Rep. Porter Explains How a Downturn in Commercial Real Estate Will Hurt Americans
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- Опубликовано: 15 сен 2024
- A downturn in the commercial real estate market won’t just hurt banks; it’ll put hard-working, low-income Americans-like janitors, cleaning staff, and security guards-out of work. In her closing remarks at a recent oversight hearing, Rep. Porter explains that the vibrancy of our local communities is at stake.
It’s hard on people to waste their lives on commuting to offices.
The spaces should not be kept in use to enrich investors or to employ low-income employees to run the building.
I talked to a guy in the banking sector. It's coming. 2008 will happen again, because they've been chipping away at the regulations ever since the put them in place.
Love this lady! I'm not even in her State but have contributed to her campaign. We need more people like her in Congress.
And She's on her way out the door Unfortunately ...
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@@HughJass-jv2lt It's too soon to assume that. It will be a tight race, but it's not over till it's over.
@@mkself3231
She already Lost the _PRIMARY_ amigo...
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She gave up what she’s doing now for a chance at a different job and missed so for next session at least she’ll have to do something else. I hope she finds something worthwhile
@@ariaflame-au
Agreed.
This country is a Lost cause 🔥
It's true those people will lose their jobs, but there are better ways to protect them than by propping up the office property values. Extra unemployment benefits, retraining or relocation assistance, or even giving the companies that employ them tax breaks for transferring those workers elsewhere. Maybe government funds for early retirement for the older employees. The way we view and manage property in this country HAS to change. It's hurting people. Just because a few people will suffer doesn't mean we should try to keep a harmful system going longer.
We need her in Europe too. The voice of reason. Of common sense. An intelligent voice. Founded on facts.
Thank you Porter but Amid the current housing market boom, driven by low mortgage rates and limited housing supply, fierce competition and high prices have become the norm. The pandemic has heightened demand as people seek more spacious and refreshing living environments. However, experts predict a potential slowdown as mortgage rates rise and government foreclosure protections end. Despite this, the market remains active, presenting promising opportunities for both buyers and sellers.
Building a good financial-portfolio is more complex so I would recommend vou seek professional support. This way you can get strategies designed to address your unique long-term goals and financial dreams.
Glad to have stumbled on this conversation. Please can you leave the info of your investment-advisor here? I'm in dire need for one.
Jennafer Beaver Turner is the licensed expert I use. Just research the name. You'd find necessary details to work with a correspondence to set up an appointment.
thank you for sharing your insights Your point was incredibly useful and has provided me with valuable perspective on the matter, i will make my research.
Jennafer discusses topics like insurance, retirement planning, investing, tax benefits, and techniques to reduce investment risk volatility. numerous instances of that. Just Google her complete name to see what it says. Finding her shouldn't be difficult because she is highly recognized.
You are such balm for my political anger. You are an amazing role model. Thank you so much for being so articulate on behalf of so many.
Thanks Katie. I worked as an office cleaner for some time and appreciate your mentioning that these jobs are important to a lot of people.
Katie Porter is the greatest representative I’ve ever seen
I am a bit pissed on how Adam Schiff played politics to knock her out of the senate race.
Too bad she's an anti-democracy ballot harvester.
@@jbonnett1225 yeah. I want to see her grow. I would be so proud to have katie Porter as president. I trust her to have the right priorities with the power given by the people.
Thank you greatly for that point. As someone who works remote, I’ve searched high and low in my area for affordable office space to rent similar to an incubator but all available locations had high rent prices. So, I wonder if commercial real estate should pivot a bit and adopt temporary affordable office space while earning and employing cleaning and janitorial staff.
I love this woman ❤
I love Katie Porter.
👍🏻👍🏿👍🏽👍🏾👍🗳💙🌊💙🌊💙🗽🇺🇸
You got my vote for Senator, and will again if you choose to run.
Thank you for your service to our country.
Love her! 😍
Thank you Katie, you're an informed and intelligent voice in a sea of flotsam.
She's literally arguing for bailing out commercial real estate. Us workers are not going back to the office, that is clear. Why are we going to have all of these buildings sitting there empty subsidized by our tax dollars?
We need more progressives and less liberals
We need meaningful change and not throwing tax dollars at problems
@@TGMisKillingTheMiddleClass
No, she LITERALLY is not, you are obviously not listening or have an inability to comprehend simple English. She is clearly saying, at the end of this clip, to keep the human factor in how this loss is progressed .. that if it is to change that it's done gradually to lessen the hardship with fewer losses of office workers. She sees the trend and the likelihood of it impacting the lives on a basic level of people on the low end of the earning curve. To have a quick loss of office spaces is to impact the economy and people with a sudden loss of jobs. This loss will reverberate throughout our economy on many levels. Katie is sound an alarm for caution, and compassion.
@@TGMisKillingTheMiddleClass
Also, please cite your legitimate sources to support your claim that our tax dollars are going subsidize empty buildings and real estate.
