS IMPACTED CHINESE ECONOMY BUT ALSO IMPACTED U.S. ECONOMY?>>FAIR TO SAY IT IS IMPACTED THE CHINESE ECONOMY WE HAVE NOT YET SEEN ANY IMPACT ON THE U.S. ECONOMY. SO I THINK AS YOU KNOW WE HAVE NAVIGATED CAREFULLY RRENMINBI PROOESHDZ SIGNIFICANT PAID FOR MAJORITY OF TARIFFS I THINK CERTAIN SITUATIONS WHERE THERE HAVE BEEN DIFFICULTIES FOR COMPANIES AMBASSADOR LIGHTHIZER HAS DONE VERY GOOD JOB ON CASE BY CASE BAYS WE HAVE NOT SEEN IMPACT ON U.S. ECONOMY VERY CAREFULLY MANAGING THAT.>>CAN YOU REALLY SAY THAT A EVEN THOUGH WE ARE SEEING GROWTH SLOW DOWN BECAUSE OF INTERCEPTOR AROUND TRADE CAN YOU REALLY SAY IT HASN’T IMPACTED THE ECONOMY HERE.>>YES I CAN REALLY SAY THAT WHEN YOU SAY GROWTH HAS SLOWED DOWN, YOU KNOW LET ME JUST COMMENT THAT THESE NUMBERS HAVE VOLATILITY ON THE UPSIDE AND DOWNSIDE, THERE IS NO QUESTION THAT OUR GROWTH IS SIGNIFICANTLY HIGHER THAN THE RESTED OF THE WORLD THERE IS NO QUESTION THAT TO A CERTAIN EXTENT GLOBAL GROWTH WILL HAVE A MODERATE IMPACT ON U.S. GROWTH BUT I XHP WE ARE GOING TO SEE A VERY ROBUST FINISH OF THE YEAR, AND, AS I SAID, NO SIGNS OF A RECESSION, THE TRUMP ECONOMY THE ECONOMIC PLAN IS WORKING. MARIA: ARE WILL THAT INCLUDE THE END OF THE YEAR USMCA? YOU KNOW THE SPEAKER HAS TO BRING IT TO THE FLOOR, A LOT OF PEOPLE ARE WORRIED THAT THE U.S. WORKER IS GOING TO GET — DISADVANTAGED BECAUSE MEXICAN WORKERS MAKE ABOUT 1.50 AN HOUR WE LOOK FORWARD — CONGRESS IS NOW COMING BACK NO QUESTION ABOUT IT AT TOP OF OUR AGENDA O AMBASSADOR LIGHTHIZER WORKING CLOSELY WITH HOUSE I HAVE SPOKEN TO THE SPEAKER ABOUT THIS SEVERAL TIMES. AND WE LOOK FORWARD TO WORKING WITH HER THIS MONTH, HOPEFUL TO GET TO THE POINT WHERE THEY ARE COMFORTABLE, IN BRINGING THIS TO THE FLOOR BECAUSE I THINK IF THEY BRING IT TO THE FLOOR IT HAS VOTES TO PASS THIS IS IMPORTANT FOR GROWTH, WE SEE A SIGNIFICANT INCREASE IN GROWTH, IN PASSING USMCA.>>THERE IS ALSO GROWTH QUESTIONS AROUND DEBT, ONE OF THE TOP STORIES IN THE BUSINESS SECTION OF THE JOURNAL DAY RISING GLOBAL DEATH HELPS KEEP RATES LOW GOING TO CUT INTO ECONOMIC GROWTH. WHEN DOES 22 TRILLION DOLLARS IN TERMS OF DEBT BECOME A REAL MAJOR PROBLEM WE HAVE BEEN TALKING ALL DAY ABOUT REPUBLICANS GETTING RELIGION ON SPENDING.>>MARIA WE HAD A VERY MODEST INCREASE IN THE BUDGET THIS YEAR, AND NEXT YEAR IN TWO-YEAR DEAL THE MAJORITY OF THAT WENT TO THE MILITARY, I THINK YOU KNOW THAT IS AN IMPORTANT ITEM FOUGHT TOURNAMENT.>>YES.>>MR. –>>GO AHEAD.>>JUST WE’RE LOOKING AT DEBT TO GDP THAT IS SOMETHING WE

Conservatives Slam Alexandria Ocasio-Cortez’s Green New Deal | The Daily Show


Alexandria… Ocasio-Cortez. -(whooping)
-By now you probably know her as Congress’s
superstar freshman Democrat. Or, if you watch Fox News, what would happen if Stalin
was good at Instagram. Either way, you cannot deny
she’s making waves. Because she’s only been
in office for six weeks, but already
she’s put forward a blueprint to combat climate change, which is one of the more
ambitious policy proposals Washington has seen
in a very long time. And it’s called
the Green New Deal. We are going to transition
this country into the future… NEWSMAN: The Green New Deal
calls for a ten-year national mobilization.” The goal:
in one short decade to bring greenhouse
gas emissions to zero, meet 100% of energy needs
by renewable sources, overhaul
transportation systems… NEWSWOMAN:
…expanding a high-speed rail to “a scale where air travel
stops becoming necessary.” NEWSMAN: It would modernize
U.S. infrastructure, upgrade or replace every building
for energy efficiency… …create millions
of high-paying jobs, bring equality
and equal justice for underserved minority
and impoverished communities. The plan calls for
government-guaranteed jobs, government-provided
health care, free education for life, and safe, affordable housing
for everyone. Wow. That’s a lot
of major issues for a climate change plan
to solve. I mean… No, I expected
the Green New Deal to tackle greenhouse gases
and fossil fuels, but apparently it’s also
gonna give everyone a job and health care
and free education and provide affordable housing and get your parents
back together? (laughter) And don’t get me wrong,
these are admirable aspirations, but I’m always skeptical whenever someone proposes
a cure-all. You know? It’s like one of those
old-timey health products that traveling salesmen
used to sell. It’d be like, “Just one bottle
