2222 Wallace Street

We noted, on April 5th, a rowhome for sale at 4931 Hoopes Street, in West Philadelphia. The purpose was simple: to demonstrate how bad the neighborhood in which a 13-year-old was shot happened to be. We included four pictures of this disaster listing, for documentation, because photos disappear from zillow.com once a home is sold.

The house is completely unlivable, save as a squatter could make his home there. More importantly, while a house flipper might be interested in the property, he’d quickly forget the notion, because he could never recoup the money that he’d have to spend on the place to get it up to snuff because the property values in the rest of that dilapidated neighborhood are so low. Even if a flipper could buy the place for $1.00, there’s a possibility that he couldn’t make money fixing it up and selling it.

According to the zillow listing, property taxes on this place are $875 a year. If someone fixed it up and resold it, it would be reassessed, and the taxes increase.

2222 Wallace Street; the unit for sale is on the left. Photo from listing on zillow.com. Click to enlarge.

Now, why did I bring this up? There was a story in The Philadelphia Inquirer highlighting another row home for sale, in Fairmont, at 2222 Wallace Street . . . . for $875,000.

There is already a pending offer on this home.

The photos make it look well done, and it’s a beautiful home, though I will confess that were I to have redone this home, I would not have selected the styles that the remodeler chose. Nothing personal; it’s simply not my style.

Taxes? According to the zillow.com listing,[1]I tend to use zillow.com for my real estate searches, and photos of properties for sale normally disappear from the zillow listing. However, realtor.com listings tend to hold on to the photos longer, … Continue reading property taxes on this unit were $10,881 in 2021. That works out to $906.75 a month, which is higher than any mortgage payment I’ve ever had to make on any of the houses I’ve owned. Yet, as we previously noted, the Editorial Board of the Inquirer are aghast that how safe people are in the city depends upon their skin color. While I have no idea what race the family who put in the pending offer on the Wallace Street house are, generally speaking most black and Hispanic Philadelphians can only dream of owning a home in that neighborhood.

I was wryly amused that the Inquirer ran this story, given how the Editorial Board were lamenting that the city is very racially segregated, and that an $875,000 listing is not exactly one which will draw many black or Hispanic prospective buyers. Still, article author Paul Jablow has such stories about once a week.

References

References
1 I tend to use zillow.com for my real estate searches, and photos of properties for sale normally disappear from the zillow listing. However, realtor.com listings tend to hold on to the photos longer, and here is the listing on that site.

The Editorial Board of The Philadelphia Inquirer tell us just how racist they are I don't think that they ever realized what they did

As we noted on Thursday, a poll by the Pew Charitable Trust found that 70% of Philadelphians believe that public safety is the most important issue facing the city. As of 11:59 PM EDT on Thursday, April 7th, 127 people had been murdered in the City of Brotherly Love[1]The referenced site is updated weekdays during normal business hours, so if you check it on a day after this has been posted, the number you see may be higher..

And on Friday, the Editorial Board of The Philadelphia Inquirer have told us that segregation is the problem:

In a segregated city, race determines safety. That’s unacceptable. | Editorial

Segregation is at the core of so many of Philadelphia’s problems. How do we move from moral indignation to meaningful action?

by The Editorial Board | Friday, April 8, 2022 | 9:30 AM EDT

In his budget address last month, Mayor Jim Kenney listed the issues facing the city — “a global pandemic, political turmoil at the national level, and intensified violence” — and proclaimed: “We are facing those challenges together.”

That might be true in spirit, but in practice, Philadelphia is not facing all of its challenges together. That is the reality of a segregated city.

A new poll by the Pew Charitable Trusts, again, demonstrates this disparity with a statistic that is unacceptable: The percentage of Black and Hispanic Philadelphians who feel unsafe in their neighborhood is double the percentage of white Philadelphians.

With this, the Editorial Board have admitted what the Inquirer does not like to say out loud: the problems of crime, especially violent crime, are problems primarily among black and Hispanic Philadelphians. The city’s Shooting Victims statistics indicate that, for April, through April 7th, there were 39 victims in Philadelphia, 31 of whom were black, and 8 of whom were white. Of the 8 white victims, 6 are listed as Latino. White Philadelphians are relatively safe.

Following a couple of paragraphs in which the Board tell us what we already knew, that while city residents felt much safer, and that the bullets flying around the city hadn’t flown in their neighborhoods, we get to the money line:

This disparity is only possible because Philadelphians of different races don’t share the same neighborhoods — despite more than half a century of lip-service to integration as the policy of the United States.

It’s certainly true that Philadelphia is one of our most internally segregated big cities, something the Inquirer has previously reported, complete with colorful — pun most definitely intended — graphics.

