Must Read: Google, Amazon and Tesla are making a push into the notoriously slow-to adapt housing industry in various ways with the benefit of having much larger balance sheets than the incumbents and cultures that encourage innovation and disruption.
Moon Shot: Wages for the top 1% of earners are now at their highest level ever at $719k a year and are growing at a rate nearly four times those in the bottom 90% of earners.
USA #1! The United States regained its top spot as the world’s most competitive economy in the World Economic Forum rankings for the first time in a decade, thanks to strong economic growth.
Plateau? The real cost of college is flattening even as tuition costs keep rising as schools offer more aid to attract a shrinking pool of students.
Taking Root: The legal marijuana industry is emerging among the vineyards of California’s wine country.
Popular: Sean Parker – of Facebook and Napster fame – crafted a little-known part of the tax code called Opportunity Zones. Now every one-percenter in Silicon Valley wants in. See Also: The IRS has finally released Opportunity Zone guidelines.
Build-Up: Check out this statistic from Calculated Risk showing how inventory trends have changed dramatically in California this year. Reminder: if prices do begin to actually fall (rather than increase at a slower rate), the catalyst will be an increase in supply – which is has barely budged nationwide but up substantially in CA.
Statewide active listings rose for the sixth consecutive month following 33 straight months of declines, increasing 20.4 percent from the previous year. September’s listings increase was the biggest in nearly four years.
Head in the Sand: Experts across the board say that California needs to build a lot more housing but the public disagrees.
Covering All of the Bases: Uber is targeting the trucking industry via a new trailer rental business with their IPO looming.
This is Really Cool: How the Sears catalog subverted the racial hierarchy of Jim Crow.
Vultures: Crypto M&A is on a tear as deal-makers see opportunity in plunging coin values.
Chart of the Day
Multifamily housing starts are falling rapidly.
A big reason is inventory overhang. For those of you interested in how the construction labor shortage will resolve, this could eventually be it.
Source: The Daily Shot
Gotta Hear Both Sides: A man trashed a hospital while being treated for consuming a Tide Pod because Millennials. Reminder: its time to raise the voting age.
Pimpin’ Ain’t Easy: Dennis Hof – assembly candidate and brothel owner – suddenly died last week but is still highly likely to win his election because Nevada. Remember, if you feel like your job is useless and your contributions mean nothing, it could be worse. You could be the person who ran an assembly campaign and lost to a dead pimp.
Darwin Award Attempt: A guy who skinny dipped in an aquarium shark tank was arrested in Canada because drugs are bad.
Landmark Links – A candid look at the economy, real estate, and other things sometimes related.
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