will cure insomnia, “headaches, seasickness,
mustache weakness, and even a total eclipse
of the heart.” (laughter) But I will say this. The main part of the bill
is about climate change, and Ocasio-Cortez is right that the U.S.
needs to take drastic measures to prevent
climate change’s worst effects. Of course, over at Fox News, as soon as they heard “Cortez”
and “climate change,” sirens started going off like bin Laden just emerged
from the ocean holding Aquaman’s trident. They were like,
“This is not a drill! “We have a code A.O.C. Man your battle stations!” What is this Green New Deal? Answer:
radical environmental socialism. One of the most dangerous,
impractical, misguided, economically guaranteed to be devastating plans ever. It sounds more like
a-a green nightmare to me when none of us are able
to turn on the heat or turn on the air conditioning. When we outlaw plane travel, we outlaw gasoline,
we outlaw cars, I think, actually, probably
the entire U.S. military because of the Green New Deal. There’s another victim
of the Green New Deal. It’s ice cream.
Livestock will be banned. The Green New Deal wants
to go after flatulent cows. So what are they saying?
We’re gonna ban hamburgers and Americans
are never gonna have a barbecue -and flip a hamburger again?
-No more steak. I guess government-forced
veganism is in order. “Yeah.
They’ll force-feed us broccoli “while giving us
a tofu enema. Yeah. “We’re all gonna be gangbanged
by vegetables. “Yeah. Yeah. That eggplant emoji–
not funny anymore. Yeah.” (laughter) You know… you know what I love
about American politics is that whenever someone in the opposing party
says something, there’s this weird thing where
you immediately have to take the exact opposite position. Ocasio-Cortez says
that cow farting contributes to climate change, which is true, by the way.
It’s true. And all of a sudden,
Fox News is like, “Cow farts are the smell
of freedom, okay? “Every time a cow farts, George Washington gives me
a thumbs-up from the grave.” (laughter) And, look,
there are legitimate concerns about the Green New Deal. You can ask questions like
how are you gonna pay for it? Can it actually get done
that quickly? Can we really replace coal with the electricity between
Bradley Cooper and Lady Gaga? Is it feasible? There are enough real questions
about the Green New Deal for conservatives
to take issue with, but I guess it’s more fun
to just scare America into thinking it’s about
to become a vegan North Korea. Yeah! Because, obviously,
the Green New Deal doesn’t ban meat or dairy
or air travel or cars. Right? You’ll still be free to eat your steak-flavored
ice cream on your private jet. What Ocasio-Cortez wants to do
is invest in alternatives that are better for the Earth. Like, wherever it makes sense
to replace air travel with high-speed rail,
we should do that. And honestly,
why would you be against that? Who’s that one guy
who’ll be like, “But if we don’t use planes,
how will I take a shit “in a bathroom that’s only
two inches larger than my body? Huh? This is an outrage!” But look,
it’s no surprise that Fox News would oppose a plan
that a Democrat came up with. What is surprising is that the country’s
most powerful Democrat would also be dissing
the Green New Deal. Speaker Nancy Pelosi
throwing some shade at it, telling Politico… (reading): Ooh! “The green dream
or whatever they call it”? That’s so cold. She dismissed the Green New Deal like it was, like, that weird
kind of YouTube challenge. You know? It was like,
“All the kids these days “are trying to snort cinnamon
up their butts “or save the planet
for the human race or something like that.” But, look, not everyone is so
lukewarm on the Green New Deal. In fact, polls show young people
are extremely supportive of strong action
against climate change, which is probably why many of the Democrats
running for president have also said
that they support it. Because if you want to connect
with the youth and the energy of the Democratic party
right now, you want to be on board
with Ocasio-Cortez. She’s basically the Cardi B
of politics. Yeah. It doesn’t matter
what she’s rapping. You want to feature
on her tracks. Yeah. Oh,
she’s basically like… ♪ I like high-speed trains ♪ ♪ Carbon tax and no planes ♪ ♪ That’s what I’m doing now ♪ ♪ And the people gather round. ♪ That’s her thing.

