Search Results for: The Billfold

A man with $90,000 in debt makes some hard decisions about his life—starting with a trip to Kosovo for an IT job: 

Of course, all I understood at the time was JOB INTERVIEW and VIENNA. Prior to my application, I had never heard of the OSCE, and I knew next to nothing about Kosovo. My IT skills were rudimentary and my management experience nonexistent. I was mystified why I got a call. I was so completely unqualified for this job, I might have treated this like a mini-vacation but for one significant fact: the salary. The job paid $85,000 a year, tax-free (due to the glorious Foreign Earned Income Exclusion). This was an incomprehensible amount of money. It would fix everything. The pressure to do well in this interview, just for this one small chance at a dream life and the magical solution to all of my problems, was intense.

I flew to Vienna two weeks later and interviewed the next morning in a small yellow room. It was 10 a.m.—4 a.m. EST. There was a panel, chaired by my would-be boss, a taciturn Austrian man. I was dressed in a garish blue Hugo Boss sport coat that I picked up at Century 21 a week earlier. I was over caffeinated, jet lagged, and clammy. I made nervous self-deprecating jokes, which translated poorly between our cultures. It was a disaster from start to finish. I left the interview thinking, ‘Thanks for the free trip to Vienna.’ I spent the rest of the day squandering my remaining per diem on beer and meat, refusing to think about what might have been. The next morning I flew home.

“Crushing Debt Drove Me to Kosovo — And Then to Iraq.” Anonymous, The Billfold

More from The Billfold

A writer, out of money, is forced to part ways with his dream guitar:

The first hospital bill arrived in late June. My eyes roamed its surface: “If paying by check…” “YOU ARE RESPONSIBLE FOR YOUR BILL. PLEASE PAY THE BALANCE AS SOON AS POSSIBLE.” “Please pay this amount…” Along came the dizzying despondency of the Amount Due, four figures comprising the deductibles left over from a six-day stay and ER consultations and minor surgery and X-rays and everything else a troop of professionals provides to keep patients alive and well at Lenox Hill Hospital. More bills followed—consultations here, outpatient follow-ups there. As sure as I felt my preexisting vortex of personal financial ruin gather strength around me, its waves tickling and willing the bills into whispering tremors in my hand, I knew how all of this would end: I would sell the Bean.

“The Past 14 Years: Bought Dream Guitar, Checked Into Psych Ward, Sold Dream Guitar.” — S.T. VanAirsdale, The Billfold

Looking Back On the Last Housing Bubble From the Precipice of the Next One

(Getty)

I could have used a trigger warning for Ryan Dezember’s recent Wall Street Journal essay commemorating the 10th anniversary of the bursting of the housing bubble.

Dezember writes about getting stuck for more than a decade with a deeply devalued house he’d bought on the Alabama Gulf Coast at a speculator’s price during the market’s peak in 2005.

My husband and I had a similar experience. Around the same time, we paid asking price for a house in Rosendale, New York, a depressed town in the Hudson Valley, after our lower offer was rejected. “Rosendale is really coming up now,” the owner argued. Two years later, the bubble burst, and Chase cut off the home equity line of credit we’d been using to renovate, saying we were now under water. In their opinion, our house was worth about 30 percent less than what we owed on it.

Due to the recession, we had less work, our incomes dropped, and the price of oil soared, making it hard for us to heat the house and pay the mortgage. We tried taking in a tenant, but for a variety of reasons, that was only workable for a month. We looked into ways to convert the house into a two-family so it would bring in income, but that would have meant borrowing money on credit cards to hopefully, maybe make some money. Eventually, we rented the whole place out and moved to an apartment in nearby Kingston.

Dezember’s experience was much more dramatic and painful than ours: His marriage fell apart, ours is intact; his renters used the place as a drug depot, while ours are actually about to buy our house (we close next Thursday!). And our home’s value has healthily rebounded to the point that we’re not losing too much of what we put into the place.

Now we find ourselves looking for a new home to buy in suddenly-chic Kingston, where we’ve been renting for four years, and where prices have quickly come to feel artificially inflated. We worry we’re about to buy into yet another housing bubble. How long before this one bursts? Dezember writes:

At a staff meeting last summer, my editors at the Journal put out a call for stories to commemorate the 10th anniversary of the housing crash. One colleague pitched a story about young Wall Street types who viewed the crisis as a historical event. Such a story would have never occurred to me. As far as I was concerned, the housing crisis had ended just a few weeks earlier.

About 2.5 million American homes are still worth less than their mortgage debt, according to estimates by CoreLogic . That is about double what it should be in an otherwise healthy market, said Frank Nothaft, CoreLogic’s chief economist.

Those of us who have emerged from underwater missed the chance to buy low. Home prices in many markets now exceed their 2006 peaks.

Investors such as Mr. Schwarzman who amassed thousands of houses to rent have bet more than $40 billion wagering that the crisis was so traumatic for people like me, and so destructive to our finances, that we’ll be renters forever. They may be right.

At a wedding I attended recently, I met a real-estate broker who touted the riches to be made by buying units in the glassy residential towers popping up along the waterfront in Brooklyn, where I live. No matter how slapdash the construction, she said, prices have only one direction to go.

