California’s controlled demolition continues, signaling why the fledgling Democrat Resistance is already doomed. Local KTLA ran a story yesterday headlined, “
Downtown Los Angeles skyscraper loses 2/3 of value.” Last appraised ten years ago at $605 million, the Bank of America Plaza in downtown LA just appraised at only $188 million — having lost 66% of its value in ten years. It has defaulted on its loans. The building’s occupancy is terrible. What could have caused this? Hint:
This type of depressing headline is common for the Big Blue Cities. Still, Democrats will deny, they’ll try to wave away the Blue commercial market meltdown, blaming it on pandemic fatigue and worker’s changing preferences for spending their days working in pajamas instead of coming into the office.
But that is a lie. To prove it, I rounded up two more headlines to make a trifecta.
First, compare the real estate market in Los Angeles, California with the market in
Miami, Florida. In July, the Financial Times ran a story headlined, “
Cost of Miami office space hits record high. In the very first paragraph, FT provided readers with what I like to call a “clue:”
Apparently, for some reason, unlike Los Angeles, Miami’s commercial market has
not been hollowed out by work-from-home policies. It is not suffering from pandemic fatigue. It is booming. And it is stealing LA’s blue-chip companies.
But, Democrats will wail,
that’s just because it’s Florida, and Florida is an outlier. But
pardonne-moi, mon ami. Not so fast. Let’s consider the next best red market or, tipping the cowboy hat as deserved, arguably the best.
Early this month, just a few weeks ago, Dallas Magazine ran a story headlined, “
Dallas Named Country's No. 1 Commercial Real Estate Market for 2025. Here's Why.” Not only did this delightful story prove that a second Big Red City is also
not suffering pandemic fatigue or having any pajama problems, but it helpfully provided the current list of the top ten commercial real estate markets. Ready? See if you can spot any common characteristics:
You see it. Except for Boston, all the top-performing real estate markets are all Red State Big Cities.
The commercial market metric is only one of many, although it is one of the clearest metrics and one of the most shocking. But when we look at other figures, we find similar trends. For example, consider this PEW Charitable Trust chart of states and their net migration changes:
See? The Red States win. Each new Red State citizen is a new taxpayer and a new contributor to the economy. And each one who’s moved means one fewer taxpayer and economic contributor from the Blue states of origin. The list of net loser states is a Blue wall of shame.
What a great week! And it's only Wednesday. Trump's triumphant nomination; Middle East peace deal; Trump tweets solving border problems in real time; a Cal. high-rise signals doom for Democrats; more.
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