Ben Carson defends removing illegal immigrants from public housing


DOW INDUSTRIALS. WE’RE DOWN 50 POINTS.>>>NOW THIS, HOUSING AND URBAN DEVELOPMENT SECRETARY, BEN CARSON, WHOA, HE WAS GRILLED, HE WAS GOADED I SHOULD SAY ON THE HILL YESTERDAY. WATCH THIS.>>OMWI.>>AMWAY?>>COME ON, MR. SECRETARY, I ASKED YOU THIS LAST YEAR. YOU ASKED ME TO BE NICE TO YOU AND YOU TURNED TO YOUR STAFF. OMWE. YOU HAVE A OMWE DIRECTOR. WE WROTE YOU A LETTER ABOUT IT AND, OMWE. OFFICE OF MINORITY WOMEN AND INCLUSION. STUART: HOLD ON A SECOND. WE’LL GET TO THE SECRETARY IN A MOMENT. THAT WASN’T ALL FROM YESTERDAY. CHECK OUT THIS EXCHANGE.>>I WOULD ALSO LIKE YOU TO GET BACK TO ME IF YOU DON’T MIND TO EXPLAIN THE DISPARITY IN REO RATES. DO YOU KNOW WHAT AN REO IS?>>AN OREO?>>NOT AN OREO. REO. R-EO.>>REAL ESTATE.>>WHAT DOES O STAND FOR. THAT IS WHEN A PROPERTY GOES INTO FORECLOSURE. STUART: BEN CARSON WAS BEFORE HE WENT INTO POLITICS ONE OF IF NOT THE BEST BRAIN SURGEON IN THE WORLD. AND THEY WERE TALKING DOWN TO HIM. BEN CARSON HIMSELF IS WITH US NOW. WOULD YOU RESPOND TO ALL OF THIS, PLEASE SIR?>>YES. IT WAS, FIRST OF ALL, IT WAS 3 1/2 HOURS OF TESTIMONY. SO YOU CAN SEE THAT SOME OF THE NETWORKS ARE ONLY INTERESTED THOSE KINDS OF SOUND BITES THAT THEY CAN USE TO RIDICULE. YOU KNOW THE FACT OF THE MATTER IS, I WAS HAVING DIFFICULTY HEARING HER. OF COURSE I’M VERY FAMILIAR WITH FORECLOSED PROPERTIES. AND WITH REOs. I HAVE READ EXTENSIVELY ABOUT THEM. NEW ABOUT THEM, EVEN AS A TEENAGER. THERE WAS A LOT OF BLIGHTED AREAS IN DETROIT WHERE I GREW UP BUT WHAT IS INTERESTING, YOU KNOW, THAT WE, WHEN A FAMILY GETS INTO A PROBLEM WITH THEIR MORTGAGE AND IT IS BACKED BY OUR AGENCY BE WE GO THROUGH A LOT OF PROCEDURES WITH THE BANKS TO MAKE SURE THAT THEY DON’T GET FORECLOSED UPON. IN A FEW CASES WHERE THEY DO, OBVIOUSLY WE’RE ABLE TO SELL THOSE PROPERTIES VERY QUICKLY. AND THE, REO PORTFOLIO, JUST OVER THE LAST 10 YEARS, HAS DRAMATICALLY DECREASED BY TENFOLD. YOU KNOW, 65,000 DOWN TO 6500. SO I SUSPECT WHEN KATY PORTER WAS AN EXPERT IN THIS AREA THINGS WERE VERY DIFFERENT. THAT IS WHY I INVITED HER TO SPEAK WITH OUR STAFF THAT DEALS WITH THESE SO THEY CAN BRING HER UP TO DATE. MAYBE SHE WOULD THEN BE ABLE TO UNDERSTAND WHAT IS GOING ON.