Are you contacting your reps and congress critters to stop the billions we tax payers pay to subsidize highly profitable oil companies and the taxes they don't pay (and some getting massive refunds)?
@@TGMisKillingTheMiddleClass She's "literally" is NOT arguing that. California agencies are requiring employees "back into the office, and it's backed by Governor Newsom....it's a government wide requirement in California. We need more people to not spread misinformation, and be aware of the "literal" changes being made.
While I get it, the rents are too damn high in Georgia a 3 bedroom apt for almost 3 grand a month, not to mention all the cheaply built boxes being thrown up covered with paper and fancy siding in fake subdivision, these "houses" are thrown up in a couple of months using the cheapest materials, and they want 3 hundred grand to a half a mil for these ridiculous boxes, that a strong wind can blow down, not to mention Spirit said in a few years folks living in these houses, when the rain and inclement weather rots the cheap wood, they will get black mold of the lungs, folks when they wake up to this disgraceful scam will walk away from these "houses" who is really behind this hot mess "property" scams? who is investing in the continued fleecing of overworked, hard working underpaid Americans, because I don't see it's the US doing this mess, the minimum wage needs to be raised, while I like Katie Porter and would love to see her as president, I can't ride this commercial disaster and their overseas investors building these "houses" and will surely cause illness later on. We are watching.
Go Katie! Go! We love you.
Its sad she lost last yr
I think you mean the Senate primary two months ago. I'm sorry, too; she will be sorely missed in the House. I'm afraid her decision will leave district 47 in GOP hands again.
Please for the love of god run for office, and never, ever, change. I'm from MD but support you 100%.
Thank you for caring about the Little People like us
I am certain that there are many more members of the committee or subcommittee, and I am appalled that there are but three members present to hear these witnesses!
❤ K.P.
Please don’t give up Katie. We need you!
Got my vote. Keep up the good work.
Katie, you’re one of my favorites and you better run for Prez one day very soon. But this is just one more aspect in America where we do not see human life in fact as with our healthcare system, human life has been reduced to a product, just numbers and codes. It feels like we’re in the middle of the demise of America. It’ll all be corporations and investors, and all their darling offspring.
Katie, you rock!
I love you Katie Porter
Well said. Thank you!
Never heard such a load of shite before.
The cleaners & guards will remain regardless of who owns the building.
THERE NEEDS TO BE CHANGE AND DARN FAST NOT SLOW. NO ONE CARES WHO OWNS THE BUILDING, the people she speaks of are going no where.
NOT ONE DIME TO BAILOUT RICH MILLIONAIRES WHO MADE BAD INVESTMENT DECISIONS.
Kudos for this. It's a very good point.
Katie for Pres!!
I so appreciate your intelligence and wit -- but most of all I appreciate your defense of ordinary people. Orange County is incredibly lucky to have you. Thanks for doing what you do.
The voice of reason.
Rep. Porter, I don’t agree here. Concentrated office space in downtowns did not create a vibrant society. While there may be jobs lost, the jobs gained by a more vibrant mixed use downtown will outweigh it.
LEADERSHIP!
Thank you Katie. We need more thought about the best interests of the average person in congress.
Thecommercial real estate companies will find that their only means of recovery, is to re allocate from commercial to residential space. This is what was done with manufacturing space in cities. In the process, the mechanical trades will be employed for the changeover and the lower income employees will retain their employment.
But closing offices is better for the environment because less commute means less gas emissions. How about get universal basic income so these people don't have to suffer, instead of prioritizing money over the environment? Also, I will remind you that employers do not pay employees for commute.
Katie for President!!
Easy solution: Buy up some commercial real-estate under imminent domain and retrofit or rebuild as high/medium density non-market rate rental purpose housing workers can use.
Katie I hardly disagree with you even when we're on opposite sides of an issue, but the displacement of janitorial staff is incredibly temporary and the fix is definitely not the enable RTO mandates. The solution is probably more like 'create janitorial jobs like community beautification so small businesses hire displaced janitorial staff and the communities are still upkept'.
She may be right but she is also wrong. When Covid hit many people HAD to work from home and many of those workers like it and want to keep going from home. A lot of companies like not having to rent all of that office space. Cars meant a big slow down in the buggy whip industry. Businesses and corporations morph under normal circumstances, that's life.
she talks about low income jobs, but these crooks skeleton crew anything they can to its bare minimum. 2 janitors per highrise office is NOT job creation.
@@julialasseguarde5798
While i love her..
I dont know if she will get back into politics again. The Dem party treated her terribly, taking away great committee places because she asked to many questions
The last thing we need is more intervention by government in the private sector. The real wealth transfer in our country has been from the private sector to government. The waste is staggering and any intervention will result in more taxation. Unsurprising that a California politician always sees more government as a solution.
Spitting nothing but straight facts.