But if zip code 19118 — Chestnut Hill — is 2/3 white, doesn’t that mean that it really is integrated?

Of course, Chestnut Hill is an expensive place to live. Home to Chestnut Hill College and several tony private schools — Springside Chestnut Hill Academy’s tuition rates are currently $33,250 for grades 1-4, $39,700 for grades 5-8, and $44,150 for grades 9-12 — and with a median family income of $50,554 in zip code 19138 — primarily West Oak Lane and East Germantown — there can’t be too many families there who could afford Chestnut Hill Academy.[2]Full disclosure: while working in the Philadelphia metropolitan area, I did some concrete work at Chestnut Hill Academy. It’s a beautiful place.

The Board continue on to tell us about the Kerner Commission warning us that continued segregation risked prolonging social unrest, and that President Lyndon Johnson signed the Fair Housing Act. My mother, who was a mortgage company employee, end eventual vice president, told me about the non-discrimination restrictions under which she had to operate. Even though we lived in the Bluegrass State, my mother grew up in Maine, and segregation was something foreign to her.[3]The house she bought, in Mt Sterling, Kentucky, had a restrictive covenant on it, disallowing sale of the property to anyone who was black, but by that time restrictive covenants were legally … Continue reading

The Kerner Commission’s report was sadly prophetic. The only thing it failed to anticipate was gentrification and how white city dwellers would go on to create segregated pockets within the heart of big cities. More than half a century after the Kerner Commission and the Fair Housing Act, Philadelphia remains one of the nation’s most diverse and most segregated cities.

It seems that the Board are opposed to gentrification, but gentrification means, among other things, white people moving into and improving homes in what have frequently been heavily minority areas. These are white people who have no objections to having black neighbors. I previously noted a Lexington city task force recommendation which stated:

The Task Force was created out of concern about neighborhood change when that change includes:

  • Properties turning over at an accelerated rate;
  • Most new owners being more affluent and differing from the traditional residents in terms of race or ethnicity.

Really? The city is going to work to stop integration of neighborhoods?

The Board cannot be supporting increased integration, to fight violent crime, and be opposed to white people moving into primarily non-white areas.

What does it mean to be a segregated city in a gun violence crisis? According to the Controller’s Office’s gun violence mapping toll, the zip codes of Rittenhouse Square and Chestnut Hill, where about 70% of the population is white, haven’t experienced a fatal shooting since before 2015. Contrast that with nearly 200 fatal shootings in North Philadelphia-Strawberry Mansion, where more than 90% of the population is Black, or nearly 240 in the Kensington-Port Richmond area, with a Hispanic population of 50%.

Rittenhouse Square is a beautiful park — and a safe one. The Black and Hispanic neighbors of McPherson Square and Hunting Park deserve to feel equally safe in public spaces near their homes.

The Board illustrated their editorial with a photograph of people, all white people as far as could be discerned, enjoying a “balmy March afternoon” in Rittenhouse Square.

Segregation is at the core of so many of Philadelphia’s problems — including gun violence, which to this day almost perfectly aligns with the borders of the redlining maps created by the federal government to keep, particularly, Black home buyers out of certain areas.

How do we move from moral indignation to meaningful action? How do we deliver on the promise of fair housing such that we implement what the Kerner Commission called “the integration choice?”

The first step is to retain affordable housing options that already exist (some are being lost now in University City) and creating alternatives to predatory financial institutions for those seeking home loans (such as creating a public bank). But fundamentally, segregation will persist as long as Philadelphia continues to fail to provide basic amenities to all neighborhoods. Good schools, clean streets, open libraries and recreational centers — those shouldn’t be a privilege for the few who can afford it, but a feature of life for all Philadelphians, regardless of zip code.

Until the recent Bidenflation, conventional mortgage loans could be found, fairly easily, for under 3%. Of course, a conventional loan required 20% of the purchase price as a down payment, and that means people have to be disciplined enough to save their money for that purpose, and if someone can’t be that disciplined, can he really be trusted to make his mortgage payments? It wasn’t that long ago that we saw a major economic recession caused by the subprime mortgage crisis.

Gun violence is both a disease and a symptom. It’s crucial that our city’s goal be twofold: ensuring that all Philadelphians feel safe, and that the ranks of those who do not isn’t determined by skin color. Only when that is the case can Philadelphia truly say it is facing its challenges together.