>>I THINK THEY WERE HAVING A GO AT YOU, MR. SECRETARY. ALSO AT THE HEARING YESTERDAYER ACCUSED OF FAVORING AMERICANS OVER ILLEGALS IN PUBLIC HOUSING. I JUST WANT THE AUDIENCE TO SEE THIS. ROLL THAT TAPE PLEASE.>>THE D IN HUD DOES NOT STAND FOR DEPORTATION. I’M AFRAID THAT A RECENT PROPOSAL OF YOURS WILL BRING NOTHING BUT DESPAIR. I FIND IT DESPICABLE, THIS IS A HORRIBLE PLAN. YOU WILL RIP APART FAMILIES AND BE THROWING CHILDREN ON TO THE STREET. WHAT IS YOUR PLAN TO TAKE CARE OF THEM?>>IF YOU READ THE RULE CAREFULLY YOU WILL SEE THAT IT PROVIDES A SIX-MONTH DEFERRAL ON REQUEST IF THEY HAVE NOT FOUND ANOTHER PLACE TO LIVE. AND THAT CAN BE RENEWED TWO TIMES FOR A TOTAL OF 18 MONTH, WHICH IS PLENTY OF TIME FOR CONGRESS TO ENGAGE IN COMPREHENSIVE IMMIGRATION REFORM. STUART: AGAIN, MR. SECRETARY, YOUR RESPONSE?>>WELL, YOU KNOW, WE HAVE OBLIGATION TO FOLLOW THE LAW AND, SECTION 214 OF THE HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1980 SAYS SPECIFICALLY THAT THE HUD SECRETARY MAY NOT SUPPORT HOUSING FOR PEOPLE WHO ARE NOT HERE LEGALLY. SO, WHAT THEY’RE ASKING ME TO DO IS VIOLATE THE LAW. THEY HAVE THE ABILITY TO CHANGE THE LAW. BUT WHAT IS REALLY INTERESTING IS HOW THEY TRY TO MAKE THIS EMOTIONAL ARGUMENT ABOUT CHILDREN. THESE ARE THE SAME PEOPLE WHO ARE FOR LATE-TERM ABORTIONS. WHO TAKE A CHILD WHO IS VIABLE OUTSIDE OF THE WOMB AND WILLING TO SLAUGHTER THEM. NOW TELL ME HOW IS THAT CONSISTENT? STUART: I CAN’T ANSWER YOUR QUESTION. I’M JUST APPALLED THAT THIS ATTEMPT TO JUST GET AT YOU AND TALK DOWN TO A MAN OF SUCH ACCOMPLISHMENT OF VIEW, AS YOU. I’M ALMOST OUT OF TIME, MR. SECRETARY, BUT I’M GLAD YOU’RE ON THE SHOW TO REFUTE THAT RUDENESS THAT I SAW SO OBVIOUSLY YESTERDAY. LAST WORD TO YOU, SIR.>>IF YOU READ SAUL ALINSKY RULES FOR RADICALS, THAT IS EXACTLY WHAT THEY’RE DOING. LOOK AT RULE 5, RULE 13. THEY DON’T EVEN KNOW THEY’RE BEING USED. STUART: FASCINATING,

Is owning a home still the American dream?


