PPCC: Pisitófilos Creditófagos. Primavera 2024

[Derby]

https://www.barrons.com/livecoverage/stock-market-today-060524/card/central-bank-divergence-set-to-emerge-dAsRYr91c5pq9tl3bwwC

Central Bank Divergence Set to Emerge

The developed world's central banks will head down different paths over the coming months, according to Jim Solloway, chief market strategist at SEI.

The European Central Bank will probably cut rates before the Bank of England, with the U.S. Federal Reserve moving after both, Solloway said, noting that inflation is stickier and the economy more dynamic in the U.K. and the U.S. than in the euro zone.

"Central bank divergence should be a key theme in the coming months," he said.

[Derby]

https://www.bbc.com/news/articles/cqlle3k92zqo

Court rules Google must face £13.6bn advertising lawsuit

Google must face a £13.6bn lawsuit alleging it has too much power over the online advertising market, a court has ruled.

The case, brought by a group called Ad Tech Collective Action LLP, alleges the search giant behaved in an anti-competitive way which caused online publishers in the UK to lose money.

Google parent company Alphabet called the case "incoherent" in its attempts to get the legal action dropped.

But the Competition Appeal Tribunal, in London, has ruled the case can now go to trial.

“This is a decision of major importance to the victims of Google’s anti-competitive conduct in adtech," said former Ofcom director Claudio Pollack, now a partner in Ad Tech Collective Action.

"Google will now have to answer for its practices in a full trial."

However, Google's legal director, Oliver Bethell, described the lawsuit as "speculative and opportunistic."

"We’ll oppose it vigorously and on the facts," he added in a statement.

The cases concerns advertising technology, usually shortened to adtech, which decides which online adverts people see, as well as how much they cost to publishers.

Hosting such adverts is a huge source of revenue for many websites - Ad Tech Collective Action says digital advertising spend reached $490 billion in 2021.

It is also an extremely valuable industry for Google, because it dominates web search so heavily.
At the core of the claim is the allegation that Google is abusing that dominance, reducing the income websites get.

Ad Tech Collective Action says Google has engaged in what is known as "self-preferencing" - in other words promoting its own products and services more prominently than that of its rivals.

It says that means publishers end up getting less money for the ads they host as well as having to pay "very high" fees to Google.

"I look forward to working with our legal and economic advisers to deliver compensation for years during which the relevant markets did not provide a competitive outcome for the UK publishing market," Mr Pollack said.

But it will be a long time before any of this is resolved - it has already taken eighteen months to get to this point, and no court date has been set.

The case is what is known as opt-out, meaning all relevant UK publishers are included unless they indicate otherwise.

It is being funded by an unknown third-party, and says UK publishers who form part of the claim will not pay costs to participate.

It comes as Google faces probes by regulators in the UK, Europe and US into its adtech business, while the firm has already faced fines valued at billions of pounds from the European Commission over what it labelled anticompetitive behaviour.

[CHOSEN]

Yo aún iría mas allá y lo llamaría "dinero que no ha sido trabajado".
Como vengo diciendo -al parecer solo- el dinero en sentido capitalista y marxiano es reserva de valor, es decir, yo mato el bisonte (producción) y lo sublimamos/abstraemos en dinero, para que sea intercambiado fácilmente por otros bienes en segunda, tercera instancia, y siguientes.
Para mi es lógico que ese dinero/valor representa un trabajo -y no una deuda-.
Tu me das dinero, y yo te doy bisonte.
Yo no te adeudo nada.
El dinero que me das no representa deuda, representa la parte alícuota del bisonte.
El dinero no puede representar una deuda.
Representa el valor.

Por lo tanto, el Dinero Sin Trabajar, es un dinero que te llevas por una mercancía que no ha sido trabajada. No hay match. A ese dinero le falta "valor", aunque su valor facial permanece intacto.

El pisito no es un bisonte.
Es una vaquilla pagada a precio de bisonte.
De ahí que se haya pervertido el sistema y la gente prefiera el ladrillo al dinero.
Nos ha jodido.
La moneda está viciada. Ha sido vaciada de valor.
A nivel sistémico existe un problema grave que las autoridades han consentido, pero vamos, que no me invento nada, por eso tienen que rescatar bancos "rellenando" el valor auténtico en base a producciones futuras las cuales OJO!, está por ver si podrán ser satisfechas (véase el doloroso caso de EEUU).

