November 12, 2025 • 23 mins
(November 12, 2025)
Leases for VA are millions of dollars under market value, Trump administration says. Newsom presents California as reliable partner at U.N. climate talks. L.A. may cap rent increases for rent-stabilized apartments at 3%, landlords cry foul. 7-year car loans are here… what will your car be worth in 2032?
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Episode Transcript
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Speaker 1 (00:01):
You're listening to Bill Handle on demand from KFI AM
six forty.
Speaker 2 (00:07):
Don't wait, I am six forty bill Handle.
Speaker 3 (00:11):
Here. It is a Wednesday morning, November twelfth, waiting for
the first big big rat in a long time come tomorrow. Also,
coming up the top of the hour eight o'clock, you're
going to meet Janett. I've been talking about her son
in law, Odawn, who was a photographer my daughter's wedding
and was picked up and deported to l Salvador. And
(00:32):
I'll tell you that the story itself is kind of interesting,
but it gives us an idea of what actually is
going on out there, whether good or bad, depending on
how you feel about it.
Speaker 2 (00:41):
Okay, that's up at eight o'clock.
Speaker 3 (00:43):
Now, Veterans, if you've ever been to West la you have,
of course the Veterans Cemetery, which is enormous one on
Supulvita Boulevard and down near Wiltshire and then across the
street is the Veterans Administration, huge attract of land. Now
keep in mind that land that's owned by the government
(01:05):
or the Veterans' Affair Department Veteran Affairs is there for veterans.
Speaker 2 (01:11):
Does that make sense?
Speaker 3 (01:13):
It's there for the purpose of veterans. Well, let me
tell you what is actually going on on some of
that land. UCLA, the Brentwood School, a very high end
private high school, and a parking company are paying two
point three million dollars to lease land from the Veteran
(01:33):
Affairs land that's owned by the government. So let me
give you some figures. They're paying two point three million
dollars a year. The market value of the annual rental
of those properties is forty eight million dollars. That's according
to a report that was just filed, and it was
(01:54):
filed with the Ninth Circuit Court of Appeals because there
is an appeal going on and the the VA is
now looking at and switch this position because the court
ruled last year that those leases were just done nullified,
and originally the administration said, okay, that's okay with us,
(02:16):
and now they're part of the appeal, it's not okay
with us. And not only did the judge did the
court nullify the leases, but ordered that twenty five hundred
units of temporary and permanent housing to be built for
veterans on that property.
Speaker 2 (02:33):
I mean, it's huge. Three hundred and eighty eight acres.
Speaker 3 (02:36):
Of course, the VA appealed the decision, and now it's
gone the other way, and in May the President issued
an executive order calling for the VA to provide housing
for six thousand people on the campus, which is an
actually escalation of what the court said. And so here's
the premise here is that somehow you had these three
(03:01):
entities UCLA, the private school Brentwood, and a parking company
that leases the land for parking is a for profit organization.
Speaker 2 (03:14):
Of course, that the government, the VA.
Speaker 3 (03:18):
Not only is that land not being used for the
benefit of the VA or veterans, the government is getting screwed,
beyond screwed. The annual fair market rent would be thirty
million dollars. That's paid by or should be paid by Brentwood.
They put their athletic facilities there twenty two acres, that's
(03:42):
thirty million. UCLA has its baseball stadium there, that's twelve
million dollars a year rental. And then Safety Park has
two parking lots and that's worth five hundred and eighty
eight million dollars. Total forty eight million dollars. So as
of September of this year, the VA received a combined
(04:02):
total of one point seven million dollars in annual rent
from those leases. So let me get this right. One
point seven million dollars they got market value is forty
eight million dollars a year.
Speaker 2 (04:16):
Yeeha.
Speaker 3 (04:17):
Tell me that we the taxpayer. We the government part
of the government. Of course, taxpayers is not getting screwed.
And the I mean the rents are ridiculous, I mean
they're so low. Now, the Brentwood School said, wait a minute.
Not only do we pay rent, but we also offer
in kind services because the veterans can use our facilities
(04:41):
and we have a family resource center and a mental
health and addiction center. So the Brentwood School said, okay,
so we have a great relationship with veterans and the
federal government because we're growing to meet the needs of veterans.
