1931: The ULTIMATE Subscription Money Machine!

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Good day, empowered investors, and welcome to episode 1931, 1931. How are my favorite people doing today? Well, ask them for me and let me know. Just kidding, of course, you're my favorite people. You know, in the world of business, one of the great business models that is a somewhat more recent business model, as you know, you know, from an Internet standpoint, more recent model, but it goes into all sorts of things, is the subscription business model. And if someone is out there looking to acquire a business, if some company wants to acquire a business, they really like these businesses that have subscribers because subscribers represent recurring income rather than big bumps and lumps and ups and downs in the business cycle. It would be like comparing a linear market to a cyclical market. And we've talked about that a zillion times over the last 18 years. So linear versus cyclical. Right. That linear market is 90% and consistent and it just chugs along and does its thing and you make a great return on investment. So that's true when it comes to a real estate investment, for sure. And if someone is out looking to acquire a website business or an Internet business, for example, they want to look at subscription income. In fact, one of the things they refer to a lot is what's called MRR. And if you ever talk to people in the SaaS, a software business like software as a service, they will always be talking about mrr. What's your mrr? And MRR means monthly recurring revenue, a key metric in business. So why does this matter for real estate investors? Well, here's why. Typically, a business that is sort of a typical business to consumer SaaS website business, for example, might charge 20 or $30 a month or 40 or $50 a month for the subscription to whatever they offer, right? And that's all well and good. If they're a business to business B2B product, they charge more. And I know I have a lot of these business to business subscriptions for my companies and they're much more outrageous when you're a business, not a consumer, because they can get away with it. And so, you know, there are different monthly subscriptions, right? But what if there was a subscription business? And I talked about this on our empowered investor pro meeting last night and they were the first person to hear me talk about this. And this idea, by the way, came from a, a very successful friend of mine. You know, we were just kind of talking over the weekend and hashing out business ideas and business models and stuff like that. And he said something really good. He said, well, let me just back that up for a moment, okay? I was talking about his business and he was talking about my businesses and we were talking about other people's businesses and you know, who's the most successful and all of this kind of stuff, right? And he wants to get more into real estate. He's made a lot of money in business. He's got a business that is chugging out nice income and he's making very, very good money from his business. But he is buying some real estate. But he wants to like double down and buy more income properties, right? So we were obviously talking about that. And he says, you know, the ultimate subscription business is investment property. It's income property, right? Think about it. And I've talked about this before at our event. I remember I did this live at our event in Orlando about a year and a half ago where I had everybody raise their hand and I said, you know, the most successful company in the world, by the way. Shame on them. We talked about that on the last episode. That's Apple. Unfortunately, they don't deserve to be that successful because they've got all kinds of monopolistic, ugly, greedy trade practices, right? And that's just the way it works. Hey, by the way, you see the dog back there in the video? There she is on the sofa. Anyway, so, you know, shame on Apple for shutting down the airdrop in China. Shame on them for all their dirty deeds. For threatening to take Twitter out of the App Store because God forbid you might have free speech. I mean, you know, I know, Tim, you're scared of free speech because your ideas can't withstand the scrutiny of debate. You know, that's the problem. Hey, by the way, tangent alert here. About 20 years ago, and I've told you this before, about 20 years ago, I wrote an article that was published in an industry magazine. And the article was entitled the Monologue Media versus the Dialogue Media. And I tell you, at no time has this ever been maybe more important than it is nowadays. Because if you think about it, historically, all of the monologue media, meaning one way media, mostly one way media, newspapers, book publishing, of course, television, radio, right? It was all one way. It's a monologue. The media says the thing and you get to listen to it. We get to listen to it as consumers. But that's the monologue media. Before the Internet, AM radio in the 80s and the 90s was like this. Well, really in the 80s and the 70s for sure, was a dying medium. Like nobody cared about AM radio just got almost no attention. But there was one guy who changed history, and that was. And you know, whatever you think of them, okay, it doesn't matter. The point is, the lesson is still the same. This person did change history in a very big way, and that is the late Rush Limbaugh, because he made AM radio a thing when it was a totally dying thing. He basically created the talk radio industry by popularizing AM radio, okay? And AM radio was a dialogue media, okay? It was one of the first. Maybe it really was the first in any real way ever for humanity, okay? Because always before was monologue. We say something, you listen to it, we publish something, you read it. You know, that's the deal, right? Monologue media. And the dialogue happened on AM because. Because AM really was all about taking calls and having callers. And the callers would call in and they would challenge the host and they would say to the host, look, you're out of your mind, Rush Limbaugh, you're an idiot. You know, whatever, right? And they would debate issues, and that was really healthy, in my opinion. Of course, debate, right? And interestingly, the right side of the political aisle dominated AM radio. Now, the left side of the political aisle tried it and they had this new network called Air America. Remember Air America? Well, it was a total disaster. It went bankrupt. Nobody wanted to listen to it. You had Rachel Maddow on there complaining about George Bush, like, who cares? Okay? And it was just dumb, right? It just wasn't interesting. I tried to listen to it over and over and over again and it was just not compelling at all. So the blogosphere, then we got to the days of the Internet, when the Internet started taking off late 90s, early 2000s, and people started publishing on blogs. They would write things on blogs. And this was before podcasting, which was about 2004ish, when the RSS feed concept was developed by a VH1VJ, a video DJ. And people would publish on blogs. And on the blogs, guess what? People reading them could comment and they could challenge the views of the person who wrote the blog post the article, and they could say, hey, look, you're out of your mind, Ben, you crazy. You know, this is, this is stupid, right? Or some, of course, could agree and compliment the writer. And that was a dialogue media, right? So AM radio and the blogosphere was dominated by the right side of the political aisle. And the monologue media, on the other hand, was dominated by the left side of the political aisle. By the way, we're going to talk a lot about real estate today. This is not a 10th episode show like the last one was. So we'll get there in just a moment. I warned you. I'm on a little tangent here. I'm almost finished with the tangent. And it's just interesting to see how that evolved. And then we get to social media, right? Fake book. Well, really was the one before that MySpace? I never got into that one, but MySpace came up, Facebook came up, and the rest is history, right? And so in the beginning of social media, it was a dialogue medium and it was beautiful. People could talk, people could share ideas, they could argue, they could debate, whatever, right? And it was great. And then right around January, something in 2020, you know what happened then? Right after the erection.

