The Panama Papers and SF’s housing crisis

surf cat

Rabbitt Bartholomew status
Jan 14, 2002
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:shrug: Just because Nep doesn't post here anymore is not going to keep me from posting what Nep threw up on FB
For those that can't be bothered with reading the whole thing~ I'll start at the bottom line first....
In San Francisco, the city doesn’t really plan; it responds to what the international capital markets – which, we are reminded today, are often deeply corrupt and venal, want to do.

That’s a key reason we have a housing crisis: We trust in the private market, and the developers who exploit it, and the investors who get rich off it, to solve the problem. It’s never worked in SF, and it never will.

I would love to see the city investigate how much of the new housing we so gleefully allow and the mayor so proudly supports is being purchased by crooks and dictators, and how much of that money has come out of the pockets of poor people the world over.


The Panama Papers and SF’s housing crisis
Dirty money, laundered offshore, is fueling the boom in luxury real estate in US cities. How many SF condos are owned by crooks and despots?


The whole world is talking today about the Panama Papers, the amazing leak of documents from a law firm that specializes in helping the rich hide their money. Leaders of numerous countries are involved. Vladimir Putin is a player. The prime minister of Iceland may have to resign. The government of Pakistan is caught up in the scandal. And there will be a lot more as investigative reporters continue to dig through the terabytes of data.

So far, none of my top corporate and political bad guys are on the list – no Donald Trump, no Koch Brothers, no Ron Conway (and my list goes on and on). But it’s clear that there’s a connection between all of this shadowy money and San Francisco. In fact, there’s a connection to the SF housing crisis.

On NPR this afternoon, the vice president of Transparency International talked about how the offshore deals impact ordinary people – and the first thing she talked about was housing in cities like New York and SF. See, the shadowy banking system allows people with illegal money – money from arms trading, money from drug sales, money stolen from the people of a struggling country – to launder it and use it, among other things, to buy real estate.

So, she said, the bidding wars that are driving up the cost of housing in cities, and the mega-priced condos that are shoving out other types of housing in places with scarce real estate, are directly linked to this dark money.

The Miami Herald documented this nicely.

Money from people linked to wrongdoing abroad is helping to power the gleaming condo towers rising on South Florida’s waterfront and pushing home prices far beyond what most locals can afford.

The Herald had access to the documents, as part of the international team of investigative reporters that catalogued and analyzed the records. Nobody from SF was on that team, so we don’t know yet exactly how many of the high-end condos that are squeezing out more modestly priced housing are funded by corrupt money.

But it would be completely insane to believe that all of that new housing that the mayor is praising is being built without some of this illegal, secretive cash. It’s happening in every other major city, and it’s happening, probably faster, here.

We know that a lot of the luxury condos going up are not occupied by people from San Francisco, and that in fact a lot of them aren’t occupied at all. They are places to hide money.

And now we know they are places to hide illegal money.

So let’s stop arguing that all of this new high-end development is helping the housing crisis. It’s not. But this type of development is almost certainly helping some very nasty characters bring their wealth ashore in quasi-legal ways.

And if you think that city planning has anything to do with what’s getting built in San Francisco, check out today’s Chron story on hotels. The Planning Department never decided that the city needs more commercial hotel rooms; maybe it does, maybe it doesn’t, but that was never discussed at a commission meeting. There was no public debate over whether hotel rooms are the best use of very scarce land in places like Soma.


No: The capital markets shifted, and decided that, for the moment, there’s more return in hotel rooms than in luxury condos. This has nothing to do with Nimbys opposing housing; in fact, it has nothing to do with any type of land-use discussion.

In San Francisco, the city doesn’t really plan; it responds to what the international capital markets – which, we are reminded today, are often deeply corrupt and venal, want to do.

That’s a key reason we have a housing crisis: We trust in the private market, and the developers who exploit it, and the investors who get rich off it, to solve the problem. It’s never worked in SF, and it never will.

I would love to see the city investigate how much of the new housing we so gleefully allow and the mayor so proudly supports is being purchased by crooks and dictators, and how much of that money has come out of the pockets of poor people the world over.
 

MJOJunkie

Michael Peterson status
Jan 4, 2015
3,543
2
0
Socal Bight
SF needs some Rampaging Radioactive Wild Boars...