And they pointed out, look what was done. Since since
October one, more than three thousand meals to veterans have
(05:04):
been served in several programs. Okay, that's over since October one,
October November three thousand meals, which it seems to be
a lot, but it ain't much. They also taught classes
like computer skills and forklift certification, and the all time
winner on this one. In a defense of not paying
(05:25):
market rent is we provide movie nights for veterans as
well as fitness classes.
Speaker 2 (05:32):
Therefore, leave us alone.
Speaker 3 (05:36):
After getting this report, the House Committee on Veteran Affairs
at chair blasted the VA and particularly UCLA. UCLA It's
baseball stadium is there, Brentwood has its athletic field there.
The parking lot company has two parking lots. Let me
tell you go, I've parked there. I don't see many
(05:59):
veterans walking around that are being helped by that parking
lot so or those parking lots. So the bottom line
is this is just one more place we're looking at.
You know, when you see waste and fraud and you hear,
you know, every politician saying waste and fraud, which is
for the most part crapol. Do you know that sometimes
(06:23):
paranoid people really do have people going after them, you know,
it occasionally does happen. That's what's happening here, waste and fraud.
The VA is getting screwed. Not only is it land
being used for these private purposes, but the rent. It
is getting one point seven million dollars for forty eight
(06:44):
million dollars of market rent and of all the organizations
that least deserve getting screwed over, of course, not that
they all don't, but the VA veterans particularly. All right, now,
this is I love this story because this is a story.
Speaker 2 (07:03):
It's about Gavin Newsom.
Speaker 3 (07:05):
And I know a lot of people think that Gavin
Newsom is this cheap, duplicitus obvious politician who will do
anything and everything to create a platform for his running
for the president. Well here's a story in which Gavin
Newsom is a cheap, duplicitous son of a bitch running
(07:30):
for the presidency. And it is so obvious, and it
has to do with the United Nations Climate Conference in Brazil. Actually, Belem, Brazil,
Bellm is a really neat place. Bellm is a gateway
to the Amazon. It's up in the north east part
of Brazil. And you can actually get on a cruise ship,
a cruise ship out of Belem and go three thousand
(07:54):
miles into the Amazon along the Amazon River to Manaos,
which is in the middle of the jungle, a big,
huge city in the middle of the jungle. And I
have done that, And if you ever have a chance
to do that, please do that. Because you go through
these jungles and foliage, and it's fascinating for the first
(08:14):
ten minutes and then it's exactly the same for the
next three thousand miles. Yeah, and people pay money to
do that. Just want to point that out. So in
any case, there is the United Nations Climate Conference. It
happens every year in a different city. And California is there,
and Governor Newsome is there, and you go, wait a minute,
(08:37):
this is an international climate conference of countries that are
there to sign agreements and talk about cooperation. What is
a state doing there? Now, there's two sides of that coin.
California likes to think of itself as a nation. Well,
(08:57):
we have the fourth largest economy in the world. We're
very nationike And Newsom likes to think of himself as president.
Speaker 2 (09:04):
So he is there. He'd never been there before.
Speaker 3 (09:08):
He's always sent people to this conference, but he's never
been to it. This time he is there, and he
is one of the players, or at least he thinks so.
Speaker 2 (09:20):
And actually, you know what the reality is.
Speaker 3 (09:22):
He probably is because California is the big gorilla in
the United States in terms of states. Also it is
the big gorilla in terms of climate change and how
it approaches alternative energies and reduction of fossil fuels.
Speaker 2 (09:37):
I mean, California is at the forefront of all this.
Speaker 3 (09:39):
So the argument is, even though the California is the
state does not have the ability to even be in
the same room when these deals are cut between countries,
it is a big enough player that the world.
Speaker 2 (09:53):
Pays attention to it.