And after the erection, the tech companies really, really suppressed the dialogue. Now they were suppressing it long before that, okay? FakeBook was canceling fake book. Groups that had right leaning people discussing ideas and sharing ideas and organizing Tea party things and all that kind of stuff, right? They were infamous for doing that. It was disgusting what they were doing, right? And Google suppressed it and they changed the search engine results so you would only see what they wanted you to see. It's just, it's Orwellian, and I don't use that term lightly. A lot of people use the Orwellian, George Orwell, 1984, very carelessly. But it really was very Orwellian and Fahrenheit 451 and Atlas Shrugged and Brave New World. Okay? It's all of those things, right? And that's the world we live in, unfortunately. But thankfully, with Elon Musk and Twitter, hopefully we're seeing that pendulum is going to swing back. And if these other disgusting companies want to be competitive with the new free speech platform, they're going to have to change their ways or they're going to go out of business, or they're just going to be sort of nothing, right? And hopefully that'll happen. Hopefully the market will speak that freedom of speech matters, and it matters a lot. And the kind of thought police activity that we've been suffering through is the biggest problem facing humanity. There is absolutely no bigger problem facing humanity than the thought police. So take that for what it's worth. Back to real estate. And I got a lot of stuff to show you. So thank you for allowing my tangent. Okay, so think about it. Oh, here's where I got off on the tangent was the Apple example, right? So I asked the audience at the Orlando event. I said, how many of you buy Apple products? How many of you have an iPhone? You know, And a bunch of people held up their hand. Then, you know, I said, do use their other products, you know, the watch, the, you know, computers and so forth. And a bunch of people raised their hand, right? And I said, how often do you get a new phone? Maybe every two years on average, how often do you get a new computer? Maybe every four years. How often are you going to get a new watch? Maybe every two years, right? Like every other cycle. And you know, on average, how much money do you spend with the most successful company, unfortunately, the human race has ever known? Apple. Okay? And you know, I said, well, maybe on average, do you spend $1,000 or $1,500 per year? And, you know, a lot of people sort of agreed that that's kind of a reasonable number. And for that average person, think about it. This is the most successful company humanity has ever known. A thousand dollars a year is their capture, right? And they have all sorts of subscription services. We know that we got icloud and we got music and all this stuff, crap. And they overcharge you for everything on that. And their audiobooks are much more expensive than they are on Audible or Amazon. They're just a greedy, disgusting company. That's what they are. But whatever, they do make products people like, I like them, obviously, and yada, yada, whatever, but that's their capture rate for the World's most successful company. But we as real estate investors in our subscription business, right? What do you pay? $10 a month for iCloud or $10 a month for Apple Music or whatever, or Spotify or Pandora or any of these. Okay, Our capture rate is 33 to 40% of someone's monthly income in rent. That's our subscription business. A rent is a subscription, essentially. So when your tenants, when their leases come up for renewal, just ask them if they want to renew their subscription. And by the way, we're raising the price of your subscription. It goes up by 4 to 5% every year, hopefully, right? You got to raise your subscription fees. So real estate income property is the ultimate subscription business. Okay? Now competitors listening to this, don't fucking steal my point here, okay? Get your own ideas. You people. I'm so disgusted with my ideas getting stolen all the time. But I guess imitation is the sincerest form of flattery. Okay, so ultimate subscription business. Congratulations. You already own it. So good for you. All right, let's move on. So, market indices. I just wanted to show this to you because this really goes back to the point of Tina T I N A. There is no alternative, right? And when we look at what our options are for our capital, how are we going to use our capital? What are we going to invest in? Right? I will freely tell you that the market has massively shifted with these higher interest rates. It's a challenge, but what else are you going to do, right? What else are you going to do? Okay, what else is there? Here's the Dow Jones Industrial average year to date down over 5%. The NASDAQ down 27% year to date. Ouch.