[sargento.algodon]

En el supuesto de no aplicarse lo establecido en el apartado anterior, se imputará únicamente la renta positiva que provenga de cada una de las siguientes fuentes:

a) Titularidad de bienes inmuebles rústicos y urbanos o de derechos reales que recaigan sobre estos, salvo que estén afectos a una actividad económica, o cedidos en uso a entidades no residentes, pertenecientes al mismo grupo de sociedades de la titular en el sentido del artículo 42 del Código de Comercio, con independencia de su residencia y de la obligación de formular cuentas anuales consolidadas, e igualmente estuvieren afectos a una actividad económica.

b) Participación en fondos propios de cualquier tipo de entidad y cesión a terceros de capitales propios, que tengan tal consideración con arreglo a lo dispuesto en los apartados 1 y 2 del artículo 25 de esta Ley.

No se entenderá incluida en esta letra la renta positiva que proceda de los siguientes activos financieros:

1.º Los tenidos para dar cumplimiento a obligaciones legales y reglamentarias originadas por el ejercicio de actividades económicas.

2.º Los que incorporen derechos de crédito nacidos de relaciones contractuales establecidas como consecuencia del desarrollo de actividades económicas.

3.º Los tenidos como consecuencia del ejercicio de actividades de intermediación en mercados oficiales de valores.

4.º Los tenidos por entidades de crédito y aseguradoras como consecuencia del ejercicio de sus actividades, sin perjuicio de lo establecido en la letra i).

La renta positiva derivada de la cesión a terceros de capitales propios se entenderá que procede de la realización de actividades crediticias y financieras a que se refiere la letra i) cuando el cedente y el cesionario pertenezcan a un grupo de sociedades en el sentido del artículo 42 del Código de Comercio, con independencia de la residencia y de la obligación de formular cuentas anuales consolidadas, y los ingresos del cesionario procedan, al menos en el 85 por ciento, del ejercicio de actividades económicas.

c) Operaciones de capitalización y seguro, que tengan como beneficiaria a la propia entidad.

d) Propiedad industrial e intelectual, asistencia técnica, bienes muebles, derechos de imagen y arrendamiento o subarrendamiento de negocios o minas, que tengan tal consideración con arreglo a lo dispuesto en el apartado 4 del artículo 25 de esta Ley.

No obstante, no será objeto de imputación la renta procedente de derechos de imagen que deba imputarse conforme a lo dispuesto en el artículo 92 de esta Ley.

e) Transmisión de los bienes y derechos referidos en las letras a), b), c) y d) anteriores que genere rentas.

f) Instrumentos financieros derivados, excepto los designados para cubrir un riesgo específicamente identificado derivado de la realización de actividades económicas.

g) Actividades de seguros, crediticias, operaciones de arrendamiento financiero y otras actividades financieras salvo que se trate de rentas obtenidas en el ejercicio de actividades económicas, sin perjuicio de lo establecido en la letra i).

h) Operaciones sobre bienes y servicios realizados con personas o entidades vinculadas en el sentido del artículo 18 de la Ley del Impuesto sobre Sociedades, en las que la entidad no residente o establecimiento añade un valor económico escaso o nulo.

i) Actividades crediticias, financieras, aseguradoras y de prestación de servicios realizadas, directa o indirectamente, con personas o entidades residentes en territorio español y vinculadas en el sentido del artículo 18 de la Ley del Impuesto sobre Sociedades, en cuanto determinen gastos fiscalmente deducibles en dichas personas o entidades residentes.

No se incluirá la renta positiva prevista en esta letra cuando al menos dos tercios de los ingresos derivados de las actividades crediticias, financieras, aseguradoras o de prestación de servicios realizadas por la entidad no residente procedan de operaciones efectuadas con personas o entidades no vinculadas en el sentido del artículo 18 de la Ley del Impuesto sobre Sociedades.

4. No se imputarán las rentas previstas en el apartado 3 de este artículo cuando la suma de sus importes sea inferior al 15 por ciento de la renta total obtenida por la entidad no residente.