Porter for President ❤
I disagree with you on this Katie. we can't keep propping the economy up, it is all cyclical, unless there's crashes then no one can enter the market as a poor person
Unfortunately, most of the time it's not downturn, it's businesses finding alternative ways of making money, and they're moving to cheaper spaces which pick up the back office workers that lose their jobs in the other building. So, no, it's very rarely the actual loss of jobs, just the relocation of jobs.
Katie Porter would make a great president.
Yeah she would!
It seems that..as young people are increasingly priced out of the home purchasing market, more and more apartment complexes are being built to house those persons. Hopefully, that aspect of commercial real estate and property management can help fill the employment needs of the persons Rep Porter describes.
You should start your Presidential campaign now for the following race.
Katie I am so sorry we are going to lose you, I am just devastated about that we need another hundred of you in Congress. Luv ya bunches. ♥️
Katie Porter for California governor!
Taxation must end and all assets critical to infrastructure must be classified and reinforced with exceptional loan and grant protection, depending on frequency of application.
I'm compelled to watch this entire video because of all the empty chairs in that room. I don't see my representation listening to these concerns.
I've never seen a "smooth and gradual" job loss. Just empty words.
It's really *extremely* unfortunate that Katie Porter will have to leave Congress at the end of this term. She did not win her race for the Senate race; she lost to Adam Schiff.
Bankers should all lose their jobs.
Can’t we turn some of these big corporate towers into housing?… there’s no reason we should take a “loss,” when the remote work movement could lead to other uses for these big buildings! We can give construction crews work, and get people a place to live. As a nation we just need to adapt with the times. I think turning some of these big office buildings into housing, and other things, could be a great move.
Katie for president!
Love ya Katie Porter! Don’t leave us without you in the Congress! Your are absolutely Brilliant
If only Katie Porter were running for president.
The rent is too high there due to greed! Make it $250 per 1000 sq feet
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This is how capitalism should work. Is it important to make money and build the economy? Absolutely. But do it through the lens of putting people first. Those janitors, security guards and office maintenance workers all contribute to the economy too.
This is going to do nothing but protect the interests of the investors.
We could turn those off this buildings into housing and all those security guards and janitors would keep their jobs but we won't because money
@@TGMisKillingTheMiddleClass biggg this. those low income jobs are skeleton crew. 2 janitors per skyscraper is not job creation. return to office culture is purely propaganda from the companies who need their real-estate rented or they will belly up. i say good riddance to those shite companies. WFH forever, RTO is DOA
Wonder how a Porter & Trump debate would go
She is a true Debater . She is compassionate and smart. YOU GIVE HIM HELL KATIE!
People have to get back to the offices! They are paying rent $$$$$$$$$$$$$$$$$ ;-(
So, consider if those commercial real estates were turned into housing. Those people would still have the same jobs in those buildings.
There's a reason she won't get on board with that. I'm starting to believe that she is in the pocket of some very wealthy people...
We should not be throwing money at problems, we should be finding new solutions like the one you suggested. That is the difference between liberalism and progressivism
@@TGMisKillingTheMiddleClass Yeah, this is making me suspicious, too. It's a weird take for her.
@@TGMisKillingTheMiddleClass 100% this is wildly off base from her normal talking points. shes been bought.
Damn CA! You went with the fatcat corporate prig over Katie Porter?
Wtf is wrong with ya’ll?
Change happens the challenge is to find new roles for the “victims “ not to cling to old ways
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☝️🤔particularly apartments or what they now call:townhouses,condos,etc.🤨smh!& wth?rent should never be for apartments the same as a mortgage.it's an absolute disgrace& greed imho! In the housing area.go get em! Girl💖👍😎☝️we're disgusted by the greed.they should be ashamed.😠
🤔☝️all these politicians spew : how to fix the homeless issue? Try caring.& not being greedy.We all know 10 homeless people could fit in your cushy homes closet.you people live too good, while working homeless get harassed for living in their cars that to take a lifetime of car payments.#housing& vehicle people stop being greedy.You are the problem.& you politicians swear you're trying?& gonna look into these issues?😠🤨☝️Real americans go hungry& homeless&starve to.👎while you talk& do nothing. #wake up! Everyone answers to Jesus💖.what will you say?hmm?ya all needed giant closets for your shoes?#smh! 👎😎
is it still world of meelee craft?
Not to mention the ancillary business around the offices. Restaurants, dry cleaners etc
"easy to lose there is a human element" where's Palestine's human element Katie? Free Palestine
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I normally love your content, but this is insane. We should not be using our tax dollars to bail out commercial real estate. You tried to downplay the fact that it would impact investors more than anyone.
If a company cannot survive it does not deserve to survive. We should not be propping up failed businesses we should be starting new industries.
You are clearly a neoliberal, we need more progressives
Say it louder for people in the back!
Shareholders lack of oversight and regulation in game rich exploit poor for long time now.