Yikes. 27% loss, S&P down basically 15%. Russell2016%. You know, it's unbelievable. And look at the fed funds rate, how much that has increased. Okay? And I don't have to tell you about mortgage rates, right, because it's related. But we can only choose the best option at the time. And the beauty of income Property is we can constantly renegotiate the deal as we go through time. That is the absolutely unique feature of income property. Okay? So it's the ultimate subscription business. And I just did want to tell you that next Tuesday we have another live stream with myself, Ken McElroy and George Gammon, and that is going to be on my YouTube channel. So be sure to check that out. If you have questions for us, bring them and you can engage directly in our dialogue media. Dialogue media. We don't do monologue. Media over here. I know you might think this is a monologue, but it's not. Because if you're watching this on video, you can comment below and read those comments. And if we don't always respond in the comment section, it goes into the computer and it comes out on a future episode. Okay? So make your comments, comment down below. Love to read your comments. And by the way, if you're watching on video, give us a thumbs up and turn on the notifications as well. Anyway, so join us for the live Stream next Tuesday, 4:00pm Pacific Time, 7:00pm Eastern Time. That's the Dialogue Media with us. Three amigos. Okay, all right. You know, when looking at the cryptocurrency world, it's just absolutely crazy right now. It's a disaster. I mean, you know, it doesn't need to be said that it's a disaster. But what is interesting is this article that I found. And this is on the European Central bank website, the ECB website. So this is a big deal that this would be on the website of a central bank. Think of it, it's like going to the Federal Reserve website and seeing an article like this. I mean, this is, this is a big deal. Okay. And so it says Bitcoin's last stand and this Ulrich Binseel and whatever, I don't know, I can't pronounce it. I'm not going to try. Okay. Anyway, this article is talking about how Bitcoin is doomed now. I hope they're wrong. I own some bitcoin, okay? I don't want them to be right. I'd love nothing more than to see a decentralized currency of the people not controlled by central planners. I would absolutely love that. Right. And you know, the article says Bitcoin is rarely used for legal transactions. Well, the euro and the dollar are used for lots of illegal transactions too, and they can't be traced very easily at all. Bitcoin is actually much less private and more traceable because all of those wallet addresses are on the blockchain. Right. So it says Bitcoin was created to overcome the existing monetary and financial system in 2008. And then Satoshi yada yada. Since then, Bitcoin has been marketed as a global, decentralized digital currency. However, Bitcoin's conceptual design and technological shortcomings make it questionable as a means of payment. That's actually true and it's unfortunate. So it's being used more as a store of wealth and there's been a lot of speculation and you know, anything that doesn't produce income is not an investment, according to yours truly. So big bitcoin investors have the strongest incentives to keep the euphoria going. This article is very critical of bitcoin and it carries a lot of clout, unfortunately. Okay. It goes on to say promoting bitcoin bears a reputational risk for banks. So look at what they're trying to do here. They're trying to basically embarrass any bankers that would be in favor of bitcoin or and of course, other cryptocurrencies. Right. You know, you saw Jamie Dimon, the hypocrite at JP Morgan, JP Morgan Chase come out. At first he says bitcoin. Basically he agreed with Charlie Munger and Warren Buffett. You know, bitcoin is rat poison, you know, essentially. And then he turned around and said, oh, I can make money off of bitcoin, so let's start a bitcoin fund. You know, let's start using bitcoin in our business because we can, we can make money off of it. Right? These people have no principles whatsoever. They're just greedy money, money hungry. That's it. That's all it's about for them. Right? Well, I guess that's not fair. That's not a fair statement. You know, I try to be a fair guy. I'm going to walk that back. Okay? They do have principles. Their principles are to take from and control all of us. Those are their principles. That's me walking it back. Okay. Yeah, it's absolutely appalling what they do. Okay, so that's the bitcoin thing. But look, folks, the cryptocurrencies and bitcoin, because bitcoin is a unique cryptocurrency in a class by itself, it's the best of the bunch. But as I have said a zillion times, you've heard it. If you're a regular listener, I would love nothing more than to see bitcoin take over the world. It'd be great. But I don't think it's going to happen. Because the most powerful entities in human history, governments and central banks, do not want the competition. Their currency is their product and bitcoin is its competitor. I know it's not exactly a competitor. I can, you know, I can see the comments below and go ahead and comment. You know, if you're not listening on the podcast, you can't comment on the podcast, but you can always go to jason hartman.com ask and ask not ass. Go to jasonartman.com ask.