DAGEN: REAL ESTATE IN FOCUS, LOW MORTGAGE AND UNEMPLOYMENT RATES SHOULD BE THE FARM LA FOR A THRIVE — FORMULA FOR A THRIVING HOUSING MARKET. THE ON T SIT IS ACTUALLY HAPPENING. MANY AMERICANS ARE HAVING A HARD TIME BUYING A HOME. JOINING ME RIGHT NOW IS REAL ESTATE OWNER ROGERS HEELY. WHAT IS HAPPENING HERE, ROGER?>>WELL, I MEAN, FIRST OF ALL, IT’S NOT HAVING A NEGATIVE EFFECT ON THE REAL ESTATE MARKET. IT’S GOT PEOPLE TALKING AGAIN. SOMETHING THAT PEOPLE DON’T MENTION IS THE TIME OF YEAR THEY GO AND DECREASE RATES. OBVIOUSLY, THE JOB MARKET IS CONTINUING TO THRIVE. PEOPLE ARE STILL REALLY HAPPY IN AMERICA. BUT THE WAGES HAVE NOT CAUGHT UP YET WITH THE PRICES OF THESE PROPERTIES AND ON TOP OF THAT, SOMETHING THAT NEVER GETS MENTIONED ARE THE CYCLES OF LEASES. PEOPLE NORMALLY RENEW LEASES IN MARCH, APRIL, MAY AND JUNE. SO IF RATES ARE LOWERED IN AUGUST OR LATE JULY, THEY’VE KIND OF MISSED THE BOAT. SO IT’S NOT NECESSARILY A BAD THING. IT GETS PEOPLE TALKING. BUT A QUARTER POINT DIP IS NOT GOING TO CHANGE THE REAL ESTATE MARKET AND GET EVERYBODY OFF THE COUCH AND READY TO MAKE A MOVE.>>GOOD MORNING, MITCH ROCHELL. WE OBSERVED THAT IT SEEMS LIKE THE I WANT TO RENT VERSUS BUY IS SOMEWHAT SECULAR AS OPPOSED TO CYCLICAL. WHAT YOU WERE TALKING ABOUT SEEMS CYCLICAL. SEEMS AS THOUGH IT’S SECULAR, WE JUST DON’T WANT TO OWN A HOME, WE’RE HAPPY TO RENT. IS THAT SOMETHING YOU’RE OBSERVING AS WELL?>>IT’S STILL THE AMERICAN DREAM. SOMETHING I STARTED TALKING ABOUT A COUPLE YEARS AGO, THE RULE OF REAL ESTATE USED TO BE LOCATION. THAT’S WHAT USED TO BE EVERYBODY WANTED, THEY WANTED TO BE IN THE URBAN CORE. NOW IT’S SHIFTED TO AFFORDABILITY. YOU SEE PLACES ON THE OUTSKIRTS, THREE OR FOUR LAYERS AWAY, THOSE PLACES HAVE THRIVED, ESPECIALLY RIGHT NOW WITH INTEREST RATES. PEOPLE DON’T WANT TO RENT. THERE ARE STATISTICS THAT SAY PEOPLE ARE RENEWING LEASES MORE THAN THEY EVER HAVE BEFORE WHICH MEANS THEY’RE NOT POPPING TO ANOTHER RENTAL, MAYBE THEY’LL STAY LOCKED IN AND SAVE MONEY. I THINK EVERYBODY WANTS TO OWN THEIR OWN PROPERTY. COMMERCIAL REAL ESTATE AS WELL. BUT IT’S STILL TOUGH RIGHT NOW TO SAVE MONEY WITH THE COST OF REAL ESTATE BEING SO HIGH. DAGEN: LEE?>>ROGERS, I HAVE A QUESTION. DO YOU THINK ANY OF THE SLOWDOWN IN REAL ESTATE HAS TO DO WITH PEOPLE’S INABILITY TO WRITE OFF TAXES THE SAME WAY THEY USED TO.>>AGAIN, THE SLOWDOWN, IT’S LATE SUMMER. AND THIS ALWAYS HAPPENS IN LATE SUMMER, THIS HAPPENS IN MID-WINTER. PEOPLE RIGHT NOW ARE FOCUSING ON PREPARING FOR THEIR TAXES, PREPARING FOR KIDS TO GO BACK TO SCHOOL. THEY SPENT A LOT OF MONEY ON SUMMER VACATIONS. JULY IS PROBABLY THE BUSIEST MONTH OF THE YEAR FOR PEOPLE GETTING OUT OF TOWN FOR MORE THAN SEVEN OR 10 DAYS. THIS IS A CONVERSATION WE HAVE EVERY YEAR. AT THE END OF THE DAY, THE MARKET IS STABLE. IT’S NOT AS BUSY AS IT IS IN A TRADITIONAL SPRING MARKET.

Why are millennials not going into construction?