That'll learn 'em :smile2:

http://www.mirror.co.uk/news/world-news/rampaging-radioactive-wild-boars-causing-7705006
 

Kento

Duke status
Jan 11, 2002
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Surfdog said:
SF is the epitome and hallmark of limousine liberal elitism.

The upper crust of Dem elites.

(not all, but a hell of a lot)
And yet it is one of the most small market capitalist cities in America.

I mean, if you want communist style homogeny where everything is bland and equal, visit the Midwest. I guess you could call that White Culture.
 

Surfdog

Duke status
Apr 22, 2001
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Kento said:
Surfdog said:
SF is the epitome and hallmark of limousine liberal elitism.

The upper crust of Dem elites.

(not all, but a hell of a lot)
And yet it is one of the most small market capitalist cities in America.

I mean, if you want communist style homogeny where everything is bland and equal, visit the Midwest. I guess you could call that White Culture.
Lots of of international big bank money HQ'd there. A bit too cozy with the locals in government there, don't ya think?

Why does everyone in SF wear black all the time, if you want to talk bland and equal, if not conformist?
 

Kento

Duke status
Jan 11, 2002
68,691
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The Bar
Surfdog said:
Kento said:
Surfdog said:
SF is the epitome and hallmark of limousine liberal elitism.

The upper crust of Dem elites.

(not all, but a hell of a lot)
And yet it is one of the most small market capitalist cities in America.

I mean, if you want communist style homogeny where everything is bland and equal, visit the Midwest. I guess you could call that White Culture.
Lots of of international big bank money HQ'd there. A bit too cozy with the locals in government there, don't ya think?

Why does everyone in SF wear black all the time, if you want to talk bland and equal?
Silver and Black. Because they're Raider fans on the wrong side of the bay and everyone knows Real Men and Women Wear Black. Minions and toddlers wear blue and yellow.

Of course there's banking corruption in SF as well as NY. But damn the food is good there. Not like flyover country where most of your choices are McDonalds, Golden Corral, Sonic, and Walmart.
 

Surfdog

Duke status
Apr 22, 2001
21,768
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South coast OR
Kento said:
Surfdog said:
Kento said:
Surfdog said:
SF is the epitome and hallmark of limousine liberal elitism.

The upper crust of Dem elites.

(not all, but a hell of a lot)
And yet it is one of the most small market capitalist cities in America.

I mean, if you want communist style homogeny where everything is bland and equal, visit the Midwest. I guess you could call that White Culture.
Lots of of international big bank money HQ'd there. A bit too cozy with the locals in government there, don't ya think?

Why does everyone in SF wear black all the time, if you want to talk bland and equal?
Silver and Black. Because they're Raider fans on the wrong side of the bay and everyone knows Real Men and Women Wear Black. Minions and toddlers wear blue and yellow.

Of course there's banking corruption in SF as well as NY. But damn the food is good there. Not like flyover country where most of your choices are McDonalds, Golden Corral, Sonic, and Walmart.
If you're going to fly-over country, you gotta get out of those airport cities. Lots of great BBQ and such, but you have to get outta strip mall land. We in Calif have those same boring places, just a different name slapped on 'em.

We are "special" and elite here in California :rolleyes: , but not that special.
 

Kento

Duke status
Jan 11, 2002
68,691
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The Bar
Surfdog said:
Kento said:
Surfdog said:
Kento said:
Surfdog said:
SF is the epitome and hallmark of limousine liberal elitism.

The upper crust of Dem elites.

(not all, but a hell of a lot)
And yet it is one of the most small market capitalist cities in America.

I mean, if you want communist style homogeny where everything is bland and equal, visit the Midwest. I guess you could call that White Culture.
Lots of of international big bank money HQ'd there. A bit too cozy with the locals in government there, don't ya think?

Why does everyone in SF wear black all the time, if you want to talk bland and equal?
Silver and Black. Because they're Raider fans on the wrong side of the bay and everyone knows Real Men and Women Wear Black. Minions and toddlers wear blue and yellow.

Of course there's banking corruption in SF as well as NY. But damn the food is good there. Not like flyover country where most of your choices are McDonalds, Golden Corral, Sonic, and Walmart.
If you're going to fly-over country, you gotta get out of those airport cities. Lots of great BBQ and such, but you have to get outta strip mall land. We in Calif have those same boring places, just a different name slapped on 'em.

We are "special" and elite here in California :rolleyes: , but not that special.
Oh I have more than been far away from airport cities, the land of Pro-Life billboards and front butts.

