Landmark Links October 14th – What’s the Solution?

ken-bone

Lead Story… A pudgy, mustachioed, red-sweater-wearing star was born during Sunday’s Presidential Debate.  Kenneth Bone was selected to ask the candidates one of the final questions of the night and, his earnest question about how to balance fears of fossil fuel job loss with environmental concerns, combined with his appearance resulted in him essentially taking over the internet…and cable news…and late night TV…and leading to a bunch of hysterical memes.  Mr. Bone was somewhat of a breath of fresh air in a night otherwise marred by childish personal attacks and enough bullshit to fill a rodeo ring. He put a serious question on the table at least for a few minutes and acted as a reprieve from all of the tiresome mudslinging.

Unfortunately, housing has played little if any role in this election cycle despite the critical role that it plays in the US economy and the supply and affordability crisis that we are now facing (to it’s credit, the current Administration has at least taken a public position advocating for more much-needed development even while the candidates rarely if ever mention it).  Among the biggest problems facing the industry today is a massive labor shortage.  That got me thinking: what if the housing industry had it’s own Ken Bone at the debate last weekend?  Rather than focusing on energy policy, his question would have gone something like this:

“What steps will your housing policy take to address the construction labor shortage, while at the same time increasing affordability for American families?”

Industry website Constructiondive.com posted a story based on the recent Construction Management Association of America’s National Conference & Trade Show in San Diego that essentially asked just that.  From Construction Dive (emphasis mine):

While the majority of the conversation around the construction labor shortage has focused on the trades, firms are struggling to snag qualified professionals and white-collar workers as well. A nationwide survey of 1,459 contractors — conducted by the Associated General Contractors of America during July and August — found that 69% are having difficulty finding workers to fill hourly craft positions, 38% are having difficulty hiring salaried field positions and 33% are having difficulty hiring salaried office positions.

“We’re already pressed in terms of the ability to service all the clients with what’s currently on the docket, let alone what’s coming,” said Allyson Gipson of Artemis Consulting, in San Diego. She noted that the recession led to a “geographical depletion of talent,” as well as a large void of industry expertise. 

The aging workforce is also a primary concern for construction professionals, as baby boomers are retiring, but a new generation isn’t filling their place.

On the construction services side, the recession brought increased competition as “everybody was scrambling for work,” Gipson said. Interest rates have remained consistently low, energy credit tax provisions have been extended and private sector spending has risen. All these factors have spurred a boom in multifamily, highway, retail and office construction, she noted.

However, with that increased construction spending comes more demand for services from an industry already struggling to keep up with current projects. Myrna Dayton, deputy director and deputy city engineer for the City of San Diego, said that despite the agency’s efforts to improve recruiting efforts, “We always seem to be short. It’s a constant struggle.” 

Construction Dive then laid out three potential tactics to help solve the labor shortage sumarized below:

Partner with schools and encourage internships to develop the next generation of industry professionals

The gap between graduation and employment can be especially daunting in the construction industry, where students must transition from a classroom environment to the field. Without classes that prepare them for real-life tasks and challenges of a day on the job site, students often struggle to succeed in the industry.

Change hiring requirements to adapt to current conditions

Experts also said standard hiring requirements are often out-of-date for the current industry environment. With owners mandating countless certifications, “those people who have the skills set are going down the road,” Gipson said. “The best construction managers running a building program aren’t all necessarily licensed architects.”

Find ways to attract millennials to the industry

The construction industry has consistently struggled to attract younger workers to fill the gap left by retiring professionals. “We have an industry that is less appealing to millennials,” Gipson said. “We’re not really a sexy industry.”

She encouraged companies to focus on cultivating interest in construction among middle school and high school students. As millennials seek to use their creativity in a work environment that offers autonomy, the industry can tout its ability to offer those kinds of roles.