[Derby]

https://www.ft.com/content/250655dd-1ac9-45e4-b425-3d3de408d66c

ECB rate cut to breathe life into Eurozone economy

Scale of boost for consumers, housing and investment will depend on how low borrowing costs can go


Investors will be intently looking for clues from ECB president Christine Lagarde to the future path of monetary policy © FT montage; AFP/Getty Images

The Eurozone is set for a much-needed economic boost on Thursday when the European Central Bank is expected to start cutting interest rates for the first time in almost five years. 

The scale of the impetus will depend on how much further borrowing costs fall, but stubbornly high inflation driven by rapid wage growth could limit the number of rate cuts, analysts say.

With markets regarding a first rate cut as a given, investors will be intently looking for clues from ECB president Christine Lagarde to the future path of monetary policy.

By starting to lower rates again, the bank is set to breathe fresh life into housing markets, business investment and consumer spending. The ECB last year raised its benchmark deposit rate to a record 4 per cent, putting a chokehold on economic activity to tackle the biggest price surge for a generation.

“Lower rates do matter,” said Holger Schmieding, chief economist at German bank Berenberg. “Financial markets are well aware this is coming, but news that the ECB has started to cut rates could draw [the] attention of households and businesses, and lift sentiment.”



The Eurozone economy already showed tentative signs of a recovery in the first three months of this year, when gross domestic product in the bloc rose 0.3 per cent from the previous quarter — ending a year of stagnation.

The growth spurt mostly reflected the fading-out of an energy and food price shock triggered by Russia’s full-scale invasion of Ukraine and a pick-up in global trade, Schmieding said.

But he added that the anticipation of rate cuts had also helped to lower the cost of mortgages and corporate loans. “This will lead to a bottoming-out in housing markets, a recovery in housebuilding, and should help investment to recover, as we expect it to this year.”

In Germany, house prices fell 10 per cent after the ECB started raising rates in 2022. But this year they are stabilising after 10-year mortgage rates dropped from almost 4 per cent last October to below 3.2 per cent, according to mortgage broker Dr Klein. 

“The more favourable interest rates since then have led to a noticeable increase in demand for mortgage financing, and the market has experienced a significant upturn since then,” said Michael Neumann, Dr Klein’s head of private clients.

Marc van der Lee at the Dutch association of estate agents predicted that house prices in the Netherlands would rebound to record highs in the second quarter, mainly reflecting rising wages and a shortage of housing, but also lifted by lower mortgage costs.


House prices in Germany are stabilising after 10-year mortgage rates dropped from almost 4% last October to below 3.2% © Ben Kilb/Bloomberg

As for further moves after Thursday’s meeting, the problem for Lagarde is that the steady fall of inflation from its peak of more than 10 per cent in 2022 has been interrupted. Data published last week showed that annual price growth accelerated again to 2.6 per cent in May from 2.4 per cent a month earlier.

The Eurozone’s unexpectedly strong labour market is also keeping price pressures high, with collective wage growth rising back to a record pace of 4.7 per cent in the first quarter, and unemployment in the bloc falling to a new low of 6.4 per cent in April.

Most economists think the recent strong data means the ECB will have to slightly lift both its inflation forecast of 2.3 per cent for this year and its GDP growth prediction of 0.6 per cent.

Combined with signs that the Federal Reserve is unlikely to start cutting rates for several months — if at all this year — as a result of a strong US economy, investors have scaled back their bets to fewer than three quarter-point cuts by the ECB this year.

The timing of this week’s rate cut will be unusual for the ECB because it usually only launches such monetary easing in response to a crisis, such as after the collapse of Lehman Brothers in 2008 or when Greece needed a series of bailouts in 2011. 

Even the ECB’s last rate cut in September 2019 was a reaction to weakening growth and inflation dropping below its 2 per cent target.

“They are cutting into an improving situation, rather than a deteriorating one,” said Paul Hollingsworth, chief European economist at French bank BNP Paribas. “This means they will be in no rush to cut rates further, which makes another cut in July unlikely and steers them towards only cutting once every quarter.”



Influential members of the ECB’s rate-setting governing council have already hinted they expect a gradual pace of easing, with only two further rate cuts likely this year.

