Here is an interesting chart from the WSJ showing how much net income migrated to the state of Florida between 2019 and 2020:
I'm not sure what the exact dates are for this dataset, but it seems to again suggest that this migration was already a trend before the pandemic happened.
Either way, Miami is red hot and the continues to lead the US in residential rental rate growth. But all of this growth is now apparently starting to catch up to the city. Here is just one example from the same article (though developers here in Toronto would gladly take this sort of timeline):
Right before the pandemic, when he moved to Miami, he said it took no more than four months from when he submitted development plans to when he got city approval. Now, with the number of projects swamping Miami Beach’s staff and resources, that same process takes nearly a year, Mr. Curnin said.
This frenetic run-up is also causing some in the city, including Barry Sternlicht of Starwood Capital Group, to pause:
“Everyone and their cousins are looking to build a building here,” he said. “I’m getting nervous.”
Miami has historically always been a boom and bust kind of market. I don't know if this is one of those times, but there's clearly no denying the allure of palm trees, warm winter weather, and no state income tax.
I don't really have an opinion on the debate surrounding public access to Los Angeles' famed Hollywood sign. I just don't know enough and I've never visited it myself.
On the one hand, if you live in Hollywoodland, I can see how having 10 million or so people traipse through your neighborhood each year to take photos of the sign might be a little annoying.
On the other hand, living in a big city like Los Angeles means dealing with certain annoyances. And doesn't everyone deserve a selfie with the sign? It also doesn't seem to be impacting values (see above).
What is more interesting to me is that all of this is a reminder that many/most of the neighborhoods and communities that people love today were, at one point, built be developers.
The Hollywood sign was first erected in 1923, and originally read Hollywoodland. It was developer advertising at its finest and intended to sell new homes. The sign cost $21,000 at the time.
Today the sign is a LA Historic-Cultural Monument and one of the city's most recognizable icons. Isn't it funny how this stuff works?
Chart via the WSJ
I saw a headline yesterday that the CDC was now reporting that vaccinated people can spread COVID just as easily as unvaccinated people. I then thought to myself, "this is not a good headline if you're trying to encourage people to get vaccinated."
What I guess this is saying is that vaccinated people who end up contracting COVID ("breakthrough" cases) have similar viral loads to people who are unvaccinated. So it makes sense that they would then be able to transmit the virus to others.
But the more important point remains that vaccinated people are less likely to spread the virus to others because they are less likely to actually get it in the first place.
Yes, the vaccines are not 100% effective. But supposedly the latest hospital data suggests that vaccines remain 87% effective at preventing hospitalization. This, of course, means that some vaccinated people will still get sick and that, yes, they might transmit it to others.
But for the vast majority of people that shouldn't be the case.
Update: My point is that clear and consistent messaging is important.
Here is an interesting chart from the WSJ showing how much net income migrated to the state of Florida between 2019 and 2020:
I'm not sure what the exact dates are for this dataset, but it seems to again suggest that this migration was already a trend before the pandemic happened.
Either way, Miami is red hot and the continues to lead the US in residential rental rate growth. But all of this growth is now apparently starting to catch up to the city. Here is just one example from the same article (though developers here in Toronto would gladly take this sort of timeline):
Right before the pandemic, when he moved to Miami, he said it took no more than four months from when he submitted development plans to when he got city approval. Now, with the number of projects swamping Miami Beach’s staff and resources, that same process takes nearly a year, Mr. Curnin said.
This frenetic run-up is also causing some in the city, including Barry Sternlicht of Starwood Capital Group, to pause:
“Everyone and their cousins are looking to build a building here,” he said. “I’m getting nervous.”
Miami has historically always been a boom and bust kind of market. I don't know if this is one of those times, but there's clearly no denying the allure of palm trees, warm winter weather, and no state income tax.
I don't really have an opinion on the debate surrounding public access to Los Angeles' famed Hollywood sign. I just don't know enough and I've never visited it myself.
On the one hand, if you live in Hollywoodland, I can see how having 10 million or so people traipse through your neighborhood each year to take photos of the sign might be a little annoying.
On the other hand, living in a big city like Los Angeles means dealing with certain annoyances. And doesn't everyone deserve a selfie with the sign? It also doesn't seem to be impacting values (see above).
What is more interesting to me is that all of this is a reminder that many/most of the neighborhoods and communities that people love today were, at one point, built be developers.
The Hollywood sign was first erected in 1923, and originally read Hollywoodland. It was developer advertising at its finest and intended to sell new homes. The sign cost $21,000 at the time.
Today the sign is a LA Historic-Cultural Monument and one of the city's most recognizable icons. Isn't it funny how this stuff works?
Chart via the WSJ
I saw a headline yesterday that the CDC was now reporting that vaccinated people can spread COVID just as easily as unvaccinated people. I then thought to myself, "this is not a good headline if you're trying to encourage people to get vaccinated."
What I guess this is saying is that vaccinated people who end up contracting COVID ("breakthrough" cases) have similar viral loads to people who are unvaccinated. So it makes sense that they would then be able to transmit the virus to others.
But the more important point remains that vaccinated people are less likely to spread the virus to others because they are less likely to actually get it in the first place.
Yes, the vaccines are not 100% effective. But supposedly the latest hospital data suggests that vaccines remain 87% effective at preventing hospitalization. This, of course, means that some vaccinated people will still get sick and that, yes, they might transmit it to others.
But for the vast majority of people that shouldn't be the case.
Update: My point is that clear and consistent messaging is important.
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