While the above tactics are a good start, there is a simple reality that needs to be addressed: construction worker pay needs to increase in order to attract more workers.  In an environment where some coastal cities are moving towards a $15/hour minimum wage there is simply no way to entice someone to do manual labor if it doesn’t pay substantially more than making lattes.  However, unlike your typical fast food restaurant or coffee joint, home builders aren’t currently in much of a position to pass additional labor costs on to consumers since 1) They are constrained by mortgage qualifying criteria; and 2) Home building profit margins are already low leaving little room to raise prices and slow absorption without taking a major hit to the bottom line.  That being said, there is common sense solution that would allow builders to attract more workers while not driving prices higher or eating into thin margins: reduce the growing regulatory burden associated with new home building which has soared nearly 30% since 2011 to a whopping $85,000 per new home.  This was partially addressed in the Obama Administration’s Housing Development Toolkit that was released last month.  Reforms that reduce the regulatory burden back to even their 2011 levels at least theoretically allow for construction wages to adjust higher in order to attract workers to fill the many vacant construction positions today without driving up prices or killing builder returns.  Reducing red tape and it’s associated costs, along with the three strategies that Construction Dive outlined above would go a long way towards solving the construction labor shortage and allowing the construction industry to once again become the economic growth driver that it has historically been.

Economy 

Stable and Slow: Great post and chart from Cullen Roche of Pragmatic Capitalism about how economic expansions are getting longer despite (or perhaps because of) slower growth rates.

Golden

See Also: Millennials aren’t as big spenders or risk takers as prior generations were and that is likely to have a profound impact on the economy.

Running on Empty: Nearly 7 in 10 Americans have less than $1,000 in savings including 29% of those who make over $150k and 44% of those who make between $100k and $150k.

Right on Schedule: So far, 2016 is going pretty much exactly as Bill McBride of Calculated risk predicted it would: slow, steady growth.

Residential

Shady Subprime Redux: Why the hell is the Federal Government allowing solar panel loans with 10% interest rates to get senior priority to GSE backed mortgages in the event of a default?

Under Pressure: Deutsche Bank says that rising mortgage rates in Japan, resulting from the BOJ’s plan to push long term yields higher could cause Tokyo condo prices to fall 20%.

Profiles

Water, Water Everywhere: Israel is one of the driest places on earth.  However, their focus on advances in desalination technology has provided them with something that would be unimaginable just a decade ago: a water surplus.

Fire In the Hole!  Samsung is ending production of the Galaxy Note 7 because the damn things keep lighting on fire.  See Also: Samsung is sending fireproof boxes and gloves to Galaxy Note 7 owners for their recall in case the devices spontaneously combust in transit.

Hope for the Future: A new study finds that only one of five Millennials has actually tried a Big Mac.

Chart of the Day

A 5,000 year low.

Even the ancient Egyptians didn't enjoy the low interest rates we see today.

WTF

Bone Zone: A porn company has offered red-sweater-wearing, presidential debate star Ken Bone $100k to appear in an adult film.

Peak Florida: “A 350-pound Florida man ran from a Walmart with two stolen TVs, but his getaway was compromised when his pants–containing his ID–“fell off as he ran away,” according to cops who yesterday apprehended the suspect, who had a crack pipe stuffed with Brillo buried in his anus at the time of his 3:43 AM arrest.”

Clowning Around: A couple in Wisconsin left their 4 year old kid at home alone while they terrified a neighborhood dressed as creepy clowns.  They are now facing child neglect charges.  See Also:  A British woman was so terrified by a creepy clown that jumped out of the bushes that she went into premature labor.

That’s Loser with an “L”: Some guys are paying over $1,200 a year for a fake girlfriend to text and Snapchat with them.  You can read the article if you’d like or just take my word that it’s every bit as pathetic as you are assuming.

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links October 14th – What’s the Solution?

Landmark Links October 7th – Urban Legend

urban-legend

Lead Story…  Chances are that you’ve heard tales about alligators living in the NY sewers, Coca Cola’s magical ability to dissolve teeth overnight, that Elvis Presley is still alive and in witness protection, or even the old  Weekly World News standby of a bat child found living in a cave. These urban legends and others like them have spawned a virtual cottage industry of cable TV shows and websites seeking to either prove or debunk their claims.  Likewise, if you’ve attended development industry conferences in the past 4 years or so, you’ve probably heard some variation of the following on a capital panel: “There is too much money chasing too few deals.”   It’s been repeated so frequently through the past few years that the concept of “too much money chasing too few deals” is almost universally accepted as truth in the residential development industry.  However, just like tooth-dissolving cola, it falls apart under further scrutiny when discussing for-sale residential real estate development.  When viewed from 30,000 feet, the previous sentences probably looks crazy.  Many private equity funds, hedge funds, etc have raised money to invest into housing development.  However, it’s not the amount of money raised that’s been problematic in recent years.  Instead it’s that the type of money available is often a poor fit for projects in need of financing in today’s relatively stable housing market.