LEAKS LIKE THE EARLY DAYS OF THE ADMINISTRATION. CATASTROPHIC IT WAS. STAYS THROUGH 2020.>>>PRESIDENT TRUMP IN FLORIDA YESTERDAY, AS WE’VE BEEN HE’S TALKING ABOUT IMMIGRANTS, SKILLED IMMIGRANTS. COME ON IN, MICHAEL BELLMAN, THERE’S A SHORTAGE OF CONSTRUCTION WORKERS. MILLENNIALS DON’T WANT THE JOBS. WHY NOT BRING IN MORE IMMIGRANTS?>>STUART, I THINK THAT’S A GREAT QUESTION. WE’VE GOT A SIGNIFICANT WORK HALF A MILLION WORK, JOB OPPORTUNITIES IN OUR INDUSTRY. YES, WE’VE BROUGHT ON ABOUT 300,000 OVER THE LAST 12 MONTHS, BUT WHEN YOU THINK ABOUT THE MILLENNIALS, IF YOU TAKE OUT VO-TECH TRAINING, EDUCATION, SHOP CLASS AND YOU GIVE ONLY COLLEGE PROMOTIONAL MATERIALS TO CAREERS IN TECHNICAL EDUCATION, NO WONDER WE’VE GOT THIS SYSTEMATIC PROBLEM. THAT’S WHY WE’RE EXCITED ABOUT THE PRESIDENT SIGNING PERKINS ACT YESTERDAY. IT DOES TWO THINGS, CHANGES THE SYSTEM. ONE, IT BASICALLY TAKES AWAY AND STREAMLINES THE COST TO APPLY AND COMPLY WITH FEDERAL GRANTS FOR TECHNICAL EDUCATION. THAT IS SIGNIFICANT. THE SECOND THING IT DOES IS ENCOURAGES EMPLOYERS IN STATES TO — AND STATES TO PARTNER WITH EMPLOYERS TO BRING THEM IN TO DESIGN THE CURRICULUM SO THAT THE STUDENT COMPETENCIES IN THAT PRODUCT IS EMPLOYABLE WHEN THEY MILLENNIALS DON’T WANT JOBS IN THE CONSTRUCTION BUSINESS? IS IT BECAUSE THEY DON’T WANT TO GET THEIR HANDS DIRTY?>>I THINK IT’S THE BEST KEPT SECRET IN OUR COUNTRY. WORKING IN CONSTRUCTION INDUSTRY — YOU’VE HAD SO MANY STORIES OF PEOPLE THAT HAVE BEEN ON YOUR SHOW, ONE WAS AN APPRENTICE WHO WENT THROUGH HIS GRADUATED HE OWNS HIS OWN ELECTRICAL CONTRACT COMPANY. OF THE TECHNICAL INSTITUTE THAT THEY WERE AT YESTERDAY, HE’S MAKING SIX FIGURES. IT’S A BIG SECRET. ALL WE’RE DOING IN SCHOOLS IS SAYING YOU’VE GOT TO GO TO COLLEGE, YOU’VE GOT TO GO TO COLLEGE. STUART: HOW MUCH CAN A WELDER MAKE OR JUST ENTRY-LEVEL WELDER WHAT CAN THEY MAKE?>>SO AN ENTRY-LEVEL WELDER THAT COMES INTO AN APPRENTICESHIP PROBLEM IS GOING TO MAKE PROBABLY 30, $35,000 WHEN THEY GRADUATE AND GET THE COMPETENCIES THAT THEY NEED, AND $100,000. THE DEMAND IS THAT HIGH AT THIS MOMENT MANY TIME. STUART: WHAT ABOUT AN ELECTRICIAN? YOU GO IN AT AN ENTRY-LEVEL POSITION, AND WHAT DO YOU MAKE WHEN YOU FINISH WITH THE APAREN HISSHIP?>>– APPRENTICESHIPSOME.>>WHEN YOU GRADUATE AND YOU’RE A JOURNEYMAN ELECTRICIAN, YOU’RE GOING TO BE MAKING 60-70,000 WITH THE OPPORTUNITY TO MAKE OVER 100,000 IF YOU’RE WILLING TO WORK AND PUT IN THAT OVERTIME. STUART: IF YOU GET WORD OUT OF

Is Renting Always A Waste Of Money?