ECB chief economist Philip Lane told the Financial Times last month that rates were likely to “move down somewhat” over the year while staying in “restrictive territory”, which most economists assume means remaining above 3 per cent.

Dutch central bank chief Klaas Knot told an event in London last week that based on the ECB’s latest forecasts its models showed “the optimal policy would have been broadly in line with three to four rate cuts” by year-end.

For inflation to fall to the ECB’s 2 per cent target by next summer, it is counting on a combination of slowing wage growth, increasing worker productivity and shrinking company profit margins.

If these trends fail to materialise and inflation stays uncomfortably high, Hollingsworth said rate-setters “may have to pause after the first couple of cuts”.

Facing such uncertainty over the economic outlook, Lagarde is widely expected to resist giving much of a sign on the likely policy path, enabling the bank to preserve maximum flexibility on the extent of rate cuts for as long as possible.

[Derby]

https://www.ft.com/content/cf9001ab-e326-4264-af5e-12b3fbb0ee7b

Investors pull cash from ESG funds as performance lags

Sustainably focused equity funds suffer net $40bn of outflows in 2024, the first sustained exodus

Global investors are turning their backs on sustainably focused stock funds, as poor performance, a series of scandals and attacks from US Republicans hit enthusiasm for a much-hyped sector that has pulled in trillions of dollars of assets.

Clients have withdrawn a net $40bn from environmental, social and governance (ESG) equity funds so far this year, according to research from Barclays, the first year that flows have trended negative. Redemptions, which include a record monthly net outflow of about $14bn in April, have been widespread across all main regions.

The outflows mark a significant reversal for a sector that investors have flocked to in recent years, attracted by the claim that such funds could help change the world for the better while also making as much — or even more — money as traditional stock portfolios.

Pierre-Yves Gauthier, head of strategy and co-founder at AlphaValue, a Paris-based independent research company, compared the sector to the tech bubble that burst in 2000. “ESG was a dotcom sort of hype 20 years later and now it has passed,” he said.

Many funds have been hit by the poor performance of sectors such as clean energy, while they have also missed out on strong returns from fossil fuel companies that they actively avoided.

Scandals such as one at German asset manager DWS — which agreed to pay $19mn to the US securities regulator in a greenwashing probe after being accused of making “materially misleading statements” — have also hit appetite for the sector.

Congressional Republicans have attacked ESG investing as “radical partisan activism masquerading as responsible corporate governance”. The Republican-controlled House of Representatives has subpoenaed BlackRock and rival State Street as part of an investigation into the sector, which they say may violate antitrust laws.

BlackRock’s Larry Fink said last year he did not use the term ESG anymore “because it’s been entirely weaponised”.

Amid the backlash, US investors pulled $4.4bn from ESG equity funds in April, according to the Barclays research, which is based on data from fund tracker EPFR.

Assets in BlackRock’s largest US ESG fund have halved from $25bn at the peak in late 2021 to $12.8bn in May. Last year, the company dropped the ESG fund from its popular “60/40” model portfolio of stocks and bonds.

The largest US sustainable fund, Parnassus Core Equity, which has $28.4bn of assets, “has been one of the 10 biggest losers in terms of flows for two years straight”, Morningstar said in a report in May. 

“US ESG flows are negative, and it is probably a testimony to what is happening in the context of the US with a very polarised and politicised debate around it which has frozen the behaviour on that front,” said Elodie Laugel, chief responsible investment officer at Amundi, which is the second-largest sustainable fund manager globally after BlackRock.

But the most recent data highlights that the pullback from ESG has reached Europe, the strategy’s traditional stronghold. ESG equity fund outflows in the region were $1.9bn in April.

Global investors’ appetite for ESG peaked at the end of 2021, just before Russia invaded Ukraine, leading to a surge in gas prices and fossil fuel stocks. Sharp interest rate rises by central banks in 2022 to combat inflation, meanwhile, punished high-growth technology companies, which are typically favoured by ESG funds over oil and gas businesses.

Over the past 12 months, global sustainable equity funds made an 11 per cent return, compared with 21 per cent for conventional stock funds, according to a May report from JPMorgan.