The BBQ is good, yes, but you can't eat it every meal.

The stops along the 5 in Central Valley may as well be flyover country too. Same conservative values too.

No way you can compare the variety of cuisine in SF, LA, and NY to central Kansas or Nebraska. They still call it Oriental food in the Midwest.
 

Mr Doof

Duke status
Jan 23, 2002
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San Francisco, CA
SF needs some Rampaging Radioactive Wild Boars...

That'll learn 'em smile2

http://www.mirror.co.uk/news/world-news/rampaging-radioactive-wild-boars-causing-7705006
SF has two radiation hot spots ripe for the feral pig invasion:

1 On Treasure Island

2 Hunter's Point Naval Shipyard
 

Surfdog

Duke status
Apr 22, 2001
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South coast OR
Kento said:
Surfdog said:
If you're going to fly-over country, you gotta get out of those airport cities. Lots of great BBQ and such, but you have to get outta strip mall land. We in Calif have those same boring places, just a different name slapped on 'em.

We are "special" and elite here in California :rolleyes: , but not that special.
Oh I have more than been far away from airport cities, the land of Pro-Life billboards and front butts.

The BBQ is good, yes, but you can't eat it every meal.

The stops along the 5 in Central Valley may as well be flyover country too. Same conservative values too.

No way you can compare the variety of cuisine in SF, LA, and NY to central Kansas or Nebraska. They still call it Oriental food in the Midwest.
Ya, the big cities have a great variety of good restaurants with all the melting pots simmering away.

Still not enough to get me to move back to one though. Despite all their rage, their still just ratz in a cage.

I can make my own hybrid cuisine for a fraction of the cost (grilled veggy-pepper jack frittata wraps.....ok, exotic breakfast burritos). Grilled fish and chicken with special rub and sauce blends. Occasional steaks on the barb.

We have quite the diverse cultures here in O'side. Lots of SE Asian cultures taking root, along with it's long history of Pacific Islander. A couple newer southern soul BBQ's and of course tons of Mex of all regions and sauce combo's. A few good italian and other euro restaurants nearby. Some like a lot of olive oil and heavy sauces more than others, so you have to know before you go. Throw in our now world renown craft beer legacy along the Hops Highway corridor (78). Still have to go downtown SD for exotic tapas type cuisine, but they can have the overpriced minimalist art on plate.
 

Mr Doof

Duke status
Jan 23, 2002
24,860
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San Francisco, CA
Surfdog said:
Why does everyone in SF wear black all the time, if you want to talk bland and equal, if not conformist?
1 Black is slimming

2 "I am more interesting than my clothing. Ignore my clothing, pay attention to the real me!"

3 With the fog, people need all the solar warming they can get.

4 Helps to hide the grime of living in a densely populated city with a fair amount of wind-blown fines.
 

Surfdog

Duke status
Apr 22, 2001
21,768
1,988
113
South coast OR
Mr Doof said:
Surfdog said:
Why does everyone in SF wear black all the time, if you want to talk bland and equal, if not conformist?
1 Black is slimming

2 "I am more interesting than my clothing. Ignore my clothing, pay attention to the real me!"

3 With the fog, people need all the solar warming they can get.

4 Helps to hide the grime of living in a densely populated city with a fair amount of wind-blown fines.
5. Ease of clothes shopping.
 

VonMeister

Duke status
Apr 26, 2013
20,251
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JOE BIDENS RAPE FINGER
Surfdog said:
Kento said:
Surfdog said:
SF is the epitome and hallmark of limousine liberal elitism.

The upper crust of Dem elites.

(not all, but a hell of a lot)
And yet it is one of the most small market capitalist cities in America.

I mean, if you want communist style homogeny where everything is bland and equal, visit the Midwest. I guess you could call that White Culture.
Lots of of international big bank money HQ'd there. A bit too cozy with the locals in government there, don't ya think?

Why does everyone in SF wear black all the time, if you want to talk bland and equal, if not conformist?
Chevron
 

Mr Doof

Duke status
Jan 23, 2002
24,860
7,759
113
San Francisco, CA
VonMeister said:
Surfdog said:
Kento said:
Surfdog said:
SF is the epitome and hallmark of limousine liberal elitism.

The upper crust of Dem elites.

(not all, but a hell of a lot)
And yet it is one of the most small market capitalist cities in America.