Speaker 3 (09:54):
And in fact it is California does have a deal
with Denmark, for example, an official treaty because you don't
have states treaty deal in treaty fashion with countries, but
they do exchange information. Denmark has a lot of technology
that California uses once to use and the same thing
(10:16):
back and forth. And so August Newsom signed an agreement
with Denmark and both are committed to achieving carbon neutrality
by twenty forty five. And what ended up happening This
is about water systems in this particular one. So what's
in it for particularly Newsom, Well, he's going to get
(10:38):
the platform, he's going to get the attention, although he
doesn't get a whole lot of attention this conference, by
the way, you know, in the first time California attended
the conference, Arnold Schwarzenegger was the first California governor to go,
and that's in Copenhagen in two thousand and nine. Jerry
Brown attended in twenty fifteen when the Paris agree was signed,
(11:01):
a big one of which President Trump has removed us
twice from the Paris Accords. First term, he said, we're
done with this climate change, this climate accord, and then
Joe Biden puts us right back in, and then Trump
removes us once more.
Speaker 2 (11:20):
And this was day one of his term. So how
important is this? You know? I think it's important?
Speaker 3 (11:31):
Do I think it's also a cheap political trick by
news Not cheap political trick, it's a cheap political move
because at this point knew what Newsom is doing is
doing everything he possibly can to set up his to
set up his run for the presidency. I don't even
think he's announced yet, has he that he's running. I
don't believe that he has actually announced that he's running.
Speaker 2 (11:55):
He has not.
Speaker 1 (11:56):
He has said he would be lying if he hadn't
admitted that he was thinking about it.
Speaker 3 (12:00):
Ah, okay, And he's been thinking about it probably since
I don't know, maybe kindergarten. You know, when a kindergarten
teacher says, what do you want to be when you
grow up?
Speaker 2 (12:11):
I want to be a fireman. I want to be
a policeman. And there's Gavin.
Speaker 3 (12:15):
I want to be the president of the United States.
Speaker 2 (12:20):
The point is he was serious.
Speaker 3 (12:22):
Most five year olds are not, so Gavin Newsom is there.
Speaker 2 (12:28):
And now who is paying for it? Right? Oh my god?
Is state money paying for this? Absolutely not.
Speaker 3 (12:34):
These trips are paid by nonprofits, private money that's raised,
so at least that part of his good Although you
can argue that the governor is on state salary and
he's taking away from his state duties. But you know,
one of the things about being an elected official, especially
when you're head of the executive branch of a state
or the presidency, no one tells you where to go win.
(12:59):
You don't ask anybody's permission. I think I'm going to
take two weeks off. I think I'm going to go
to Hawaii for a while. And that's Obama. I think
I'm gonna go to mar al Lago every weekend. That's
President Trump. I think I'm gonna take lots of trips.
President Clinton says, yeah, Now that's the good news being
(13:22):
a president or a governor is pretty good. I think
the same thing with any elected official. And by the way,
the same thing if you're a federal judge. Did you
know that no one can stop you from going any
place you decide your own vacation plans. Okay, Now, La
is kind of an interesting place. It is rent controlled,
(13:45):
but sort of kind of rent controlled.
Speaker 2 (13:48):
Well, the city council.
Speaker 3 (13:49):
Is moving to vote to really make it rent control.
They're going to put a cap on rent increases for
these rent stabilized apartments to three percent a year no
matter what.
Speaker 2 (14:04):
Now the landlords are saying, you do that.
Speaker 3 (14:07):
We're not going to repair the property because we can't
afford it. More than half of a tenant's in La
pay more than thirty percent of their income in rent.
Speaker 2 (14:19):
So here is the problem. What happens?
Speaker 3 (14:21):
And man, this is a rock and a hard place,
and that is rent is so expensive that people pay
far more than thirty percent of their income in rent.
We were speaking to Or I was to Amy, and Amy,
your figure is what what percent is your income?
Speaker 2 (14:41):
Half of her income goes for rent. And that's two reasons.
Speaker 3 (14:45):
One because of the cost of rentals here in southern
California and The other reason is she works here at iHeart.
Speaker 2 (14:52):
And the Deadly Company. It is a.