“Clearly, the fact that performance has not been good for these funds over the past two years . . . has discouraged some investors,” said Hortense Bioy, global director of sustainability research at Morningstar.

Suggesting that some ESG products might have failed to live up to their promise, Jamie Franco, global head of sustainable investments at asset manager TCW, said some funds launched in 2020-21 “probably went out a little too quickly [and] probably took advantage of some ESG marketing sentiment”.

But she added that some investors continued to pursue ESG goals in separately managed accounts that were not necessarily captured by fund flow figures.

While ESG equity funds have been hammered by withdrawals, ESG bond funds have had 13 straight months of inflows through to April, according to Barclays. So far this year, ESG bond funds have raked in $22bn. 

Todd Cort, a professor at the Yale School of Management who specialises in sustainable investing, said that although the ESG label might increasingly fall out of use, underlying social and environmental challenges would remain.

“Behind the curtain, there will be substantially more effort by investors to understand environmental and social risks,” he said. “That will continue to grow, and I actually don’t care too much if we continue to call it ESG.”

[Derby]

https://www.ft.com/content/5359f2a1-8f01-416d-b4dd-916df2c7947a

New York governor suspends controversial Manhattan congestion pricing plan

New York’s governor has suspended a controversial plan to impose a congestion charge on cars driving through central Manhattan, citing the cost of living crisis, just weeks before it was due to take effect.

“Hard working New Yorkers are getting hammered on costs, and they and the economic vitality of our city must be protected,” Governor Kathy Hochul said at a press conference.

The scheme, which was due to take effect on June 30 and would have been the first such congestion pricing plan in the US, would have charged drivers for entering a zone of Manhattan south of Central Park.

[Derby]

https://www.ft.com/content/5b2770aa-b42d-4fba-8944-30431a365101

World falling short on renewable energy goal for 2030, IEA warns

UN talks kick off as countries fall behind the curve on targets and global warming heads for 2.7C since pre-industrial times

The world’s clean energy plans still fall almost a third short of what is needed to reach a renewable energy goal for 2030 agreed at UN climate talks last year, the International Energy Agency warned, as delegates from almost 200 countries meet again in Bonn this week.

Haggling over a new climate finance deal, and upgraded national pledges to cut greenhouse gas emissions, will take place over 10 days at the UN talks to lay the groundwork for the COP29 climate summit in Baku in November.

Negotiations will also focus on how to make sure the plans agreed at COP28 in Dubai last year are met, including the aim of tripling global renewable energy generation capacity to at least 11,000 gigawatts by 2030.(...)

[Derby]

Otro que está asustadísimo...

https://www.marketwatch.com/story/barry-sternlicht-says-investors-shouldnt-think-of-starwood-reits-property-fund-as-an-atm-29eb3174

Barry Sternlicht says investors shouldn’t think of Starwood REIT’s property fund ‘as an ATM’


Barry Sternlicht, chairman and CEO of Starwood Capital Group, on Wednesday defended the decision to cap how much investors can withdraw from his $10 billion property fund. AFP via Getty Images

That’s billionaire Barry Sternlicht, chairman and CEO of Starwood Capital Group STWD, telling investors on Wednesday not to think of his $10 billion Starwood Real Estate Income Trust, and similar investment funds, like ATMs.

“You should have some liquidity, but the risk is everyone gets out at once,” Sternlicht said in an interview on CNBC’s “Squawk Box” program. (...)

https://www.cnbc.com/video/2024/06/05/watch-cnbcs-full-interview-with-starwood-capital-chairman-and-ceo-barry-sternlicht.html

[Derby]

https://es.finance.yahoo.com/news/nonbank-hometown-lenders-files-bankruptcy-182520673.html

Nonbank Hometown Lenders files for bankruptcy

Hometown Lenders has filed for Chapter 11 bankruptcy protection in Alabama, blaming the Federal Reserve’s policy to curb inflation for its debacle.

In court filings, the Huntsville, Alabama-based company stated that as of April 30, 2023, it owed approximately $107.1 million to taxing authorities, former employees, warehouse lenders, and general unsecured creditors.