And leave your comments There. And we'll get those. And we'd love to have them. Comments, questions, what about them? On future episodes. But. So we are a dialogue media, but if you're watching on a video platform, you can just comment below. You know, I get it about the distinctions, believe me, I understand them. But again, you know, it's just these entities are too. These forces are too powerful against this stuff. And I hope I'm wrong. I hope it succeeds wildly. Okay, this chart up on the screen. Housing Affordability Price Index. So this is a unique price index, similar to my second favorite index, which is the first American Real Home Price Index, the rh. What's that? Rhpi? Yeah, something like that. Anyway, I like their index. It's not as good as mine, the Hartman Comparison Index, but it's the second best one because of course, mine's the best one. And I'm so humble. And the real House price index does it better than these other indices out there because what they do is they consider the mortgage payments versus income and inflation, right? They consider all of this stuff. They don't care about the house prices. Why should you care about the house price? You know what's got to happen, folks? A big shift has got to happen in the world, on Zillow, in the MLS systems, on the other home buying websites. You know what's got to happen? Not a new idea from me, but I'm going to repeat it. What's got to happen is you've got to be able to sort by house payment rather than price, because that's what matters to the vast majority of people. Yet when we talk about, are we in a bubble? Is the market going to change? Is it going to crash? Is it going to go up, down or sideways? It's always about the home prices. Home prices are higher than they were in 2007, before the great Recession. Well, who cares? Is that nominal home prices or real home prices? In other words, adjusted for inflation or not, constant dollars or nominal dollars, that's the first thing. But then what about compared to everything else? What about compared to incomes? What about compared, you know, to the actual mortgage payment on that house, adjusting for interest rate? It's insane, folks. Like how. How is it that we're supposed to be in this advanced modern society yet? Just the most obvious things that even I can figure out, and hey, I'm no statistician, obviously, that even I can figure out, we still have these systems that just are. They're just silly. Why is the case Shiller Index talking about house prices.

When two years ago. We have the lowest interest rates in 5,000 years. And the Case Shiller Index is talking about, well, here's the house prices compared to what they were in the past. Like, so what.

