Hi! I'm Bret Rhett Chet, here to tell you why you should buy and hodl SpaceX stonk. For a mere $135/share, you get pro forma tangible book value of $7.85/share, an immediate 94% dilution. New investors are putting up 48% of all capital ever invested in SpaceX in exchange for 4.2% of the shares.
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1/ Today, ESP released Building Affordability, our new policy agenda on housing, which tackles the 2 causes of unaffordability: broken markets + broken incomes.
✍️ by Becky Chao, @mtkonczal.bsky.social, & @resnikoff.bsky.social, it shows how policy can expand supply while also protecting tenants.
I'm getting old enough that sometimes where user interface on new tech requires intuition, I don't quite get it. (Like, when we tried to do video calls with my mom, she didn't know what the x in the corner was for.)
How do young people learn that to save something you click the floppy disk icon?
A handful of US metro areas perennially have net domestic outmigration of something like 1% of their population.
If you ask an economist doing research on those cities if they took migration into account, 100 times out of 100 they will assume you're referring to wealthy newcomers.
Whacky times.
Also, btw, my estimate of the nationwide shortage is 15-20 million homes. This is how CONSERVATIVE my estimate is. To meet natural demand for household formation, just permitting 3,700 homes annually would have satisfied my estimate of 24,000 homes in Grand Rapids - lower than the current rate.
www.resiclubanalytics.com/p/institutio...
You can see it in real time in Grand Rapids' rent trend. Rents flattened after permits rose to the 4,000 range, then rose again when permits declined, and are flat again now that permits are back to 4,000.
24,000 new homes will reverse that 20% rent inflation and allow new households to form.
More discussion about how the peculiar cost patterns that the housing shortage creates make it easy to talk past each other.
Facets of the Housing Crisis, A Series: Part 2
open.substack.com/pub/kevinerd...