Warehouse lender Flagstar Bank, which has a lawsuit filed against Hometown Lenders, has the largest unsecured claim, $20.1 million. It’s followed by another warehouse lender, First Horizon Bank ($3.5 million), investor Freddie Mac ($3.4 million), and the Internal Revenue Service ($942,797).

Hometown Lenders, founded in 2000 by William Taylor, had 1,400 employees in 46 states in 2021. According to mortgage tech platform Modex, it originated $3.3 billion in 2022, compared to $5.5 billion the previous year. Most were conventional (67%) and purchase (75%) loans.

“The Debtor, however, was not immune from the consequences of the Federal Reserve’s policy to curb inflation, which hit the mortgage industry in 2022,” Hometown’s attorneys said in court filings. “As a result of the sharp rise in mortgage rates, the Debtor’s top-line revenues declined by over 70%.”

The lender closed on October 13, 2023, amid a challenging mortgage market. The Modex data shows that it originated about $900 million in loans that year.

According to court filings, higher rates eliminated potential homebuyers from the market. Meanwhile, investors declined to purchase loans from lenders because they expected rates to decline and homeowners to refinance out of their higher-rate mortgages.

Ultimately, Hometown Lenders was required to repurchase the mortgages, pressuring its financials, it stated. When the company shut down, loans were sold to investors, except those remaining with Flagstar Bank and First Horizon.

“The Debtor maintains that these lenders are in possession of funds which rightfully belong to it and are being wrongfully detained by the lenders. The total amount of these funds exceeds $1 million,” the court filings state.

A spokesperson for Flagstar hasn’t immediately responded to HousingWire‘s request for comments, and a representative at First Bank said the company had no comments.

Former employees also sued the company after it shut down. On May 26, 2024, a district court in Illinois entered an order forcing a settlement agreement with two former employees, Anthony Perri and Anthony Perri Jr.

They require the company to pay over their contributions to a deferred compensation plan maintained with the Principal Financial Group. This account currently has $750,000.

“After exhausting all reasonable alternatives, Debtor has determined that a resolution outside of this Bankruptcy Court cannot be fairly and equitably achieved,” it states. “Thus, Debtor commenced this Chapter 11 case to maximize and preserve the value of its remaining assets for the benefit of all stakeholders as well as evaluate its remaining options.”

The lender states that the IRS is processing a request for $22 million in economic recovery credit, which could be used to pay priority and general unsecured creditors.

[asustadísimos]

[Un servidor fue instruido en que, para no liarte, no hay que traducir los conceptos del Derecho Financiero de EEUU al español: hay que pensarlos en inglés.

En el Derecho español no existe concepto de ingresos pasivos ni de rentas —ingresos menos gastos— pasivas ni de activos pasivos ('passive assets') ni de comercio o negocio activo ('active trade or business').

Esto de la pasividad en la extracción de rentas es de manual de autoayuda (v. 'Padre rico, padre pobre') o se lo escuchamos a los vendedores de crecepelo que infestan YouTube con sus recetas mágicas para vivir del cuento —siempre mediante ladrillos o criptos—.

Los conceptos fuertes son residencia, establecimiento permanente, rentas inmobiliarias, beneficios empresariales, dividendos, intereses, cánones, ganancias de capital, retribuciones de consejeros, pensiones, etcétera. Solo hay que manejar los conceptos del modelo de convenio de doble imposición de la OCDE traducidos por el Instituto de Estudios Fiscales (o los de Contabilidad Nacional —SEC, etc.—):

https://read.oecd-ilibrary.org/taxation/modelo-de-convenio-tributario-sobre-la-renta-y-sobre-el-patrimonio-version-abreviada-2017_765324dd-es

https://boe.es/buscar/act.php?id=BOE-A-1990-30940

Finalmente, hay que decir que la locución 'transparencia fiscal internacional', no la materialidad del concepto, es más que discutible.

Tampoco existe tal cosa ('such thing') como el 'free lunch', el 'thin air', la 'property ladder' y demás metaforitas con que nos castigan a diario esos otros vendedores de crecepelo ideólogos del anarquismo odia-impuestos.

Por otra parte, en Contabilidad, lo que conocemos por Activo y Pasivo, el anglo lo llama 'Assets and Liabilities'.