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‘Trump Wouldn’t Be President Without the Neoliberalization of New York City’

Author portrait by Chris Schulz

Sari Botton | Longreads | July 2017 | 18 minutes (4,600 words)

In 2007, when a writer going by the pseudonym of “Jeremiah Moss” launched the blog Vanishing New York lamenting the closure of one iconic small business after another due to rapidly escalating rents, I was instantly hooked. It wasn’t long after, though, that I started to notice some major publications dismissing Moss as cranky, overly nostalgic, and naive about the inevitabilities of gentrification. I remember disagreeing with those assessments, and wondering whether I was missing something, or the writers of those pieces were.

It wasn’t until I read Moss’s new book, Vanishing New York: How a Great City Lost its Soul, that I fully put it together: the difference between those writers and me was that I had lost my place in New York City. In 2005, when I was evicted from my apartment in the East Village so that a famous filmmaker could pay four times my rent, my foothold there, well, vanished. As a casualty myself of New York’s rising rents, I heard Moss’s message loud and clear.

Now I’m living in Kingston, New York, where, as was entirely predictable to me, a new tidal wave of what Moss calls “hyper-gentrification” threatens to displace me once again.

Last week I met with Moss — who recently came out from under cover in a New Yorker profile as psychoanalyst Griffin Hansbury — at a Cafe in the East Village, to talk about his book (we have an excerpt), and how artists and creatives like me can hang on, and play a different role, when outside money starts rolling in to the depressed areas we move to.

So, should I be talking to you as Griffin or Jeremiah?

I think Jeremiah.

Is the main reason you used a pseudonym, and didn’t go to your own demonstrations, that you’re a therapist?

Not really. The time I started to blog I was working as a social worker at a LGBT community clinic and I was doing copyrighting and copyediting freelance on the side to make ends meet, and I was just starting to get my private practice off the ground. So that’s where I was. When I started to blog, I didn’t put a lot of thought into it. I was sitting on my bed one night and was like, “Oh, I could do a blog. I have all these pictures and journal entries and why not?” And I had written this novel that’s not published about a guy named Jeremiah Moss and I liked writing in his voice. I wanted to keep writing in his voice.

Is his voice very different from yours?

No, not really. But it’s distilled . I just put the blog and the book in his name to kind of keep it separate and not have to worry about. It’s just easier.
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Millennial to Millionaire: Stop Blaming Avocado Toast for Why We’re Not Buying Houses

Photo Credit: T.Tseng/Flickr

Millennials rarely get a fair shake when it comes to, well, anything written about them, which is why it isn’t surprising to see a misguided post from TIME magazine today blaming the low rate of home ownership among millennials on their apparently voracious appetite for avocado toast.

“When I was trying to buy my first home, I wasn’t buying smashed avocado for $19 and four coffees at $4 each,” millionaire Tim Gurner says, also blaming millennials’ annual trips to Europe every year as the reason why they can’t afford to buy homes.

He continues, “The people that own homes today worked very, very hard for it, saved every dollar, did everything they could to get up the property investment ladder,” conveniently failing to mention the housing bubble and subsequent crash that occurred in the last decade due to poorly regulated banks that approved mortgages for millions of people who they knew could not afford to pay them back. For Gurner, it’s easier to blame rampant spending on avocados and lattes for today’s low home ownership rates than on post-recession regulation of predatory lending practices that have prevented banks from handing out mortgages like candy.

Guess what, Gurner: According to the New York Times, Federal Reserve data shows that the percentage of Americans under 35 who hold credit card debt has fallen to its lowest level since 1989, the year Taylor Swift was born into this world. If millennials are having trouble controlling their spending, the data does not show it. Read more…

The Man Who Put Down Clay

Photo courtesy of Candace Opper.

Candace Opper | LongreadsJune 2016 | 15 minutes (4365 Words)

 

My father’s fifteen minutes came and went the night he won an arm wrestling match with Muhammad Ali. (Ali was Cassius Clay at the time, but Ali is the household name, and if I am to get any use out of my father it is the brief awe I inspire from his proximity to greatness.) The match went down in the middle of the night at a truck stop in Connecticut, 1965. My not-yet-father, Joe, would have been 33, a Korean War vet cum small-time boxer who had once made his way to Madison Square Garden. At 6’4” and 255 pounds, he loomed over the average man, and was known around those parts as the undefeated arm wrestling champion — or “wrist-wrestling,” as it was then commonly known. This title and the ways it once mattered are now, like my father, extinct.

Clay and his entourage were cruising the Connecticut side of Long Island Sound sometime between his two infamous matches with Sonny Liston. Somewhere along I-95 their bus allegedly broke down and they holed up at Secondi Bros Truck Stop, an infamous 24-hour greasy spoon in my father’s hometown. Joe sometimes worked for the Secondis, so whichever goombah was lucky enough to be hustling diner coffee that night didn’t hesitate to call him down there to challenge the champ.

This is how my father came to wrist-wrestle one of history’s greatest athletes. The details of the event have been extinguished with time, perhaps because I only ever half-listened but more likely because my father harped on what he thought mattered: that he’d won. “I think Clay was a little embarrassed, getting beat so easy,” he’d say at the end of a story he told me every time we saw each other. I’d raise my eyebrows in feigned amazement, and he’d smile at me with the patronizing greediness of someone who knows a secret about you that you don’t yet know.

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articles read & loved no. 58

dietcoker:

getthatlook:

theawl:

Oh, look, here’s something new for you to read.

Snaaap!

FYI: Not a longread, but this is a new site co-edited by Longreads managing editor Mike Dang and frequent Longreads contributor Logan Sachon. You can also follow them here on Twitter