Word: crunched
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Dates: during 1980-1989
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Rental housing is becoming scarcer because of demolition, abandonment and especially condomania. In Chicago 60,000 leased apartments have converted to condominiums since 1963, creating a severe housing crunch in parts of the city, notably the fashionable Near North Side. Last year 12,000 New York apartments went cooperative. The trend may accelerate as a result of Citibank's announcement last week that it was making $1 billion in loans available for houses and coops...
...prices of synthetic rubber and other petroleum-based products helped boost the bill for raw materials by 20% to 25%, and the new union contract signed last July could push labor costs up by as much as 40% over the next three years. But even before the cost crunch hit, the industry was suffering from its slowness in the early 1970s to make radial tires...
April 15: Major oil companies register record first quarter profits with industry leader Mobil weighing in with a 200 per cent jump over 1979. The seven largest oil copmpanies agree to ease the fiscal crunch faced by the U.S. Government by buying the Interior Department...
...remains on the Senate floor as Southern senators filibuster. Sam Nunn of Georgia declares that his colleagues' latest demand was to exchange SALT II for the death of Soviet Premier Leonid Brezhnev. Meanwhile, facing growing criticism on the left, Kennedy announces that he will solve the urban mass transit crunch by placing the MX subterranean missile system on city subways...