¡Eso de activo o pasivo suena a ano! Y me temo que esa es la verdadera metáfora: el 'direct involvement' en el 'to make money'. En el mundo anglo, en general —no solo el fisco—, se distingue entre el dinero 'without effort' y el 'earned'. Es cosa de la tradición judeo-cristiana. Recordemos que el hombre, por comer del fruto prohibido (del árbol del bien y del mal), fue sancionado con tener que ganarse el pan con el sudor de su frente, no con el de la de otros. Lutero lo enfatizó. Calvino lo radicalizó.

Conclusión: dinero-sin-trabajar.

DST es una sigla que da tanto juego como DOP, el dinero de otras personas con el que El Sector fabrica los 'hactibos' del juego-de-DST de El Ladrillo —no hay actividad más subcapitalizada que la inmobiliaria, es decir, más intensa en recursos ajenos—. Es una lástima que estas dos siglas no puedan convertirse en acrónimos, escribirse en minúscula y aspirar a entrar en el DRAE, como radar, ovni o sida.]

[Derby]

https://www.politico.com/news/2024/06/03/south-lake-tahoe-california-tax-empty-homes-00161375

In South Lake Tahoe, California, residents battle over empty second homes

Although urban areas like San Francisco, Oakland, and Berkeley have passed vacancy taxes on unoccupied homes, that political will has not yet manifested in vacation destinations.

SOUTH LAKE TAHOE, Calif. — A ballot initiative to tax empty homes has divided the mountain resort town of South Lake Tahoe in recent weeks as both “for” and “against” campaigns shift into gear.

The measure would create a tax of up to $6,000 on homes left vacant for more than six months a year, which supporters argue is necessary to shore up the rapidly dwindling rental housing stock for local workers in tourism-related jobs.

The Tahoe Chamber of Commerce and real estate agents, meanwhile, have locked arms to push back against the initiative, calling it a form of taxation without representation for homeowners who live elsewhere. Steve Teshara, co-chair of the group Stop the Tahoe Vacancy Tax, said: “There’s nothing in the measure itself that earmarks one penny to affordable housing.”

The row within the lakeside destination near the Nevada border reflects the larger debate across California around how to offer affordable housing, and whose needs to prioritize within popular vacation destinations: locals or second homeowners.

Amelia Richmond, one of the leaders of the South Lake Tahoe Vacancy Tax group that qualified the initiative, said her experience living on the north side of the lake illustrated just how bad the problem can become if it goes unaddressed.

As more second homes were left unoccupied, Richmond said many of her friends couldn’t find units to rent. Richmond fears locals will increasingly be forced to commute long distances to their jobs, adding to traffic and congestion. Schools in the area are already seeing declining enrollment. As Richmond put it, “you can’t have a community with half of homes sitting empty.”

The opposition group, Stop the Tahoe Vacancy Tax, had not responded to requests for comment by publication time.

The fee structure, which imposes a $3,000 tax for the first year a home sits vacant and rises to $6,000 for the second year, was modeled after Berkeley’s, one of a handful of cities in California that have vacancy taxes on the books. Enforcement will require a one-page declaration of occupancy and spot auditing of utility bills.

Although urban areas like San Francisco and Oakland have passed vacancy taxes in some form, that political will has not yet manifested in vacation destinations like South Lake Tahoe. Residents of Del Mar, a beachside town near San Diego originally founded as a resort community, are pursuing a similar ballot measure this year that would tax “transient occupancy.”

In South Lake Tahoe, that debate has become increasingly tense in recent weeks. Last Thursday, the tax measure’s supporters were set to host a launch party at a local American Legion. But the legion said it began receiving angry calls from residents and at least one legion member, who said hosting the event would be viewed as an endorsement.

Ultimately, the legion pulled the plug. “Given the high volatility of this, we decided it would be in our best interest not to host it,” said legion head Tom Millham.

The Stop the Tahoe Occupancy Group held a competing campaign launch event at the South Tahoe Associations of Realtors office just down the road.

Still, Richmond insisted that calls were made by a “small, vocal minority” and that the public was behind their effort. She noted the vacancy tax group had gathered double the amount of signatures necessary to qualify for the ballot in half the time allotted.

“Despite what you might hear from the small elite group in city council chambers, there is a lot of public support for this,” Richmond said. “We want to be the domino that falls and makes this possible for other small communities.”

