How Batman Robin changed the superhero movie for the better, by @davidlsims
Watch the history of cat domestication in three minutes:
WATCH: Colbert asks Russia to help him beat Trump in 2020
It’s probably not okay to send naked pictures on LinkedIn
How to Invest Like Charlie Munger: The Four Filters – An In-Depth Analysis $
‘Wonder Woman’ breaks a new box office record
Burma has released 67 child soldiers in first discharge of the year – UNICEF
At top VC firms, more women partners doesnt mean more women funded
State Department allowing Russian diplomats to roam free in US: report
From Bad to Worse: The #GOP Assault on the Nations Health and Wellbeing #ProtectOurCare
Diminishing returns.
.@mark_wahlberg: I’m not political, both Democrats and Republicans buy movie tickets
EU watches as Albania votes
Celebrating A Commitment To Collaborative Change
@ComfortablySmug
How street art took off in the suburbs of Tunis #citylabarchive
Just how progressive is Saudi Arabias new millennial prince?
Trump’s job promises crash into reality as auto industry lays off thousands:
Missouri’s already severe abortion restrictions could get even worse
China, U.S. agree on aim of complete, irreversible Korean denuclearisation
Chinas Imports From North Korea Slump in May After Coal Ban
Trump loves coal, hates windmills. But hes too late
Is this the electric car thats going to kill Tesla?
Reno is starting to look more like Silicon Valley
How an experiment turned Canadas farmers into cooking oil kings
Ministers drop plans to ease school fire safety standards
Sanders: GOP healthcare bill is a moral outrage
Woof
College professor fired for comments made about race on Tucker Carlson show
Bees learn to play soccer, just by watching their friends:
Mongolians fret over China investment as they prepare to vote
GOPs internal fight on Planned Parenthood threatens to blow up ObamaCare repeal
Entirely possible, #Bitcoin at $1,500.
LIGO spots its third black hole merger
Meet Gazas youngest bird hunter
15 dead, scores missing hours after landslide buries Chinese village
Pick a subject, get a poem: meet the Street Poets of #NewOrleans #lp #travel
Death of a Hong Kong pop star: when city mourned Beyond singer Wong Ka-kui in 1993
If you think traffic is bad now, wait for the inland migration
Pence holds unscheduled meeting with billionaire Koch brother during Colorado trip
President Trump is a Russian-interference truther once more, reports @GrahamDavidA
GOP lawmaker calls for special counsel Mueller to recuse himself from Russia investigation
Heading towards Italy, a Syrian tale of hope and courage:
Big Cable ditched its promise, and you’re paying for it @robpegoraro
Mother arrested over death of her two children in a hot car
A new concept called Aim brings the doctor to you, in a self-driving car
Anthony Kennedy considering retirement from Supreme Court: reports
Trump is first president to not host Ramadan dinner in nearly 20 years
50 killed in Pakistan bombing claimed by sectarian militant group
Trump considers leaving Mideast peace talks he once said wont be so difficult: report
These are just a few of your dogs least favorite things
Trump, Pence attend Mnuchins wedding after Cabinet member spoiled surprise
Debunking Grit via @jessesingal @thescienceofus
Tips for the mainstream on how to win elections: @KuperSimon observes @EmmanuelMacron
Dont ask how he was radicalized via @BV
This economic model organized Asia for decades. Now it’s broken
Mongolians fret over China investment as they prepare to vote
Mexico knock out Confederations Cup hosts Russia
Dear scientists: Stop bickering about a 100% renewable power grid and start making it happen
New York Times publishes list of every outright lie by Trump since inauguration
Breaking with tradition, the Trump White House forgoes the annual Ramadan dinner
Some UK ministers want Hammond as caretaker PM: Sunday Times via @Reuters
The world’s art is under attack—by microbes
Amnesty declared for 83 ISIL members in Syrias Raqqa
New Hong Kong water park poses threat to local egrets, birdwatchers warn
There has been a tenfold decline in the cost of electricity since 1900.
Ambassador who resigned over Paris deal exit: Trump is threatening US global leadership