In the years before the housing bubble and subsequent bust, private home builders typically utilized bank debt and pension fund capital to build subdivisions and master-planned communities.  The debt component was readily available and attractively structured and pension fund capital had relatively long investment horizons and reasonable return expectations when compared to opportunity fund money which was typically used for entitlement projects and other, more risky ventures.  It wasn’t unusual back then to have decent sized private builders in California build and sell several hundred homes a year or more.  With a couple of notable exceptions, they were not going to compete with public home builders when it came to cost of funds.  However, they were still substantial players in the market and were able to build at decent levels of production while often delivering higher quality homes than their public competitors.  This all changed when the housing market crashed.  Banks reduced exposure to the home building and development space by a substantial amount, as did pension funds.  Some left the space entirely.

At the same time that pension funds and banks were pulling back, opportunity funds ramped up their fundraising in order to capitalize on the carnage that the Great Recession wrought on land values.  They offered their prospective investors high-octane returns that would be realized when they bought trophy properties at bargain-basement prices in a distressed environment, to develop or sell as the market began to recover.  This capital was and is well suited for opportunistic investments brought on by a market crash – thus the label opportunity fund.  What it isn’t a great fit for is investing in home builder and land development deals in a stable market.  In reality, the window to buy distressed assets wasn’t quite as long as many had anticipated and the doldrums of 2010-2011 quickly gave way to a run-up in transactions and land values in late 2012 into early 2014.  All of which brings us to where we are today: a stable market with tight inventories where there is a ton of capital that has been raised – but very little of that capital has a return profile that fits where it is needed most: lot manufacturing and production home building.  There are several reasons that this is happening:

  1. Unrealistic Investor Returns in a Stable Market – As stated above, much of the capital that has been raised to deploy for home building and land development in the market today is much better suited for a distressed market than a stable one.  However, there is something bigger at play: equity funds are targeting the same mid-20% IRR returns with the 10-year Treasury yielding 1.75% that they were when the 10-year was yielding 5%.  All returns are relative, meaning that, in real terms, today’s targeted returns are actually substantially richer than they were when the 10-year was substantially higher.  This has more to do with fundraising and marketing than anything else.  Funds are reluctant to pitch investors at the returns they are likely to achieve (mid to high teens) since their competitors will still promise mid-20%s, meaning that they won’t be able to raise capital, even if the underwriting that they are using to get to those returns is aggressive BS.
  2. Private Builders Get Squeezed Leading to Less Competition – In order to offer high returns to investors in a lower return environment, funds need to grab a bigger piece of a smaller pie, leaving less for builders and developers.  Typically, this means putting steep minimum multiple hurdles in their waterfalls.  Ironically, minimum equity multiples are incredibly short sighted as it encourages builders to push prices rather than absorption since the multiple hurdle is almost always substantially higher than the IRR hurdle, leading to longer sell out periods.  As if that isn’t enough, the few bank lenders left in the space are typically quite conservative and require a full persona guarantee.  So if you are a builder, you now have to put up 10% of the equity or more in order to get a deal done and put your balance sheet on the line to finance it and you’re getting a smaller piece of the returns.  Eventually, you have to wonder what the point is.  This is a huge reason that there are very few decent sized private builders left – in many cases the reward simply isn’t worth the risk.
  3. Lack of Debt Capital Resulting in Broken Deal Structures – Many land deals purchased during the aforementioned 2012-2014 run-up were bought under the assumption that either debt would be available to improve lots or public builders would purchase paper lots.  Fast forward to 2016 and the public builders still don’t have much of an appetite for paper lots nor is there debt readily available for horizontal development.  That means that the owner is either going to need to sell for a substantially lower number than they had in their proforma (sometimes even a loss), or improve the lots themselves by raising additional equity.  As a result, many of the sites that were bought in 2013 with a business plan to entitle and flip are effectively underwater.  Mind you that home prices have almost universally INCREASED during this time frame but a lack of reasonably-priced development debt or public home builders with an appetite for paper lots has caused a stealth land correction of sorts that has been playing out for months.
  4. No Investor Appetite for Long Duration Deals – Ask an opportunity fund investor what they fear most and you will probably hear something about getting stuck in a multi-cycle development project.  High octane capital needs to get in and out relatively quickly in order to make the out-sized returns promised to investors.  Many opportunity funds are of the mindset that we are getting late in the cycle since prices have risen so substantially from the bottom despite the fact that housing starts in key production markets haven’t picked up much and inventory is still bumping along near record lows.  Many funds have been looking to trim project duration in an effort to ensure that they are out when the cycle inevitably turns.  As a result, there are some incredible opportunities out there that require capital to execute a 5-7 year business plan that no one will touch due to duration.  We have seen several of these sort of projects where sponsorship is strong and land basis is very attractive due to a lack of bidders.  However, it’s incredibly challenging to find capital that is willing to go out that far, even if the returns are exceptional.  This short-term mentality has left a large hole in the market for anything but bite-sized infill deals.