– To buy or not to buy. If you rent you’re making
somebody else rich. You’re paying someone else’s mortgage. You’ve heard that growing up. Now, coming from an Asian background we always were taught at a young age you want to own your home. You want to have a roof over
your head no matter what. Now, I was born in Hong Kong. In Hong Kong, a lot of peoples dreams, their entire dream in
life is to own a home. So, should you buy or should you rent? Now, I believe it is a stupid debate. Here’s why. Because it depends on
where you are at in life. It depends on your income
and also your goal. It’s like asking well should I buy a condo
or should I buy a house? Well, it depends. Do you like garden? Do you want to have facility? Do you want to have a gym? Do you want to work out in the morning? Do you want that condo lifestyle
so it’s less maintenance? Or you want to have a place,
a garden, or something, or you want your kids
run in the background? What is it you want? So, it’s a stupid argument. I understand that buying a
home is such a major decision. It is probably the most
important investment that you will ever make in your life. So, what I want to do today in this video, today I am going to
give you some principles that will help you to make
these decisions wisely and to think about this intelligently. I’m going to share some insights with you that you won’t get anywhere else. Question number one, can
you really afford it? If you look at a lot of theses charts, you see the cost of rent
versus the cost of housing, and you can see that. If you live in any major cities you know prices of
houses are so expensive. Real estate is expensive. So, with your current income you may not be able to buy
at all and that’s okay, because it might take
you years and decades to save up enough money
just for the down-payment. And then even then it is always a stretch to make that monthly mortgage payment. Then don’t buy, rent. Question number two, is it
cheaper to rent than to buy? Take Vancouver for example. The prices of housing is so expensive. It actually costs a lot
of money to buy a home. The mortgage payment is so high. If that is the case, maybe it is better to
rent and then buy later. Now, in real estate investing let’s say as a landlord I
have a piece of property and I’m renting it out. So, if my rent that is coming in is not even enough to
cover my mortgage payment, that’s called a negative cash
flow in real estate investing. So, you look at Vancouver. A lot of houses are
actually negative cash flow. If that is the case, you calculate. If I took a mortgage, let’s say my monthly
payment would be $3500. But if I actually just
rent the same place, it may be only $2800 or even $3000. So the landlord is actually
losing money every month for you to live there. The landlord is counting
on that appreciation, but you, as a tenant, that’s
okay, you save a few dollars. Then maybe you use that
money toward something else. Maybe starting your business
or developing a side hustle. Number three, rent if you are
still earning and learning. What do I mean by that? Maybe you just graduated. Maybe you are just starting your business. You are trying to figure things out. You are trying to figure
what is your career, what is your strength, what is the ideal location
for you to prosper. You never know because
there may be an opportunity in some other cities that
you may have to move. You might have to travel. For that I recommend you to rent. Why? Because you want to be mobile,
you want to be flexible especially if you are a millennial. Save that money. Instead of using it towards a down-payment use that money to invest in yourself or if you’re an entrepreneur
and you’re starting a business, invest that in your business
so you can grow that business. As that business makes you more money, as you make more money, then you can look into buying. But for now rent if you are still earning and you are still leaning. Number four, buy if you
are stable and established. Let’s say you are close to 30 years old or you are over 30 years old and you have a good career and you have good income coming in, then you can afford to buy
a home in a good location, in a good neighborhood and
still have money leftover. You buy. Or as a couple and
you’re working together. Maybe you and your husband
or wife both have jobs or you guys are working a
business together, then you buy. You buy because you are starting a family. You want to have a place where you can see your kids grow up. Number five, buy if
you are an entrepreneur and not yet an investor. Why? Because I know you as an entrepreneur. As an entrepreneur we like to take risks. Sometimes the opportunity
is right, you bet the farm. I know you, comment below. So, what happens is a home
is not and investment. It is a saving plan for you. Think of your primary residence
as your saving account. If you look at it that way, it is a force saving plan for you. So in case your business
goes through ups and downs, you are putting money aside. You are not betting everything
you have in your business. You notice that if you
stop paying your mortgage you’ll be out on the
street very, very quickly. Somehow as an entrepreneur
you’ll be creative enough that you will find the money. Good. So that every month you are
putting money in your mortgage that is just your savings account. In case something
happens to your business, in case you experience that ups and downs, at least you put a little
bit of money aside. You build up a little bit
of equity in your business. Yes, that is a little bit of buffer. Believe me, I learned this the hard way. Entrepreneurs are sometimes
overly optimistic. We think everything is
going to be so good. Everything is going so well,
but sometimes you never know. If you are an entrepreneur, buy. Number six, buy if you are
financially successful. If you are stable and you
are financially successful yes, buy. Why? Because I believe from my own experience when you have your own home there is a psychological benefit to that. That knowing that you’ve got a place. And you can design your home
exactly the way you want just like I designed my
home exactly the way I want to maximize my productivity. At the same time it is my sanctuary. But knowing that it is not an investment. I know that it is not an investment. I don’t look at it as an investment. It is simply just my home. It is my primary residence. Now, it depends on where you are at. If you are financially successful I would recommend that
you spend no more than 20% of your net worth on
that primary residence. Now, some people may say 30%, I say 20%, ideally less than that. So, let’s say your net worth
is two million dollars. You wouldn’t spend more than
400 K on your primary residence because your home is not an investment. You use your extra money
to buy more investments, maybe invest in more properties, more real estate investments. Your primary residence
is not an investment. So, no more than 20%. If you do that, just like me
I spend a very tiny percentage of my overall net worth
for my primary residence. That is my home. I have my sauna, I have my massage chair. I have my home theater, I have my library. I have my man cave, I have my gym. I have everything in one place and I designed the ideal home for me. That is where I feel relaxed, that is where I recharge my battery so I can be more and do more. That is what I do. So, comment below. Those are the six principles when it comes to should
you buy or should you rent. So, let me know. Are you going to buy or
are you going to rent?