@niubi Debt growth of 87% in 3 years is deleveraging with Chinese characteristics
UK cops say just visiting the dark web is a potential sign youre a terrorist
The story in My Cousin Rachel is about the terror of women’s unknowability.
Two and Twenty Troubles
India: Government to introduce extra flights to Qatar for stranded nationals
Ivanka ordered to testify over accusations she copied Italian shoemakers design
#Earthquake magnitude 4,1 - 165,6 km from #Salta - #Argentina
The golden age of restaurants is much stranger than it seems, writes @dkthomp
Albanians vote in crucial test for EU membership hopes via @Reuters
Senate Republicans to add penalties for being uninsured in ObamaCare repeal bill: report
Russia Armata tank will outmatch the Abrams in active armor and triple range missiles
Jun 19, 1917 - Western Mail gloats at the destruction of a German zeppelin over England #100yearsago
Jun 19, 1917 - New York Times: New York Athletic Club to donate ambulances and crews to the war effort #100yearsago
Bill Clinton delivers grave warning on opioid crisis: It’s going to eat us all alive
Dear 2015 Boston — A Dispatch From Your Future
Dislike of candidates or campaign issues was most common reason for not voting in 2016
Jun 19, 1917 - French and Swiss border guards, at a crossing point from Alsace #100yearsago
A look at demographic differences in news users of each social media site
#Bitcoin is soaring — heres how to buy some @readDanwrite
Ex-Reagan aide compares Trump’s ascent and presidency to ‘Springtime for Hitler’
Court allows Mississippi law denying services to LGBT people on religious grounds
Kellyanne Conway melts down on CNN after being asked basic question about Russia
Jun 19, 1917 - New York Times: Malaria takes a heavy toll on British troops on Macedonian Front #100yearsago
State Department allowing Russian diplomats to roam free in US: report
Jun 19, 1917 - Chicago Tribune: Spain shaken by revolt #100yearsago
Jun 19, 1917 - New York Times: Spains premier heeds demands for reform #100yearsago
Jun 19, 1917 - New York Times: Germans accused of giving poisoned candy to Belgian children #100yearsago
Portugal investigating fraud linked to Venezuela PDVSA funds, PDVSA says
Trumps solar-paneled border wall could pay for itself -- in 2168 via @gadfly
These snakes lure prey with both their tails and their tongues:
College professor fired for racially insensitive comments made on Tucker Carlson show
Texas mother charged in deaths of toddlers left in hot car
This startup is making paper out of stone
How to throw a work party (without getting fired)
Koch group says Republican health plan doesnt go far enough
Cabernet who? The hot new Napa Valley wines are white
Turkeys president is trying to engineer short-term growth to help win again in 2019
Koch group says Senate Republican health plan doesnt go far enough
Trump’s job promises crash into reality as auto industry lays off thousands:
These will be the best places to live in America in 2100 A.D.
Indias Snapdeal files police case against former heads of local logistics firm
US takes Yellowstone grizzly bears off endangered list
The Klu Klux Klan still has active groups in 33 states
Does owning a Russia ETF mean investors have ties to Russia?
GOPs internal fight on Planned Parenthood threatens to blow up ObamaCare repeal
Opinion: Criminalising Standing Rock
Fuel-saving plane designer tired of battling China’s red tape
Mushroom cloud after nuclear test is viewed from Las Vegas, 60 years ago today:
I remember when Black Scholes was a new thing; but I slept on its historical significance. And, Im old.
Illinois credit could be downgraded to junk costing taxpayers millions
MIT grads are already taking Tim Cooks graduation advice @melodyhahm
Top on #tiajobs today: Senior Product Manager at
Pence holds unscheduled meeting with billionaire Koch brother during Colorado trip
The Mist is an intriguingly chilly supernatural thriller, @sophieGG writes
Jun 19, 1917 - New York Times: Kerensky sways Soviets to reject Lenins anti-war line #100yearsago
GOP lawmaker calls for special counsel Mueller to recuse himself from Russia investigation
And you thought Costcos in-store prices were amazing...wait until you see this
Pemex oil exports fall to record lows