If this actually were a  market with the aforementioned “too much capital for too few deals” we would expect to be seeing increasing transaction volume and increasing land prices as the supply of capital led to a seller’s market. However, neither of these are occurring in all but a select few markets (at least on the west coast).  Instead, we are seeing light (at best) land transaction volume.  In order for the land market to turn the corner, either  the public builders need to regain their appetite for buying paper lots and developing them or we need more sources of capital that are properly aligned with the projects that they are financing under normal market conditions.

Home building and land development can both provide great returns in a healthy market. However, trying to finance these ventures with little-to-no debt and opportunistic capital raised to buy distressed assets is like trying to fit a square peg in a round hole.  Does this sound like a market with too much capital to you?  Better keep searching for those sewer-dwelling gators.

Economy

Pay Up: A look at who pays the most for housing, healthcare, energy and groceries by state.

Lag Time: How the psychology of the Housing Bubble helps to explain today’s odd labor shortage.

Commercial

Office Space: Open office concepts are becoming a bit less open as many tenants build out more private space.

Residential

Delusional Narcissism: Celebrities really suck at selling homes, mostly because they dramatically overestimate the value of their fame on the house they are trying to sell.

Flattening Out: Residential construction spending was down again in August despite strong gains in multi-family.

The Pendulum: There is a fairly strong demographic argument that we are approaching “peak renter.”

Profiles

Clowning: The clown industry (yes, there is such a thing) is not happy about all of the creepy clown sightings occurring across the US. See Also: Penn State students lose their minds after creepy clown sighting.  And: Someone even started a Clown Lives Matter movement, complete with organized protests.

Useless: Robo-callers and internet scammers have turned the National Do Not Call List into one big joke.

Soul Crushing: The average white collar worker will spend 47,000 hours on work email over his or her career.

Scapegoat? Meet the whiz kid behind the sketchy Russian mirror trades that are causing Deutsche Banks whole bunch of trouble that it really doesn’t need right now.

Chart of the Day

slide1

WTF

Bite to Eat: Some lunatic threw an alligator through a Wendy’s drive thru window. Because, Florida.

Incestuous: A 68 year old man unwittingly married his 24 year old biological granddaughter. They don’t plan on getting divorced. Once again, because, Florida.

Crimes Against Humanity: Today’s video of the day is a bunch of adults beating the crap out each other in a massive brawl at a Chuck E Cheese in, you guessed it: Florida.  Kudos to the guy in the Eli Manning jersey who appears to have a much better arm than the real Eli Manning.  (h/t Ethan Schelin).

P.S.  I know that we spend a lot of time laughing at Florida’s expense on here. However, please keep Florida residents (including my parents) in your thoughts and prayers as they batten down the hatches to deal with Hurricane Matthew. Hopefully everyone will be ok so that they can get back to their goofy antics ASAP. 

