The hardest thing about writing a daily blog is not the actual writing part; it’s coming up with a new topic every single day. I’m often asked, “How long does it take you to write your posts?” And the truthful answer is that it varies greatly.
Part of this variability, of course, has to do with the length and depth of each post, but another big part of the variability is that I have to first land on a topic.
The usual criteria are that I’m looking for something that is roughly aligned with the topics covered on this blog, that is interesting to me (and where I can hopefully bring a unique perspective), and that I haven’t already written about over the last 12+ years. Another challenge is remembering what I have written about!
The two techniques that I have found most helpful in optimizing for the topic problem are to 1) keep a list of topics as they hit me (I do this in the to-do app on my phone) and 2) read the internet until I land on something that excites me.
Technique one is the most efficient because it means I’m more or less ready to go once I sit down to write. But I don’t always have topics on the list. It’s not easy having a daily writing practice. It’s a huge commitment that sometimes feels worth it and sometimes doesn’t.
That said, hard things tend to be the things you want to do in life. There’s probably also something to be said about the fact that the hardest part is the thing that AI isn’t good at.
Cover photo by Klim Musalimov on Unsplash
Customarily, landlords induce tenants to lease space in a building by offering X months of free rent, as opposed to discounting the actual face rent.
For example, let's assume that the rent for a particular apartment is $3,000 per month or $36,000 per year. Assuming the inducement is equal to one month of free rent, the two logical options are: (1) offer the first month for free and then charge $3,000 for the remaining 11 months or (2) charge $2,750 per month.
Both options equal $33,000 in gross annual rent, but the second option permanently impairs the value of the real estate asset by lowering the overall rent roll on a go-forward basis. So when you capitalize the net operating income of the property, you end up with a lower value. For this reason, option one is the standard approach. You want to offer as much free rent as possible before touching your face rents.
But there can also be local nuances to consider on top of this standard practice. For example, I found this recent tweet from Paul, a multi-family landlord in Los Angeles, interesting. He notes that in rent-controlled buildings in Santa Monica, you also have to be careful not to offer free rent in the first 12 months of a lease. Instead, you need to offer it starting in month 13 or beyond.
His example:
Lease rate of $3,000
Inducement equal to 2 months of free rent ($6,000)
Tenant pays 10 months x $3,000 = $30,000 in Year 1
Apparently, the way Santa Monica looks at this is that the tenant is paying $30,000 / 12 months = $2,500 per month in rent. So, after year one this becomes the Maximum Allowable Rent (MAR) going forward under the city's rent control policies. In other words, the monthly rent becomes the $2,500 number and not the $3,000 number that you thought you had contracted for.
It's an annoying gotcha detail, but it's a meaningful and permanent one until the apartment turns over. Landlord beware. Real estate may be subject to the flows of global capital, but in many ways, it still remains a local business.
The new Finch West LRT line opened this past weekend in Toronto. This is a 10.3-kilometer transit line that runs from Humber College to Finch West subway station, and replaces a bus route that was previously one of the busiest in the city.
It's also a line that dates back to 2007. I vividly remember reading about this proposal while I was in grad school in the US. Some of you might remember that it was part of Mayor David Miller's Transit City proposal. Since then, the project got cancelled and revived at least once, which is partially why it took some 18 years to complete.
Transit openings are typically exciting. A bunch of people lined up on Sunday morning in the cold to be first to ride it. I slept in instead of doing that, but I do fancy myself a transit nerd. Whenever I'm in a new city, I always try to take (or at least test out) their transit system.
And when the Eglinton LRT finally opens, I do have aspirations to ride from end to end while spinning house and techno music from the rear car. (I have yet to reach out to the TTC to see if they might be interested in accommodating such an activity.)
But it's not all excitement. Now that the Finch line is open, the customer reviews are in and the general consensus seems to be that it sucks:
A CBC Toronto reporter rode the entire 10.3-kilometre line from east to west Monday morning, finding it took roughly 55 minutes to complete. As a reference point, over 400 runners ran this year's Toronto Marathon 10-kilometre event in under 55 minutes.
CBC Toronto's eastbound return trip to Finch West Station was about eight minutes shorter, clocking in at roughly 47 minutes. Still, several riders Monday told CBC Radio's Metro Morning that the previous bus route on Finch Avenue W. was faster and had more stops along the way, making it easier to access.
So now Torontonians are rightly questioning why our various levels of government spent ~$3.75 billion and took 18 years to build a line that performs worse than what was already there. Hmm. Good question.
The problems — and I defer to experts like Reece Martin — seem to be a lack of transit signal priority, stop spacing that's too tight (~500 meters on average), and too many slow zones, among other things. This is highly problematic from a value-for-money standpoint and from an overall transit investment standpoint.
If we don't fix this, we haven't just wasted billions; we’ve probably killed the argument for light rail in this city for a generation. The good news is we know this can work, and that's because it's being done successfully all over the world. Let's go, Toronto. Make it happen.
Cover photo via Wikipedia