Grenfells unusual design led blaze to spread, say investigators
Indias Snapdeal files police case against former heads of local logistics firm
Mexico knock out Confederations Cup hosts Russia
Dont sweat those summer weddings, seersucker is back
Prince Harry: I almost abandoned Royal duties but stayed because of the Queen
China think tank says a trade war with the U.S. is unlikely this year
This is the future of business-class seats: millions of ways to personalize your experience
Internal dossier criticises Audi top management: Bild
Chinas seniors enjoying second youth
Anthony Kennedy considering retirement from Supreme Court: reports
r/Ethereum today:
You may never have learned how to learn in school.
Violence against women in Turkey has increased under President Erdogan.
WATCH: Colbert asks Russia to help him beat Trump in 2020
British lawmakers hit by cyber security attack
Ad for funeral services, literally
The DraftKings-FanDuel fantasy sports mega-merger is in trouble @readDanwrite
Syria says Israel strike kills civilians
Trump considers leaving Mideast peace talks he once said wont be so difficult: report
Jun 18, 1917 - French soldiers washing their laundry at Largitzen, in Alsace #100yearsago
Some clouds are full of little lollipop-shaped ice crystals
Death toll in landslide in Chinas Sichuan province rises to 15
Seven-fold increase in fines set for overcharging domestic helpers
New York Times publishes list of every outright lie by Trump since inauguration
How is penicillin linked to the rise of syphilis?
Spicer won’t say if Trump believes overwhelming evidence of Russian election interference
F35Bs grounded for a day with a bad software upgrade
The Real Threat of #ArtificialIntelligence #fintech @kaifulee #AI
How to Raise Monarch Butterflies #PollinatorWeek
What Science Is Telling Us About The Heart’s Intuitive Intelligence - Via @CollectiveEvol -
Make Your Voice Heard – Sign Our Petitions! #petition #takeaction #resist
Someone literally just drove their bike into this sign
Trump, Pence to attend Mnuchins wedding after Cabinet member spoiled surprise
Jun 18, 1917 - Chicago Tribune: Russias Duma orders its army to resume the offensive #100yearsago
Measuring The #Moat: #ValueCreationChecklist
Ivanka ordered to testify over accusations she copied Italian shoemakers design
Teen shares triumphant photos from the day her mother was told shed beaten cancer
Jun 18, 1917 - Western Mail: D.A. Thomas, Viscount Rhondda takes over as Britains new Food Controller #100yearsago
Incredible Bloomberg para about the the wave of millennial political leaders taking power:
The best days of the week to buy gas, airline tickets, and more
Mr Market $
Zipcar Founder Robin Chase on Upending the Status Quo
Senate Republicans to add penalties for being uninsured in ObamaCare repeal bill: report
Beware the squirrels, @adriennelaf reports
Seal looks like its sorry for your loss but also needs a check before you leave the funeral home
Slatted marble walls shade Casa Chaaltun pool deck in Mexico:
wish i was this bipartisan....
Han dynasty China with a map inset comparing the Han dynasty...
Formation of the modern German empire, A.D. 1914.
Court allows Mississippi law denying services to LGBT people on religious grounds
Ex-ambassador who resigned over Paris deal: I worry about the US remaining a global leader
Your next phone could get its juice from you
How a major food processor eliminated organic waste:
The Encyclopedia Of Alternate Guitar Tunings #musical #instrument #theory
State Department allowing Russian diplomats to roam free in US: report
Trump’s job promises crash into reality as auto industry lays off thousands:
Indias Snapdeal files police case against former heads of local logistics firm
‘White terrorism’ and Donald Trump
How ecstasy is helping adults with autism cope with feelings of anxiety:
Lower-income Americans continue to lag behind in technology adoption.
Senate Republicans unveil Obamacare replacement bill, but fate uncertain
Why are the measles coming back?
Next Digital ‘to outsource 50 designers and artists’ in cost-cut bid
NEW: GOPs internal fight on Planned Parenthood threatens to blow up ObamaCare repeal
Chaffetz: Law enforcement doesnt take threats against lawmakers seriously