For what are the Board asking here? They have already let us know that they don’t like gentrification, wealthier white people moving into predominantly black and Hispanic neighborhoods, and fixing up distressed homes; that, they claimed, led to segregated white pockets in the city. Somehow, no one seems to see the increased values in gentrifying areas lifting the net worth of the homes of black and Hispanic people living in those areas, or the value of white residents who are completely accepting of living in an integrated neighborhood. The Board seem to want more black residents in Chestnut Hill and Rittenhouse Square, but unless those residents can afford to move there, either the city, or someone, will have to provide the same subprime mortgages that caused the crash, or build ‘affordable housing’ in places which would then see other people’s property values decline due to it.

There is, of course, a not-so-subtle undertone to the Board’s editorial, the theme that white people make places safer, while blacks and Hispanics make areas more dangerous. The members would deny that, of course, but it is right there, obvious to anyone who reads what they wrote.

References

References
1 The referenced site is updated weekdays during normal business hours, so if you check it on a day after this has been posted, the number you see may be higher.
2 Full disclosure: while working in the Philadelphia metropolitan area, I did some concrete work at Chestnut Hill Academy. It’s a beautiful place.
3 The house she bought, in Mt Sterling, Kentucky, had a restrictive covenant on it, disallowing sale of the property to anyone who was black, but by that time restrictive covenants were legally unenforceable. It would, however, have cost legal fees to get the covenant language removed.

Another problem for Joe Biden’s plan to eliminate all emissions from American electricity production in 13 years.

President Joe Biden and the Democrats, greatly concerned about global warming climate change, have urged an all-electric future for the United States, phasing out fossil fuel usage in transportation by requiring all new vehicles sold by the year 2035 to be zero-emissions, and that electric power generation be zero-emission by the same year. In The Long-Term Strategy of the United States: Pathways to Net-Zero Greenhouse Gas Emissions by 2050, John Kerry, Special Presidential Envoy for Climate, and Gina McCarthy, National Climate Advisor, said[1]The Long-Term Strategy of the United States: Pathways to Net-Zero Greenhouse Gas Emissions by 2050, page 5 of .pdf file.:

    Electricity delivers diverse services to all sectors of the American economy. The transition to a clean electricity system has been accelerating in recent years — driven by plummeting costs for solar and wind technologies, federal and subnational policies, and consumer demand. Building on this success, the United States has set a goal of 100% clean electricity by 2035, a crucial foundation for net-zero emissions no later than 2050.

    We can affordably and efficiently electrify most of the economy, from cars to buildings and industrial processes. In areas where electrification presents technology challenges — for instance aviation, shipping, and some industrial processes — we can prioritize clean fuels like carbon-free hydrogen and sustainable biofuels.

About those “plummeting costs for solar and wind technologies”? From The Wall Street Journal:

    Ukraine War Drives Up Cost of Wind, Solar Power

    ‘Greenflation’ problems are particularly acute in U.S., where tariffs targeting China helped increase project costs, led to delays before Russian attack

    By Jennifer Hiller and Katherine Blunt | Sunday, March 27, 2022 | 5:30 AM EDT

    Russia’s invasion of Ukraine is further driving up the price of renewable-energy projects, which were already facing supply-chain strains and raw-materials increases before the war.

    The new pressures, which are hitting two years after the pandemic created bottlenecks for wind and solar developers, are adding to delays for completing many projects.

    The Biden administration and other governments around the world have called for speeding the transition to renewable-energy sources to avoid reliance on Russia for oil and gas. But project developers say it might be nearly impossible to move faster in the near term.

    Wind and solar development has boomed world-wide in the past decade as a result of rapidly falling costs that made the projects more competitive with traditional sources of power generation such as natural gas and nuclear, as well as growing government pressure to reduce greenhouse-gas emissions to combat climate change.

    Globally, wind and solar accounted for about 6.4% and 4% of power generation last year, respectively, up from 3.8% and 1.4% five years prior, with further sharp growth projected, according to S&P Global Commodity Insights. The cost of solar generation fell to $45 for a megawatt-hour last year, down from $381 in 2010, S&P estimated. The cost of onshore wind generation, meanwhile, fell to $48 for a megawatt-hour, down from $89 in 2010.

Sounds good so far, but trouble comes with the next paragraph:

    But like many other businesses, renewable-energy projects are now being hit by soaring post-invasion prices for key materials such as aluminum and steel, as well as higher transportation costs stemming from higher oil prices, which have surged by more than 50% this year.

    The rising costs are particularly acute in the U.S., where many projects were already facing increases in part because of trade tariffs targeting China, a dominant producer of solar cells and other renewable-energy components. A third of U.S. utility-scale solar capacity scheduled for completion in the fourth quarter of 2021 was delayed by at least a quarter and 13% of the projects planned to complete this year have been delayed for a year or canceled, according to a new report from Wood Mackenzie and the Solar Energy Industries Association.