What I want to know is what's the payment? What's the affordability of that house? Right. So anyway, this index is pretty good. And this is from calculated risk. So going back to 1976, 100 is the baseline here in 1976. Okay. And then we see by 1982, house prices went through the roof. But that's not really house prices, it's affordability. Because what happened in 1982? Well, we had these insanely high Paul Volcker interest rates and it made housing very unaffordable. So of course, now that doesn't mean the house prices were that high. You know, they had gone up in the late 70s, of course, but they didn't go up that much because here we went from 100 to 200, okay? And it was terrible, right? And you can see we were in a big recession thanks to Paul Volcker because he knocked the interest rates out of the park. And finally he backed off on the interest rates after he broke the back of inflation. And we saw housing affordability be really pretty darn good in the 90s. Okay, housing affordability very good there. Then housing affordability was very good into the post 911 world because rates, they lowered the rates again to stimulate the economy after the 911 terrorist attacks. Then the housing affordability got very bad and we went into the Great Recession. Right? And then after the Great Recession, pendulum's always swinging back and forth. Housing affordability got better and people jumped in the market. And look, this last 10 years was a total anomaly. Maybe call it 12 years total anomaly. I mean, housing was cheaper on a real basis than it's really ever been since 1976, probably in many of your lifetimes, or at least adult lifetimes. So why is.

Just blows my mind how people.

Publish these statistics and talk about this stuff on the media. They talk about the last two years as though it's a benchmark. It's not. It's an exception. It's an anomaly. It should be thrown out. The last two years were insanity. Like that's never going to happen again probably. Okay, we can't compare things to the last two years. But what we do see here is that housing affordability is getting bad again. Now I want to show you something. Okay, look at this. So here is the year over year change in mortgage payments through mid October and new home sales through August of 2022. Right. So remember, there's always this lag, okay? And that's the problem with real estate. It makes it a little hard to figure out because you have these lag times. Right? So the red line is year over year change in principal and interest payments. Now the one thing I don't know, I mean like. And why doesn't it tell us this? Why isn't the publisher of this chart, like required to disclose this? I don't know if these payments are inflation adjusted.

I just don't know. Okay? It's not my chart. So anyway, year over year change in principal, interest, mortgage payments. So the P and I payments and then year over year change in new home sales. So this is sales volume, not to be confused with sales prices. Those are different. Sales volume could decline. Well, prices stay the same or go up. Right. Or sales volume could decline and prices could decline. It depends. It just depends on what's going on. Right. So the commentary here is this is a noisy but generally when interest rates are, that's the red are rising, the red line, new home sales are usually falling. That's the blue line. And when interest rates are falling, new home sales are rising. Well, that's pretty logical, right? The housing bust slash financial crisis saw new home sales fall with declining interest rates. Since there were so many distressed sales.

Now this time around, we've talked about it ad nauseum on past episodes. We just don't have much distress from the part of homeowners out there. We just got to have some distressed homeowners. If you want to have a real estate crash, folks, so if you're holding your breath for that, but let's just wait to see some real massive number of homeowners being distressed. And I say that's not going to happen because they've got 28 or 29 years left on these ultra cheap mortgages. And 40% are free and clear. 65% have mortgages below 4%. Of all the properties in the country, 40% are paid off and 25% of all the mortgages in the country are below 3%. It's going to take a lot of economic disaster for those people to get distressed in any big numbers. And you got to have that to have a crash. So very, very unlikely. Now during the Great Recession, okay, when we're looking back 14 years, you had a lot of distressed sellers. But this time around it's a whole different animal, folks. All right, don't forget to go to Jason hartman.com or empoweredinvestor.com live and get your tickets for our upcoming event in Scottsdale at the end of January. We got a great conference plan for you and it's going to be super duper awesome. The last early bird option is going to be expiring soon, so that'll be your last chance to get that early bird deal. Jason hartman.com Go get your tickets and join us in Scottsdale. That's going to be a phenomenal event. We got a couple more speakers we're about to announce too, so stay tuned for that. Okay, here's a little more on Apple. We talked last episode about the airdrop restriction, but I just wanted to play a little bit of this video because I thought it was pretty interesting. So let's just listen into this for a moment.