Warren: Dems cant have infighting if we want to defeat GOP
Every cladding sample checked for fire safety so far has failed, @PaulBrandITV reports
Commercial paper outstanding climbs by $10.3 billion in a week to $979 billion
The 27 most interesting new features in iOS 11 @Pogue
CIA director: US is facing increased leaks, unprecedented attacks on intel
GOP senator blasts Trumpcare for stripping coverage from ‘millions of Americans’
GOP lawmaker calls for special counsel Mueller to recuse himself from Russia investigation
Family of Michael Brown settles its lawsuit against Ferguson for $1.5 million.
Weather: A brighter day with some decent sunshine ahead
Dems to leadership: Our voters dont care about Russia investigation
Five GOP senators now oppose #HealthcareBill, with one major caveat:
Anthony Kennedy considering retirement from Supreme Court: reports
British lawmakers hit by sustained cyber attack
The 2010 op-ed Senate Republicans don’t want you to read
How many days is Eid al-Fitr celebrated in your country? #EidMubarak
SeaWorld under multiple federal investigations as attendance and revenue plummet: report
Kids today: They dont work summer jobs the way they used to
WATCH: Colbert asks Russia to help him beat Trump in 2020
Tesla confirms work with Shanghai to explore output in China
A culprit comes forward: Behind the fake Whole Foods sign that caused a stir in Anchorage
The Donald Tweets, Journalists Drop All Pretense of Impartiality -
I invested all my spending money in Ethereum (and so did my friends):
How Fungi Could Help Save the Honeybee #PollinatorWeek
What is behind the campaign against Al Jazeera?
As drought looms, could this team of scientists prove cloud seeding works?
China may have the world’s most powerful submarine detector
Piers stop tweeting viral ads for Corbyn
Italy: CasaPound march in Rome against nationality laws for second-generation migrants
Trump asks why Obama didnt take action against Russian interference he called fake news
These senators are leaning no on #TrumpCare. Dont wait until its too late. CALL 202-224-3121
You dont need to be a millionaire to start collecting art From @1843mag
Trump considers leaving Mideast peace talks he once said wont be so difficult: report
Stormzy uses Glastonbury set to demand Grenfell fire answers
Urban Risk Reduction, Preparedness and Financing
Julian Assange bashes Dems, Sanders supporters over dead end Trump-Russia probe
Dan Shapiro on our tribal political environment
New York Times publishes list of every outright lie by Trump since inauguration
Millennials are ditching chains like McDonalds for different kinds of fast food
Heres why working-class women face a terrible stress load
Police Arrest Military Member of Evans Kidnap Gang: #Nigeria
Trump, Pence to attend Mnuchins wedding after Cabinet member spoiled surprise
Still bloody going
Jun 18, 1917 - British Red Cross hospital ward at Le Touquet, northern France #100yearsago
Jun 18, 1917 - British tanks lined up at Rollencourt, northern France #100yearsago
Jun 18, 1917 - British soldiers taking a swim in the English Channel at Etaples, northern France #100yearsago
Ivanka ordered to testify over accusations she copied Italian shoemakers design
Boeing wants to fly planes without pilots.
Jun 18, 1917 - British mothers tend to their wounded sons at hospital at Le Touquet, northern France #100yearsago
The Express, here, with an interesting take on the premise of The Handmaids Tale.
Morgan Stanleys CEO says the dirty little secret is the U.S. economy is doing just fine
Labours Corbyn puts politics center stage at Glastonbury Festival
Texas mom locked toddlers in hot car to punish them — now they’re dead
Jun 18, 1917 - New York Times: Hoover urges US housewives to conserve food in wartime #100yearsago
Bill Clinton delivers grave warning on opioid crisis: It’s going to eat us all alive
Jun 18, 1917 - New York Times: British AA guns and planes shoot down German zeppelin over England #100yearsago
Jun 18, 1917 - New York Times: Catalonia agitates for independence from Spain #100yearsago
Trump reaches out to lawmakers on healthcare as another says no
Rate the contenders at World’s Ugliest Dog Contest
How ecstasy is helping adults with autism cope with feelings of anxiety:


