Word: backings
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...which limits on yearly rent increases are chucked in favor or whatever the market will bear. The prospectus offered by the lead investors, Tishman Speyer and Larry Fink's asset-management fund BlackRock, imagined evicting 50% of rent-regulated tenants in just a few years. But tenants fought back and won in a court decision that also undercut plans for using city tax abatements to further sweeten returns on apartments pushed into luxury decontrol. The upshot, according to a recent Deutsche Bank analysis, is that the property, purchased in late 2006 for $5.4 billion, "would fetch less than $2 billion...
...course, frugal readers could go back to the HuffPo or Google and re-enter the site through an alternate route. There will no doubt be workarounds, but the Times seems to suspect that many people won't bother. They'll just subscribe, because after all, it's the freakin' New York Times and people surely want to pay for that kind of quality journalism...
...that time, back in Canada, a toxicologist at Alberta Hospital had noticed an unusual chemical in the urine of the two cocaine-using patients: levamisole. Zhu contacted him, and they put the puzzle together. Further research revealed that levamisole, a drug that was once used to treat colon cancer but is now reserved for veterinary use as a medication to get rid of worms, can cause agranulocytosis in humans. The "burns" seen on Californian patients, who also were suffering from agranulocytosis, were the result of skin infections related to patients' compromised immunity. There have now been several dozen cases...
...went back to Sichuan six months after the catastrophe and was amazed at the speed of physical and economic recovery. In Dujiangyan, the largest city in the quake zone, the rubble and tent cities had disappeared. The jumble of debris was replaced by piles of new bricks, lumber and other construction materials. There was a building boom across the region, and dozens of temporary villages were erected to house the 5 million people who were rendered homeless by the quake. The prefab housing was made out of blue aluminum siding lined with Styrofoam insulation. It had concrete floors...
Likewise, the economy of the quake zone has done well. Much of the region was agricultural, and farmers were able to get back to work fairly soon after the disaster. The massive rebuilding effort also provided direct investment and job opportunities. Several of the dislocated people I met in the temporary camps had family members working on reconstruction. Overall the quake region produced less than 1% of China's GDP, so it did little to slow the national growth engine. A chief concern was that rebuilding would contribute to inflation. That was largely forgotten over the past year...