Hey guys, welcome to the Liberal Hive Mind, a channel solely focused on exposing the abundant hypocrisy of the left. You know what they say, don't throw stones if you live in a glass house. And we'll add on top of that what I like to say. There's that old saying, show me your father friends and I'll tell you who you are. Well, I like to say, show me your enemies. Show me who's attacking you and I'll know exactly who you are. And in Elon Musk's case, he's being attacked by a bunch of raging SJW, lunatic authoritarian leftists, antifa, and now Apple, Apple Inc. The most.

Tell us how you really feel.

Virtuous. Of virtuous.

Well, show me who your enemies are and show me who's attacking you. And I know exactly who you are. The more they attack him, the more I like them. Very similar to the whole situation with Donald Trump. We're somehow supposed to believe that Elon Musk is a terrible fascist, evil billionaire man and Apple is the good guy. Apple is the virtuous company fighting for democracy or, I don't know, some garbage. Yeah, let me just tell you, I wasn't born yesterday. Not gonna buy it. Not buying it.

This guy is funny. I mean, just his sarcasm is hilarious.

Never gonna buy it. And that's basically what we gotta cover today if Apple really wants to take this battle. Well then let's go over the facts, shall we? You certainly know, the bought and paid for shill media that's dependent on Apple's advertising spending is certainly not gonna tell you the truth. Certainly not gonna outline the absolutely clear hypocrisy.

So if they won't, it's like always, folks. Follow the money. All you got to do is Follow the money and you're going to know exactly what's going on. Right. Just follow the money and you've got the motivation figured out.

We will. We got some stuff to get into, so let's roll the tape. All right, folks, so it's here exactly as we were expecting based on little moves that we were seeing from Apple on Twitter. Apple Inc. Is officially threatening Elon Musk's Twitter with an App Store removal in what can honestly only be called corporate blackmail. Elon Musk confirms Apple has also threatened to withhold Twitter from its App Store, but won't tell us why. And this tweet comes in a set. Apple has mostly stopped advertising on Twitter as well. Do they hate free speech in America? What's going on here at Tim Cook Elon Musk tweets.

That's now they did reverse this partially. Okay. They sort of cooled the hostilities here and Apple agreed to start advertising again in to a lesser degree. But you know, this is just blackmail. It's disgusting. I mean, how can anybody with a straight face support this company? And Tim Cook, I mean, what is his problem? I don't like people to be able to say things. I mean, unbelievable. It's just totalitarian dictatorship. It's absolutely disgusting.

It's a great question. What exactly is the issue? Apple removing ads from the platform and now threatening to remove Twitter from your App Store? Is freestyle speech and democracy really that much of a problem for you? It seems as though that's probably the case. Apple cannot stand losing control over the narrative. Actually, here's great insight. Billionaire Laureen Powell Jobs, Steve Jobs widow who owns the Atlantic, has a major stake in axios and owns 7% of Disney and many other media outlets.

Now listen to this, Listen to this. Kind of just massive arrogance. And this is Steve Jobs ex wife. Okay, well, I don't know. Ex wife. Were they married when he passed away? I don't know. Anyway, but here it is.

It was pretty obvious to me that we could build, you know, we, we build out in a very cross disciplinary way our work in, you know, capital investing and policy and philanthropy. And we could do this work, work forever and ever. And we could have the narrative overtaken by, by someone who's, who has a lot of power, who's completely contrary to us.

And we, I mean, they're talking about Elon Musk here, right? And that's Kamala Harris sitting next to her. And you know, maybe she should just focus on getting some more lip injections. I don't know. But this is just unbelievable. These, these, the way these elites are, it's insane.

We could never get to the place where we think we're part of a more just and equal society.

And so not just an equal. Your narrative, that's the one that gets to be.

Insane. You know, oh, someone powerful comes in like Elon Musk. Right. Well, what. You've been the power broker for all these years and you're ilk. It's just, this is. Folks, this is the biggest problem facing humanity. You should be worried about this.

It was obvious that if we could be part of.

The creation of cultural narrative.

That would enhance and amplify all the work that we're doing, which is. Hillary Clinton talked about today is telling the story, getting the content out there. Yeah, she was.

So these are, these are early days for us. But that's, that's the idea behind it. We want to inspire the kind of stories that we'd like to see told. Do you ever see you buying something bigger, like the New York Times, for example? Is it for sale? It could be for you.

