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PS1 En lugar de Asociación Española de Personal Shopper Inmobiliario podría haberse puesto "consuelo de tontos". El jueves un propietario me preguntaba cómo podía terminar un contrato de alquiler con una inquilina que, siendo abogada, ha rechazado su pretensión de actualizar la renta conforme al ipc; oponiendo la inquilina la limitación del 2%. Quería terminar el contrato por ser la inquilina una "listilla". Hay que contestar con asertividad (pacta sunt servanda) porque no hay ni habrá nunca consuelo para los idiotas.
El alto cargo de la Conselleria cuenta uno de los casos que les ha llegado. Es el de un inquilino al que el propietario le ha obligado a rescindir el contrato vigente para evitar la regla del 2% e imponerle unas nuevas normas, con un precio mucho más elevado.Aparisi recuerda que los contratos tienen una vigencia de cinco años más dos tres opcionales de prórroga, por lo que no se puede rescindir el acuerdo de manera unilateral para hacerlo más favorable a los intereses de una parte. Es cierto que muchos tienen cláusulas de revisión ligadas al incremento del IPC, pero matiza el coordinador de la Conselleria que, con las medidas del Gobierno, esta revisión no puede ir más allá del 2%.
PS2 Yo no soy feminista y siempre he tenido gran respeto y afecto por la masculinidad, siempre en un difícil equilibrio con la vulnerabilidad (también humildad que dice Asustadísimos). Hay cuestiones que se debaten ahora (lo escucho de mis hijos) que eran pacíficas cuando yo tenía su edad, no eran objeto de discusión porque no generaban conflicto y no porque no se supieran. No recuerdo que mi generación tuviera tantos prejuicios como hay ahora mismo. El último comentario de Asustadísimos me ha hecho recordar que a los PPCC les resultaba interesante Soraya...son "facts of life", que decían los Black Box Recorder https://www.youtube.com/watch?v=0d3vhHe-zSMHay que volver a lo natural, sumando todo el aprendizaje de estas últimas décadas.
['The dog days are over', ...][...] Hoy han terminado las Navidades. Empieza el baile de 2023, segundo año no 'de perros', sino 'de caballos'. ¡A gozar! Y no se olviden de no mirar atrás, incluso si hay que dejar amores y anhelos, como dice Florence.]
I know that it's evilI know that it's got to beI know I ain't doing muchDoing nothing means a lot to meLiving on a shoe stringA fifty cent millionaireOpen to charityRock 'n' roller welfareSitting in my CadillacListening to my radioSuzy baby get on inTell me where she want to goI'm living in a nightmareShe's looking like a wet dreamI got myself a CadillacBut I can't afford the gasolineI've got holes in my shoesAnd I'm way overdueDown payment blues[...]
La amenaza al precio de la vivienda es real: uno de cada cuatro compradores echa el freno
Alrededor de un 25% de los potenciales interesados en hipotecarse con un piso frena la decisión, según los últimos registros de Fotocasa
About that $4bn BREIT dealIs it a sign of confidence or distress?The Blackstone Real Estate Income Trust is one of the more interesting stories swirling around these days, after becoming emblematic of the private market boom and then its potential denouement when BREIT was forced to limit withdrawals in December.Yesterday there was a fairly major update on the saga, with this statement landing too late for the depleted FTAV team to hit at the time:CitarOakland, CA, and New York, January 3, 2023 — The Office of the Chief Investment Officer of the Regents of the University of California (“UC Investments”) and Blackstone (NYSE: BX) today announced a long-term strategic venture in which UC Investments will invest $4 billion in Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I common shares, the largest existing share class. Blackstone will then contribute $1 billion of its current BREIT holdings as part of a strategic venture with UC Investments.Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone, said, “Blackstone is committed to bringing the highest quality alternative investment products to individual investors to improve their returns. UC Investments’ $4 billion investment is validation of this strategy, and we are proud to add the UC system to the more than 200,000 investors already benefitting from BREIT. UC Investments’ commitment builds upon its 15-year partnership with Blackstone and gives BREIT increased balance sheet flexibility and capital during an opportune deployment period for all our investors.”The FT’s Antoine Gara — who does absolutely sterling work in this area — has written about the news here in a more legible way without the PR flimflam.The tl;dr is that the UC is handing BREIT $4bn of cash for six years and getting a guaranteed minimum net return of 11.25 per cent in return. The endowment will pay higher fees if BREIT hits that hurdle — in practice giving up some upside — and if it doesn’t then Blackstone will compensate it from a $1bn backstop of its own BREIT shares.On the face of it, this looks like a very sensible deal, which is why Blackstone’s shares jumped 2.6 per cent on the first trading day of the year even as the broader market fell.Blackstone’s BREIT gets a hefty chunk of fee-paying money through the door that will ameliorate concerns over its capacity to handle further outflows. And Blackstone estimates that as long as BREIT makes more than 8.7 per cent annualised then it would still make some money above what it would otherwise