Comment Re:total batshit (Score 0) 33
Businesses used to capture that value because they often owned the property that hosted them. Now they rarely do. The rent seekers are sucking out the value.
In ways you can't even imagine. Retail space leases normally include a percentage of the gross revenue as part of the rent, and in California that percentage can be as much as 30%. And the commercial mortgage business is batshit insane in every possible way, which means commercial landlords are batshit insane as well.
Add in California being the second most expensive state to run a business in, and most heavily regulated (second only to New York), and it's very surprising that only half of stores in the business district went under in four years. That's roughly average nationwide, in what can only be considered a business hostile place.
It's time to recognize that rent is theft.
It's also long past time to recognize that communism (even if you call it socialism) is suicidally stupid, but here we are.