I mean, if you want communist style homogeny where everything is bland and equal, visit the Midwest. I guess you could call that White Culture.
Lots of of international big bank money HQ'd there. A bit too cozy with the locals in government there, don't ya think?

Why does everyone in SF wear black all the time, if you want to talk bland and equal, if not conformist?
Chevron
Sweetie-pie used to work in the old Standard Oil Company world headquarters building.
 

Kento

Duke status
Jan 11, 2002
68,691
20,904
113
The Bar
Surfdog said:
Kento said:
Surfdog said:
If you're going to fly-over country, you gotta get out of those airport cities. Lots of great BBQ and such, but you have to get outta strip mall land. We in Calif have those same boring places, just a different name slapped on 'em.

We are "special" and elite here in California :rolleyes: , but not that special.
Oh I have more than been far away from airport cities, the land of Pro-Life billboards and front butts.

The BBQ is good, yes, but you can't eat it every meal.

The stops along the 5 in Central Valley may as well be flyover country too. Same conservative values too.

No way you can compare the variety of cuisine in SF, LA, and NY to central Kansas or Nebraska. They still call it Oriental food in the Midwest.
Ya, the big cities have a great variety of good restaurants with all the melting pots simmering away.

Still not enough to get me to move back to one though. Despite all their rage, their still just ratz in a cage.

I can make my own hybrid cuisine for a fraction of the cost (grilled veggy-pepper jack frittata wraps.....ok, exotic breakfast burritos). Grilled fish and chicken with special rub and sauce blends. Occasional steaks on the barb.

We have quite the diverse cultures here in O'side. Lots of SE Asian cultures taking root, along with it's long history of Pacific Islander. A couple newer southern soul BBQ's and of course tons of Mex of all regions and sauce combo's. A few good italian and other euro restaurants nearby. Some like a lot of olive oil and heavy sauces more than others, so you have to know before you go. Throw in our now world renown craft beer legacy along the Hops Highway corridor (78). Still have to go downtown SD for exotic tapas type cuisine, but they can have the overpriced minimalist art on plate.
My wife is already trying to find ways to smuggle fruits and vegetables back from Hawaii. :roflmao:

North County is definitely good for beer and food.

Btw, if you like tapas, go to Zarzuela on Russian Hill in SF. Insanely good.
 

Surfdog

Duke status
Apr 22, 2001
21,768
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113
South coast OR
FecalFace said:
Where are all these great Italian and Euro restaurants in Oceanside?
OK, not so much Oceanside itself (maybe some newer I don't know about?), though there was a good one a few years back (Dominic's), not the touristy one at the harbor, the original up off College and 76. Brothers of the patriarch branched out, but never quite the same in recent years.

Vista and inland. I'm in east O'side and there's an Italian place on E. Vista Way that's pretty good, so not too far to drive to (10-15 minutes). Heavy on the olive oil, garlic and sauces, but really good when in the mood for that. Good authentic Euro fare is tougher to find in North County (was going to add that), I admit, but there's some inland, though some of those closed up recently, too. SD city/metro is where you have to go for more selection of authentic good Euro restaurants.
 

the janitor

Tom Curren status
Mar 28, 2003
12,340
1,737
113
north of the bridge
VonMeister said:
Surfdog said:
Kento said:
Surfdog said:
SF is the epitome and hallmark of limousine liberal elitism.

The upper crust of Dem elites.

(not all, but a hell of a lot)
And yet it is one of the most small market capitalist cities in America.

I mean, if you want communist style homogeny where everything is bland and equal, visit the Midwest. I guess you could call that White Culture.
Lots of of international big bank money HQ'd there. A bit too cozy with the locals in government there, don't ya think?

Why does everyone in SF wear black all the time, if you want to talk bland and equal, if not conformist?
Chevron
Chevron HQ sits on top of our old bmx trail :cussing: which is about 30 miles east of SF
 

the janitor

Tom Curren status
Mar 28, 2003
12,340
1,737
113
north of the bridge
Surfdog said:
Mr Doof said:
Surfdog said:
Why does everyone in SF wear black all the time, if you want to talk bland and equal, if not conformist?
1 Black is slimming

2 "I am more interesting than my clothing. Ignore my clothing, pay attention to the real me!"

3 With the fog, people need all the solar warming they can get.

4 Helps to hide the grime of living in a densely populated city with a fair amount of wind-blown fines.
5. Ease of clothes shopping.
6. Helps you blend into protests easily