We are Ruled by Mad Men
From telling Californians where, how and for how long to eat their turkey this year, Gov. Newsom has released his Kafka-esque regulations for Thanksgiving dinner through the California Dept of Public Health, in another unscientific attempt to stop the spread of #Covid19.
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Bye Bye Jobs
SAN ANTONIO – Pabst Blue Ribbon has chosen downtown San Antonio over busy Los Angeles for its headquarters.
The San Antonio Economic Development Foundation (SAEDF) confirmed Thursday PBR is moving its headquarters from LA to its Houston Street location.
PBR has operated in San Antonio for years, with about 60 or so employees, according to the SAEDF.
The headquarters are looking to hire up to 25 extra employees in the next few months and is expected to have more than 115 once fully staffed.
Currently, we’re told the company is in the Rand Building and is hiring.
The San Antonio Economic Development Foundation provided us with the following statement.
“San Antonio is ideal for headquarters. We have a culture and economy where professionals have a unique opportunity to build wealth and actually enjoy it, making San Antonio a very attractive city to live in. Pabst's 2019 move to The Rand reflects the company’s affection for downtown San Antonio’s creative energy and speaks volumes about our creative and collaborative business culture—it sends the message that our region is where companies need to be.”
(NBC) - California embattled unemployment benefits agency said Wednesday it has cleared about 246,000 of its more than 1.6 million backlogged claims following a two-week “reset” where it stopped taking new applications so it could improve its technology.
But the agency said it would be January before it clears the backlog, frustrating state lawmakers who questioned the agency's director during a legislative hearing on Wednesday. Sharon Hilliard, executive director of the Employment Development Department, said some people have been waiting as long as five months to get benefits.
“To be honest it’s very hard for us to tell our constituents that we have 100 percent certainty that this will be resolved in the next couple of months given the track record,” said Assemblyman David Chiu, a Democrat from San Francisco.
Hilliard said it will take that long to clear the backlog because “the work is very complex and complicated.”
That Sinking Feeling
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(Zerohedge) - A new report confirms what we've been talking about since the early days (read: here) of the virus pandemic, that is, an exodus out of major cities.
According to real estate analytics company Zumper, the exodus, out of San Francisco has been so great, that the median rent for a one-bedroom apartment collapsed more than 20% in September from a year ago to $2,830. Month over month, September rent for a one-bedroom apartment in the city fell by 7%.
Referring to the plunge in rent prices in San Francisco, Zumper said:
"Not only is this drop among the largest yearly decreases Zumper has ever recorded in our history of tracking rental prices, but it was also the first time the median 1-bed price in San Francisco was priced below $3000. These combined trends show just how drastically the market has changed in the nation's most expensive city to rent."
Zumper CEO Anthemos Georgiades, who was quoted by CNBC, said a flood of supply is hitting the market:
"Some renters may be inclined to move to the suburbs to get more space, as the Covid-19 pandemic spurred companies to close offices and allow employees to work from home. Facebook and Google, for example, have told employees they can work remotely at least through next summer," Georgiades said.
The virus-induced downturn, resulting in the collapse of small businesses citywide, the decimation of low-income households, and high-unemployment, is forcing many folks across the metro area to downsize or move to less expensive areas. He said wildfires and hazardous air conditions were some other reasons for "tipping the balance about their medium-term location choices."
Social unrest and the rise of violent crime have made many folks uncomfortable about raising a family in the dangerous metro area. Many are moving to rural communities of the Bay Area, from Marin County to Napa wine country and south to Monterey's Carmel Valley.
Georgiades said it could take years for San Francisco real estate to heal from its pandemic wounds