Infographic: China Dominates All Steps of Solar Panel Production | Statista Currently, the People’s Republic of China completely dominates all phases of solar panel production, producing 66% of polysilicon, 78% of all solar cells, and 72% of solar modules. More, 4% of solar cells and 1% of solar modules are produced in the Republic of China, Taiwan, which could be taken over by the People’s Republic any day.

Foreign Policy magazine noted that forced labor is used in much of China’s polysilicon production.

Back to the Journal:

    U.S. projects have also faced long wait times to receive necessary approvals to connect new projects to the electric grid, as developers rush to bring wind and solar farms online to capitalize on aggressive state mandates to reduce emissions, overwhelming grid operators. Those delays are adding to uncertainty for project investors.

Since Mr Biden took office, inflation has soared; the February year-over-year inflation rate was 7.9%, while real average hourly earnings decreased by 1.9%. Americans have been getting relatively poorer, and the data for the statistics were gathered before the invasion of Ukraine.

How, exactly, are we going to pay for this huge power generation transformation, all within 13 years? We’re going to be borrowing money, from Americans, from foreigners, and from China, to send to China, and having to pay back to investors, including Chinese investors.

We could, of course, do something really radical like build solar panel and module plants in the United States, but that will take years and, let’s tell the truth here, it will mean paying American wages, probably American union wages, to American workers, rather than the much lower Chinese wages, to build the solar collection systems, making them more expensive.

Ford’s plug-in electric F-150 Lightning can cost more than houses! When a car costs more than some houses, something is very, very wrong!

Sometimes I feel like I’m stepping on William Teach’s toes when I write about plug-in electric vehicles, but I’m sure that he’ll get over it. Ford Motor Company F: (%) has noted that the Environmental Protection Agency has confirmed its range miles for the 2022 F-150 Lightning plug-in electric truck:

300-320 miles for the Extended Range battery and 230 miles for the Standard Range battery.

Ford has officially confirmed the recently emerged EPA range numbers for the upcoming all-electric Ford F-150 Lightning pickup.

The manufacturer announced EPA Combined range values for all trim levels and both battery versions (Standard Range and Extended Range), emphasizing that in the case of ER battery, the range is actually 20 miles higher than the target.

In short, customers should expect:

  • Standard Range: 230 miles (370 km)
  • Extended Range (all trims, except of Platinum*): 320 miles (515 km) Platinum trim: 300 miles (483 km)

I used a screen capture of the article header as my headline because it showed an F-150 Lightning hooked up to a home charging station at a definitely expensive home. The link to the original is embedded in that header.

Why? Because at the bottom of the article was this chart.

The most basic electric F-150 is over $40,000, at $41,669.00. That tax credit? That isn’t what you pay pulling away from the dealer, but what you can get credited to your tax bill when you file your taxes, which could be the better part of a year after you but the vehicle. You’re going to have to pay the dealer $41,669, and, for most people, that means financing most of that amount, paying interest on most of that amount. Start adding options, and the price goes higher.

But what got to me was the costs of the F-150 with bigger wheels. An F-150 Lightning XLT ER with 20″ tires is going to cost you $74,169. Other versions can cost $69,169, $79,169 and $92,569.

As it happens, my wife and I bought a home in Estill County for her sister, 1,344 ft², with two bedrooms, one bathroom, and a detached one car garage. While my nephew and I did some plumbing work on it, and remodeled the bathroom, it was perfectly livable, and not a fixer upper. We paid $69,999 for the house.

In other words, we bought a perfectly livable house, built in 1920, just last December, for less than several versions of a Ford F-150 plug-in electric truck!

Ignore the furniture in the pictures; those are from the sales advertisement for the place.

Of course, that’s not the only house we’ve bought recently. In September of 2014, we bought our current house, a livable but nevertheless fixer-upper house, built in 1927, two bedrooms, one bathroom, with 7.92 acres of land and 500 feet of frontage on the Kentucky River, for a whopping $75,000.

No, that’s not a typo; I didn’t omit a trailing zero, or leading number to make it six digits.

Regular readers of this site — both of them — have seen photos of our kitchen before, but they were taken after we remodeled. 🙂

I bring this up because some of the liberal commenters on Mr Teach’s website keep telling us how wonderful plug-in electric vehicles are, and who knows, maybe they’re really great, but when your car costs more than a house, something is very, very wrong.

Yes, we live in east central Kentucky; the next county over, Lee, is the home of Beattyville, a place called the “poorest white town in America” from 2008 to 2012, so yes, housing prices around here are well below the national average. That doesn’t mean that houses here are undervalued; it means that houses elsewhere are over-inflated!