How to finance your home renovations without going into debt



welcome back summers a great time to start a home renovation project right but it's important to make sure your finances are in order first Tyler Sato from Coast Capital savings joins us now to discuss this welcome back Tyler thanks good to see you yeah I mean there's a lot to consider you mean you want to have all of your ideas in place as well but you want to make sure you have your some financial things in place as well so let's talk a little bit about that what do we have to have in order first well step one is to figure out what you want to do and set your priorities because you could say I want to renovate a whole bunch of things and create this giant mega project that might never get done so set your priorities so you know what you're gonna renovate step two then go out and get some estimates for it make sure you have a bit of a buffer 10-15 percent in terms of how much you're gonna spend and then start to look for a contractor and when you look for that contractor make sure you're finding one that maybe not the lowest bid but you look for quality and do some reference checks check the Better Business Bureau and things like that so you're getting some quality for the value that you're putting into it make sure you have that extra 10 to 15% over your budget on house just in case you need it in case you okay cuz you know some things go wrong when you're doing renovations so as we mentioned funding is really important what are some sources of financing for home Renaud's them well be ideal if you had a little bit of savings before you start so that you can pay for it some of it with cash but the next place would be a home equity line of credit is probably the best place to get it and that is getting a line of credit against the value of your home and the nice part about it is that once you get it approved you can spend up to that amount and whatever you whatever you spend you're only paying interest on the draw that you take out of it yeah like any credit facility just make sure you're being prudent with it and that the amount that you told you borrow you do eventually have money a lot of people will put money into their homes as a way to boost their home's equity is that a good idea I don't think it's the I don't think it should be your primary reason to do it I think the primary reason should probably be to increase living space for your family or to create more usable space for yourself because as we've seen in Vancouver having a really nice home or a really poor home doesn't necessarily drive your property value it could be location it could be what's going on the neighborhood we've seen tear downs go for millions of dollars here great so a new nice new kitchen that place might not help okay does the offer any kind of programs to help with the cost of renovations they do if you have a senior over 65 or disabled people in your home that need either renovations for safety or for access and you can get tax deductions talk to your tax professional about those things or if you are doing things for improving the efficiency of your home BC Hydro offers some grants for that ok and you have any other tips for home for homeowners that they're thinking about doing some renovations probably one that that a lot of people miss is talking to your home insurer about the renovation because that a you're doing some renovations who you might want to make sure that it's ok and B it might improve the value of your home so you want to ensure that new value of your home ok good tips Tyler's a chav Coast Capital savings thanks so much for joining us if you want to watch the segment again just go to our website CTV morning live dot CA

5 Step Closing Process | Real Estate Investing For Wholesaler



five-step closing process in a nutshell number one once you have a contract sign between you and the seller you send that in to your title company along with the earnest money number two once you've found that buyer you now either execute a assignment contract or a double closing contract and that also needs to be sent in to that same title company okay but the buyer needs to drop off a non-refundable deposit they can either wire in the fund or drop off and cast your check not a personal check not a business check it has to be a cashier check because they can cancel the other one and they can bounce number three you need to let your title company knows that there should be a 30-minute window between the seller and the buyer when it comes to signing because you do not want them to meet and be at the closing table at the same time number four your job is if there's any issue that comes up the title company will notify you your job is to resolve issue and move it toward closing number five is just waiting for that check man to come in the mail or receive the funds wire into your account comment below if you have any other questions I hope that helps until next time ciao