Wolf Richter
Will This Crush the Toronto House Price Bubble Gone Nuts?
2 months ago




Ontario imposes 15% Foreign Buyers Tax, targets “Paper Flipping” by “Property Scalpers” and “Double Ending” Brokers.

The government of the Province of Ontario announced a laundry list of measures to prick the crazy house price bubble in Toronto and surrounding areas. This includes a 15% transfer tax imposed on home sales to non-resident foreign investors, including corporations. It’s aimed at Chinese investors in China that buy homes in Canada to diversify their assets and get them out of harm’s way in their own country.

For them, homes in Toronto (or anywhere outside China) are an asset class denominated in a foreign currency. But these homes also confer other benefits in the event some untoward mishaps occur in China, as these investors appear to half-expect.

The Province of British Columbia imposed a similar measure last August to get a grip on the housing bubble in Vancouver that had long ago spiraled out of control. It had the effect of freezing the market, with home sales volume plunging.

Why now in Toronto? It appears that the attention of Chinese investors has pivoted from Vancouver to Toronto: In March, year-over year, the average price for all types of homes in Toronto soared 33%! It doesn’t take a genius to figure out that this is simply ludicrous.

Canadians have been warned, though perhaps investors in China haven’t gotten the memo yet.

At a press conference on April 12, Bank of Canada Governor Stephen Poloz warned about this ludicrous house price inflation that “has divorced itself from any fundamentals that we can identify.” Prices are in “an unsustainable zone.”

“It’s time we remind folks that prices of houses can go down as well as up. People need to ask themselves very carefully, ‘Why am I buying this house?”’

The industry has been feverishly gushing hype that fundamentals explain why this ludicrous price inflation shouldn’t be considered ludicrous. But Poloz would have none of it:

“There’s no fundamental story that we could tell to justify that kind of inflation rate in housing prices….

Instead, he blamed a “growing role for speculation.”

“For folks who are in the housing market it’s a question of risk management, what would you do if there was a correction? When something has been rising that quickly, of course it’s vulnerable to a correction.”

So get ready for that “correction” – that was his message.

The Ontario government’s “Fair Housing Plan” lists 16 measures, including:

A 15% “Non-Resident Speculation Tax” that applies to individuals who are not citizens or permanent residents of Canada and to foreign corporations buying residential properties of one to six units in the Greater Toronto and Hamilton area plus surrounding regions (the “Greater Golden Horseshoe”). I circled Toronto:

But the transfer tax will not apply to refugees and “nominees” under Ontario’s Immigrant Nominee Program. Further, the government might issue a rebate once the foreign investor obtains permanent resident status or citizenship.

A “vacant homes property tax” of unspecified magnitude in the City of Toronto “and potentially other interested municipalities” to “encourage” owners to either sell unoccupied units or rent them out. This would “address concerns” that homes are “being left vacant by speculators.”

Flexibility to use “property tax tools to help unlock development opportunities,” such as a higher tax on vacant land that has been approved for new housing.

A number of measures for in the rental market, including expansion of existing rent control in Ontario to buildings constructed after 1991 (rent control was limited to buildings built before 1991). It caps rent increases at 2.5% per year. Exceptions apply.

Measures to increase the “affordable housing supply,” such as using “surplus provincial land assets” to develop a mix of market housing and “affordable” housing. Plus, among other goodies, “a targeted $125-million, five-year program” to boost the construction of rental apartment buildings “by rebating a portion of development charges.” Affordable means subsidized. Developers love this language. They’re going to make a killing.

Review “double ending” by brokers “to ensure that consumers are fairly represented in real estate transactions.” Double ending is where one agent represents both the seller and a bidder, thus working both ends of a deal. This has been fingered as a practice that triggers bidding wars and drives up prices. The practice is banned in most provinces but not in Ontario.

A ban on “paper flipping” and similar practices that contribute to “excessive speculation.” Some of it targets flipping homes in the preconstruction market, such as “entering into a contractual agreement to buy a residential unit and assigning it to another person prior to closing.” This measure is targeted at condo speculators who place deposits on multiple units during the construction phase. Just before the building is complete, they sell the title (“assignment flipping”) for a big profit.

A few days ago, Ontario Minister of Finance Charles Sousa called speculators who engage in preconstruction paper-flipping “property scalpers.”

Vancouver’s measures were not nearly as comprehensive. Yet the market froze as non-resident Chinese investors headed to Toronto, Seattle, and elsewhere to buy into the global asset class that North American homes have become.

So where will these stiffed Chinese investors head now? The US? Brokerage firms have long been selling US homes to investors in China. Housing Bubble 2 beckons. But now it has been taken to an altogether new level: the second largest US brokerage firm with 30,000 agents in the US is listing all its US homes in China. Who’s behind it? Read… Warren Buffett’s Berkshire Hathaway Starts to Market US Homes in China