The state is plagued by two major issues: wildfires and a lack of affordable housing. Each problem exacerbates the other.
Derek ThompsonCA's restrictive housing policies push construction away from urban centers.
Which means more houses in areas w/ higher risk of wildfire.
Which means more aggressive wildfires.
@AnnieLowrey on how CA's housing + wildfire crises exacerbate each other
WeWork’s board is expected to meet tomorrow to weigh emergency-financing options including a takeover by SoftBank.
Derek ThompsonWith its latest infusion, Softbank will have invested $10+ billion and loaned $5 billion to WeWork—a firm it now values under $8 billion.
Now I'm not a professional investor like the folks at Softbank. But that seems... terrible.
The unicorn massacre unfolding today is exactly the opposite of what happened in 2000.
Derek ThompsonThe most common reaction to these techs unicorns losing billions of dollars is "omg it's the dot-com bubble all over again!"
But this is more like the opposite.
The 1999 bubble was a public-investor mania. In 2019, public markets are the sober ones.
Derek ThompsonPlease stop saying WeWork reminds you of the dot-com bubble.
Public investors losing $5 trillion on web-related stocks
a Japanese bank playing w/ Saudi money losing $10 billion on a private real estate company
It wasn’t the light bulb or the phonograph or the moving picture—or anything tangible. It was a way of thinking about technology.
Derek ThompsonDon't let ppl tell you "things are changing faster than ever."
In 1880, NYC had no subway, cars, or electricity. Its tallest building was a church.
By 1915, NYC had a subway system, 1000s of cars, lit streets, and the world’s tallest skyscrapers.