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links October 7th – Urban Legend

Landmark Links August 12th – Why We Can’t Have Nice Things

kids making a mess

Lead Story… In a profoundly disappointing but not remotely surprising story, labor, environmental and tenant advocacy groups have effectively nuked CA Governor Jerry Brown’s plan to streamline approvals for housing developments, imperiling it’s chances of passing through the legislature this year.  Brown’s plan essentially would have allowed development “as of right” so long as it conformed with underlying zoning and allowed for a certain number of affordable units.  This would have effectively subverted the veritable maze of discretionary approvals currently required in some municipalities.  First, construction union leaders threw a hissy fit because the plan didn’t include enough goodies and hand outs for union labor to buy – I mean win – their support.  Next, environmental groups (Side Note: in California, the term “environmental group” is nothing more than a euphemism for  NIMBY) opposed the plan because they don’t want anything built under any circumstances ever if it’s anywhere near the expensive – and often developer-hostile neighborhoods where they reside and Brown’s plan would effectively take away a major lever of control – discretionary approval – that they have held in the development approval process.  Third, some renter advocacy groups joined in with the construction unions and environmentalists because they apparently aren’t all that sharp and don’t realize that they are being bamboozled into opposing something that would ultimately lead to lower rents which would benefit them the most.  i guess that no good deed goes unpunished.  From the LA Times:

Labor and environmental groups say they are done negotiating over Gov. Jerry Brown’s housing plan – LA Times

“After several meetings without an agreement on a variety of requested changes, we believe it is time to focus on real affordable housing solutions that don’t directly undermine local voices and place communities and our environment at risk,” said a statement from the State Building and Construction Trades Council, Sierra Club and Tenants Together, who are among a coalition of more than 60 groups who joined to oppose the governor’s housing proposal.

Cesar Diaz, the legislative director for the State Building and Construction Trades Council, confirmed that the coalition would not participate in further discussions over the plan.

“This needs much more time and a policy-vetting process,” Diaz said.

Yes, this is depressing but it isn’t at all surprising to anyone who has spent any time in a field related to development in CA.  Any time that someone makes a proposal that attempts to fix out badly broken housing system, existing stake holders dig in their heels and do anything in their power to stop it.  This, as today’s headline suggests is why we can’t have nice things in California – namely an affordable and moderately functional housing market.

Today I’d like to present a counter example to illustrate what a functional housing market looks like.  There is a major global city that is fully built out with a population of over 13 million (far larger than any city in CA).  This city is a major global finance and trade hub.  It is land constrained and effectively fully built out, yet housing prices haven’t budged in nearly 20 years.  The city that I’m referring to is Tokyo and Robin Harding of the Finacial Times published a very important story about how regulation impacts housing cost called Why Tokyo is the land of rising home construction but not prices last week.  First off, I want make something clear.  The Japanese respect property rights to a level that’s almost inconceivable in California.  According to Takahiko Noguchi, a regional planning head in Tokyo:

“There is no legal restraint on demolishing a building.  People have the right to use their land so basically neighbouring people have no right to stop development.”

In other words, Tokyo has become the anti-coastal California where housing supply is created to meet demand without mountains of red tape and shrieking NIMBY obstructionists.  The outcome has been so dramatic that it’s a bit shocking to those that don’t live there.  From the FT (highlights are mine):

Here is a startling fact: in 2014 there were 142,417 housing starts in the city of Tokyo (population 13.3m, no empty land), more than the 83,657 housing permits issued in the state of California (population 38.7m), or the 137,010 houses started in the entire country of England (population 54.3m).

Tokyo’s steady construction is linked to a still more startling fact. In contrast to the enormous house price booms that have distorted western cities — setting young against old, redistributing wealth to the already wealthy, and denying others the chance to move to where the good jobs are — the cost of property in Japan’s capital has hardly budged.

This is not the result of a falling population. Japan has experienced the same “return to the city” wave as other nations. In Minato ward — a desirable 20 sq km slice of central Tokyo — the population is up 66 per cent over the past 20 years, from 145,000 to 241,000, an increase of about 100,000 residents.

In the 121 sq km of San Francisco, the population grew by about the same number over 20 years, from 746,000 to 865,000 — a rise of 16 per cent. Yet whereas the price of a home in San Francisco and London has increased 231 per cent and 441 per cent respectively, Minato ward has absorbed its population boom with price rises of just 45 per cent, much of which came after the Bank of Japan launched its big monetary stimulus in 2013.

In Tokyo there are no boring conversations about house prices because they have not changed much. Whether to buy or rent is not a life-changing decision. Rather, Japan delivers to its people a steadily improving standard, location and volume of house.