[Saturio]

Market Summary
 >
NVIDIA Corp
1,224.40 USD
+60.03 (5.16%)today

Empate técnico con Microsoft en capitalización.

[saturno]

Aquí está todo lo que nos permite prever y acertar:

(click to show/hide)

Economía politica =  { P , R, G } = Filosofía moral

Gracias. Infinitas por ponerlo en orden. Impriman y pónganlo en la cabecera de su mesa de trabajo. Cuando levanten los ojos, lo tendrán delante, si no lo vieron ayer, mañana lo verán.

¿Entienden por qué estoy asustadísimo? El sistema está gripado, el dólar no es lo que era y el tiempo se acaba.

No. No lo entiendo.
Para empezar me cuesta mucho entender cómo puede estar gripado un sistema que no es una obra humana. Cuando Adán tuvo que ponerse a trabajar, el sistema de trabajo no fue su creación. Por la misma razón que no pueden concebirse leyes disfuncionales. Si lo fueran, no serían leyes. El mundo, la vida, la muerte, tiene sentido. A ese sentido se le dice estructural.

En cambio, lo que está gripado es el modelo de toma de decisiones. Concretamente, el modelo fiscal (el mismo que sustenta la existencia del capitalismo popular, la sustanciación del DST es la privatización del impuesto). Y luego, está en consecuencia gripado el modelo político que permite a 4 dementes enviarnos a la guerra convencidos de actuar en representación de la voluntad colectiva. La Economia política gripada tiene su contrapartida en el gripado de la Filosofía moral estructural (el 'mierdismo').

¡Quienes habemos de despertar, somos nosotros! Quienes eligen la demencia voluntaria no pueden hacerlo. El crimen contra el Verbo no tiene vuelta atrás.

Cuando despertemos, cuando sepamos que están dementes, perderán inmediatamente su poder sobre nosotros. Vean en el hilo telegram las escenas cada vez más frecuentes de la población ucraniana oponiéndose al reclutamiento. https://t.me/ukr_leaks_esp/10785

Están simplemente despertando. Y ahora mismo, es cuando nosotros no les ayudamos.
Es ahora cuando hay que organizarse para defender a los Ucranianos, y no a Johnson (un neonazi) o a Biden (un sionista), sino a los Ucranianos.  Es ahora cuando toca defendernos a nosotros mismos. 

No entiendo qué miedo se le puede tener a entrar en un proceso de transición estructural que desemboque en un modelo fiscal y, por tano, político más acorde con el sistema.

Pero no acorde con alguna ley demencial (demócrata, dicen) sino con el sistema estructural. El que dice que morir es vivir, cuando eliges cómo hacerlo. Porque fuiste creado libre de elegir.

Organícense. Y diviértanse.

[Cadavre Exquis]

https://www.pressreader.com/spain/el-economista/20240606/page/3/textview

Urge un pacto por la vivienda

https://www.pressreader.com/spain/el-economista/20240606/page/15/textview

El Gobierno confía en aprobar la ley del suelo tras las elecciones europeas

“La sobrerregulación en residencial de Cataluña frena la inversión institucional”

https://www.eleconomista.es/vivienda-inmobiliario/noticias/12849343/06/24/las-promotoras-alertan-la-falta-de-suelo-y-la-elevada-inmigracion-seguiran-calentado-el-precio-de-la-vivienda.html

https://www.eleconomista.es/banca-finanzas/noticias/12849907/06/24/la-financiacion-alternativa-crece-a-ritmos-del-50-con-grandes-oportunidades-en-suelos-cooperativas-lujo-o-rehabilizacion.html

https://www.pressreader.com/spain/el-economista/20240606/page/20/textview

El sector espera que la inversión en alquiler regrese el próximo año

https://www.eleconomista.es/vivienda-inmobiliario/noticias/12850382/06/24/el-inmobiliario-se-enfrenta-al-galimatias-de-desarrollar-suelo-en-espana.html

https://www.eleconomista.es/transportes-turismo/noticias/12850402/06/24/madrid-financiara-la-concesion-del-100-de-las-hipotecas-para-jovenes.html

Saludos.