earn on the contributed $1bn, given the fees the UC will pay.Despite the sight of an institution getting sweeter terms than the retail investors it was designed for, existing BREIT investors should also be happy. While they won’t get the guaranteed returns that the UC has extracted, they have already made 14.9 per cent annualised over the past three years and now have liquidity to get the hell out of Dodge at the current NAV if they want to.Meanwhile, the university endowment gets a chunky guaranteed return on its capital, with a big margin of safety thanks to Blackstone’s $1bn backstop. And as Antoine points out, the compounding returns on $4bn mean that the UC is guaranteed a gain of at least $3bn over the six years if it all works out.So basically:https://twitter.com/EllliotttB/status/1610358432577748992Citar@EllliotttBYou know the breit deal is perfect because everyone so madHowever, the whole thing still looks a bit . . . desperate?The backstop is in the form of BREIT shares, so if it really does break bad it might not be worth the full $1bn headline figure, and there doesn’t seem to be any clawback provision for the fees it will pay Blackstone. But the UC looks like it has structured itself a pretty strong Warren Buffettesque deal. It’s the optics for Blackstone that look weird.Blackstone is the kind of investor that strikes these sorts of opportunistic deals with others, rather than being cornered into them itself.And its argument on BREIT has been that withdrawal limits were transparently baked into the structure, and that it had the resources to handle almost two years of maximum-allowed outflows even without any more asset sales. So nothing to see here, move along etc.One could see the willingness of Blackstone to backstop the UC deal with $1bn of its own money as a signal of its strong confidence in BREIT’s future. But one could also see it as an oblique hint that Blackstone didn’t feel quite as comfortable about the BREIT situation as it has been indicating.
Oakland, CA, and New York, January 3, 2023 — The Office of the Chief Investment Officer of the Regents of the University of California (“UC Investments”) and Blackstone (NYSE: BX) today announced a long-term strategic venture in which UC Investments will invest $4 billion in Blackstone Real Estate Income Trust, Inc. (“BREIT”) Class I common shares, the largest existing share class. Blackstone will then contribute $1 billion of its current BREIT holdings as part of a strategic venture with UC Investments.Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone, said, “Blackstone is committed to bringing the highest quality alternative investment products to individual investors to improve their returns. UC Investments’ $4 billion investment is validation of this strategy, and we are proud to add the UC system to the more than 200,000 investors already benefitting from BREIT. UC Investments’ commitment builds upon its 15-year partnership with Blackstone and gives BREIT increased balance sheet flexibility and capital during an opportune deployment period for all our investors.”
@EllliotttBYou know the breit deal is perfect because everyone so mad
The Most Important New Inflation IndicatorIntroducing the New Tenant Repeat Rent Index—A New Way of Measuring Housing InflationHousing is the most important single expense for Americans, making up about 1/3 of the total Consumer Price Index (CPI) alone—so measuring housing costs is a highly critical part of measuring inflation.(...) Brian Adams, Lara Loewenstein, Hugh Montag, and Randal J. Verbrugge published published “Disentangling Rent Index Differences: Data, Methods, and Scope” where they created the New Tenant Repeat Rent (NTRR) Index and All Tenant Repeat Rent (ATRR) Index. Using the same underlying BLS microdata that composes the housing component of the CPI, the NTRR uses information on lease turnover to track rent growth in units that change tenants. The ATRR covers all housing units but attributes rent changes to when they happened, as opposed to the official CPI data which tracks price changes when units are surveyed.The paper helps identify the relationship between NTRR, ATRR, and the official CPI—in particular, it says the ATTR leads the official CPI data by about one quarter and the NTRR leads the official CPI by about a year. This is a critical signal for monetary policy, as the NTRR caught the weakness in housing price inflation in 2006/2007 long before official CPI data. Given the NTRR readings in 2022, we can currently expect year-on-year rent inflation to peak in Q1/Q2 of this year and begin decreasing in Q2/Q3.Also, this data helps confirm some of the signals that private-sector rental data have been showing since June of this year. Similar repeat-rental datasets from ApartmentList and Zillow have been showing rapid decelerations in year-on-year rent growth since this summer, and the NTRR data affirms this while suggesting a later and lower peak for housing inflation. (...)
@pmddomingosThe ever-decreasing returns of scientific research.
Alquiler de ropa, de coche,... Y de móvil: "Es un reflejo de la sociedad"Según un estudio, el 38% de los españoles está dispuestos a dejar de comprar teléfonos móviles y cambiar al sistema de alquiler o 'renting'.
Los fondos tienen un récord de más de 250.000 millones de dólares para invertir en 'start ups'MAMEN PONCE DE LEÓN
Los fondos tienen 500.000 millones para 'start up'MAMEN PONCE DE LEÓN