Japan
So how, exactly did this come about?  Some of us remember tales of the runaway Tokyo real estate market and subsequent crash in the 80s during the great Japanese boom and subsequent bust.  It may seem odd that a place that produced such an epic real estate boom and subsequent bust would be home to a stable, efficient real estate market.  Again, from the FT:
“During the 1980s Japan had a spectacular speculative house price bubble that was even worse than in London and New York during the same period, and various Japanese economists were decrying the planning and zoning systems as having been a major contributor by reducing supply,” says André Sorensen, a geography professor at the University of Toronto, who has written extensively on planning in Japan.
But, indirectly, it was the bubble that laid foundations for future housing across the centre of Tokyo, says Hiro Ichikawa, who advises developer Mori Building. When it burst, developers were left with expensively assembled office sites for which there was no longer any demand.
As bad loans to developers brought Japan’s financial system to the brink of collapse in the 1990s, the government relaxed development rules, culminating in the Urban Renaissance Law of 2002, which made it easier to rezone land. Office sites were repurposed for new housing. “To help the economy recover from the bubble, the country eased regulation on urban development,” says Ichikawa. “If it hadn’t been for the bubble, Tokyo would be in the same situation as London or San Francisco.”
Hallways and public areas were excluded from the calculated size of apartment buildings, letting them grow much higher within existing zoning, while a proposal now under debate would allow owners to rebuild bigger if they knock down blocks built to old earthquake standards.
All of this law flows from the national government, and freedom to demolish and rebuild means landowners can quickly take advantage. “The city planning law and the building law are set nationally — even small details are written in national law,” says Okata. “Local government has almost no power over development.”
Note that this is not all that dissimilar from the proposal that Gov Brown made where the State of CA would set policy from the top down since cities have shown absolutely no inclination to get their shit together when it comes to housing policy.  When the Japanese crisis hit, policy makers did something that those in the US have been unable and unwilling to do: liberalize development regulation to spur economic growth – which also led to a subsequent dramatic slowing in housing costs due to a pickup in efficiency.  Remember the Tokyo example next time someone makes an economically illiterate statement that building more market rate won’t make housing more affordable.  Albert Einstein once said that the definition of insanity is doing the same thing over and over again and expecting different results.  Japanese policy makers understand this, Californians apparently don’t.  The simple fact is that coastal CA cities will not get housing costs under control until they start doing things differently, much like Japan did in the midst of their economic crisis.

Economy

Debt Decision: Plunging interest rates have lowered the cost of borrowing over long time periods, making it appealing for the government to roll short term debt into longer term maturities.  See Also: It’s never been cheaper for cities and states to borrow money so why are they so reluctant?

Opposite Result: There is early evidence that negative interest rates are actually encouraging savings, rather than discouraging it as central bankers had hoped.

Pendulum Swing: In the never-ending tug of war between labor and capital, labor is gaining an upper hand as the job market tightens.

Residential

Landmark in the News: Landmark’s own Tom Farrell had a prominent quote in a feature Wall Street Journal article entitled  Lopsided Housing Rebound Leaves Millions of People Out in the Cold.  : The whole piece is well worth a read:

Tom Farrell, director of business development for Landmark Capital Advisors, which counsels investors on real-estate projects, said risk appetite is low, particularly outside core markets.

“We’re often saying ’You all want to be in the same spot, and you’re tripping over each other,” he said. “It’s just difficult to get people out to those secondary markets.”

Profiles

Early Exit: Startups are opting to sell rather than IPO as investors look to cash out early.

The Rise and Fall: How Yahoo went from tech powerhouse to also-ran and why Verizon bought it.

Chart of the Day

WTF

Headline of the Week: It’s hard to beat Subway rider smokes crack and strips naked before shocked witnesses on No. 3 train when it comes to news headlines.  Especially when said headline includes pictures (before the guy took his clothes off, thankfully).

Swipe Right: Judging by usage numbers and the 450,000 condoms provided to athletes, Tinder and the Olympic Village are a perfect match.

FAIL: Man tries to light house on fire in broad daylight but lights self on fire instead.  To make matters worse, the whole thing was caught on a security camera including the hysterical part where he tries to put it out.

Landmark Links – A candid look at the economy, real estate, and other things sometimes related.

Visit us at Landmarkcapitaladvisors.com

Landmark Links August 12th – Why We Can’t Have Nice Things