Last month I guessed we’ll be 400+ at the end of the year, or about the same as February. If our local Case-Shiller Index drops 0.5% per month for the next seven readings, we’d still be in positive territory for 2022. We haven’t had a negative MoM reading since December, 2018.
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Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” says Craig J. Lazzara, Managing Director at S&P DJI. “The National Composite Index rose by 19.7% for the 12 months ended May, down from April’s 20.6% year-over-year gain. We see a similar pattern in the 10-City Composite (up 19.0% in May vs. 19.6% in April) and in the 20-City Composite (+20.5% vs. +21.2%). Despite this deceleration, growth rates are still extremely robust, with all three composites at or above the 98th percentile historically.
Where to move?
Anyone who has spent a late night at a bar has heard the echoes of “last call,” the signal that the final drinks of the night are being served and that soon it will be time to head home.
In California, the warning typically comes just before 2 a.m., after which it is illegal to sell alcohol anywhere in the state. Now a proposal in the State Legislature wants to change that.
Senate Bill 930 would allow seven cities in California to serve alcohol until 4 a.m. as part of a five-year pilot program beginning in 2025. The places included are San Francisco, Fresno, Oakland, Cathedral City, Palm Springs, Coachella and West Hollywood.
Nationwide, the most common last call is at 2 a.m., but bars in New York City can serve until 4 a.m. and some in Chicago till 5 a.m. State Senator Scott Wiener, who wrote California’s proposal, said extending the hours that businesses can offer alcohol would provide them an economic boost after an especially tough few years.
“Coming out of the pandemic, our nightlife venues are really hurting,” Wiener told me. “For some of these small businesses, this could be the difference between being viable and not being viable.”
Though similar bills in the state have failed in the past, Newsom, who owns a winery and hospitality company, is expected to be more sympathetic than his predecessor. In 2018, Gov. Jerry Brown vetoed an earlier version of Wiener’s bill, which would have included Los Angeles and Sacramento, and cited a potential increase in drunken driving.
“California’s laws regulating late-night drinking have been on the books since 1913,” Brown said in his veto statement. “I believe we have enough mischief from midnight to 2 without adding two more hours of mayhem.”
tune in next week for a new episode of “What Could Go Wrong?”