Control over the narrative.

Can. Can you believe this? I mean, Jeff Bezos got the Washington Post. You know, imagine if, if someone like her gets her hands on the New York Times. I mean, it's bad enough as it is, right? It's New York Times is so just. None of this stuff is even journalism anymore. I mean, it's just, it's just agenda. It's, it's, it's just promotion. It's pr.

That's all it is, is very important to these people. Apparently a whole lot more important than democracy and the basic right to free speech. What we are seeing is the real billionaire class. You know, leftoids are always Talking about the 1%, the corrupt billionaire class. Well, this right here is it. Billionaires who in many cases are leftoid billionaires who own these massive companies, whether it be media outlets or mega corporations with huge ad budgets, either outright controlling these networks, media companies and outlets, or controlling them with their ad spending dollars. Do as we say or else. And in Apple's case, do as we say or we'll kick you off our app store. I don't know about you guys, but that seems like an antitrust monopoly issue to me. Twitter in a certain way is a direct competitor to Apple and Google. How is it even legal that they can threaten to remove a competitor from their app stores? And it's especially more questionable considering they basically own a monopoly or an oligarchy when it comes to app stores in general. But of course, monopoly or not, what I'D like to focus on is really the hypocrisy.

Anyway, you get the idea, folks, but it's just, this is the biggest deal. Spread the word. Share this episode, share these shows, share these ideas with people, your friends and your family. And remember the next time, you know, in the future, maybe they're going to be controlling the leftist. Maybe, maybe the pendulum will swing and all the right wing people are going to be in control of these media outlets and then, you know, they're going to control the narrative. Do you want that? No. How about if we just have a neutral situation where people can debate and they can talk and they can share ideas and they can argue about it and that's the way problems get solved. Okay. All right. So we talked about multifamily construction versus single family construction. And I'll wrap it up with this today here in a moment. But it says this article, multi unit construction staying steady for now while single family home construction slides. And this is great news, okay, for us as investors in single family homes. Now, if we're investing in apartments, we gotta be careful, like I've told you. So you see the housing starts and the building permits and these mostly are in lockstep. But I think I've got a better chart here. This is better. This is the national association of Home Builders. The NAHB has a telling chart in their coverage of single versus multifamily construction. It shows the buildup of multifamily units under construction and the decline of single family units, folks. I mean, we're going to have a lot less competition and that's also going to push prices of single family homes higher. Even in an environment where we've got these high interest rates because there's just less of them. It's just basic supply and demand. Okay? And you can see on this chart a massive amount in red of multifamily construction and a much lower amount of single family construction. Okay? And of course, there's been this massive shortage over the last decade of single family construction. And this is especially true for entry level single family homes. All right, in separate coverage of multifamily confidence, the NAHB notes, quote, even though the number of multi family units under construction is at its highest level since December of 1973. Wow. The highest level since December of 1973. Think about what was going on in 1973. Vietnam War had just ended. When did that exactly end? Like 72, I think. And then Nixon had resigned. We had Watergate scandal, Nixon resigned and we had a massive number of baby boomers needing homes. I mean, these people were born in Lakewood, California, and, you know, post World War II or Levittown, New Jersey, and they were just growing up and they needed housing. And so we have now exceeded the highest level of construction of multifamily apartments since 1973. And multifamily construction spending continues to increase. Developers are starting to see signs of a slowdown, as evident by this quarter's results. So again, if you're in the multifamily space, be cautious because there's a lot of units coming online and that's bound to suppress rents and make financing more difficult to obtain and suppress prices as well. Whereas single family is doing the opposite. Okay, so we'll see what happens. All right, let's wrap it up for today. Just want to thank all of you. Be sure to go to jasonhartman.com, get your tickets for Empowered Investor live coming up in beautiful Scottsdale, Arizona. If you are in one of those colder places in the northern climates, come on down to beautiful Scottsdale. Get some nice weather in January. You can escape winter for a while and we'd love to see you there. It's going to be an awesome event. We have got just some phenomenal speakers, some phenomenal content. Our local market specialists will be there, lenders will be there, all the resources you need to be a great empowered investor. And again, we provide the complete solution for real estate investors. So go to jasonartman.com to learn more. And until the next episode, happy investing.

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