Speaker 3 (14:55):
Very deadly combination, to say the least. The point is
this is going to be the first major change in
rent stabilization since nineteen eighty five, and the cap is
what inflation is. Normally, the rent Stabilization Board decides what
the inflation is. However, it can go up to ten
(15:16):
percent statewide, and it can be more expensive. Also, someone
leaves a rent stabilized apartment, for example, and someone new
moves in, you can go up to market, which is
why it's in the best interests of landlords to get
people out of those rent stabilized apartments because then they
go then the new base is.
Speaker 2 (15:38):
The new market rent. Well, all of that disappears.
Speaker 3 (15:44):
You leave a rent stabilized apartment and whoever comes in
gets a rent stabilized apartment at basically the same price.
So right now the cap is between three and eight percent,
depending on inflation, going up to ten ten percent off
the landlords pay for utilities.
Speaker 2 (16:04):
And it gets really really expensive.
Speaker 3 (16:08):
So since most Angelino's are renters, half our rent burden
more than thirty percent, much like Amy pays fifty percent
of her income so what's what do you do about it? Well,
you get a cheaper apartment, you don't work for iHeart,
(16:28):
If you do work here, you quit or you don't apply,
and somehow maybe you can afford I mean, we're in
the middle of an affordabilarly crisis, so clearly, and of
course the housing crisis.
Speaker 2 (16:42):
So unfortunately. The equation is real simple.
Speaker 3 (16:46):
The more you control rent, the more expensive it is
for landlords because they're losing money. And the whole point
of buying into apartment buildings is either it becomes cash positive,
which is almost impossible to buy an apartment building where
it's cash positive, or the value of the place goes up.
And why does the value of the place goes up
(17:07):
because the rent increases. That's how you get more value
in a piece of property. Well, if the rent doesn't increase,
you don't get much value. If you're a landlord and
you're not getting any money or very little money, and
inflation is more than the rent increase, then you're not
going to spend any money.
Speaker 2 (17:28):
I mean, I don't know if I would. I mean,
I had two units where I lived.
Speaker 3 (17:34):
I lived before I moved into the Persian Palace. I
was in Hancock Park adjacent. Hancock Park is a real
is the is the rich area adjacent not so much
so we say I live in Hancock Park adjacent.
Speaker 1 (17:48):
No, you were in Hancock Park adjacent. I had been
to your place adjacent. It was a due plex. It
wasn't adjacent that you that you lived in as a
one play.
Speaker 3 (17:59):
Well that's only when the kids were born. Yeah, they
were big duplexes we bought. The point is we bought
one around the corner also as a rental, and because
it's rent it was stabilized for rent and unfortunately, I
believe in keeping up properties. Was built in nineteen twenty seven,
and so when I bought it, I brought it back
(18:20):
to nineteen twenty seven. The day you walked in the
place is it was a time machine. It was a
time warp. It was like the day it was built
in nineteen twenty seven. And it's not a good idea
then to put renters in there that don't give a
rats ass goodbye.
Speaker 2 (18:40):
Done anyway, so much for that.
Speaker 3 (18:43):
Okay, before we do that, I want to talk about
the fact that if you have a seven year car loan,
you're out of your mind. Unfortunately, if you have a
seven year car loan. There's a good chance that's all
you can afford. And now the new normal is a
seven year car loan. Now, when I started buying cars,
anything beyond three years was just no one did it.
(19:06):
The norm was a three year car loan. But what happens, well,
you have interest rates on cars, particularly used cars. Can
you imagine a seven year loan on a used car
and people are buying them. The average used car has
I think fifty or sixty thousand miles. And if you
buy a used car and you buy a seven year
(19:28):
loan with it, it's never going to be less expensive
than the loan. You will be upside down from the
moment you buy that car. And at the end of
five years, four years, the car is worthless.
Speaker 2 (19:43):
And so what you're sitting on is a worthless vehicle.
Speaker 3 (19:46):
Hopefully it works and a huge loan payment and when
it comes I'm going to give you some figures.
Speaker 2 (19:53):
Okay, this is Consumer Reports.
Speaker 3 (19:56):
Forty thousand dollars auto loan, which is not is typical
at a seven percent interest rate, which is also typical.
So on a four year loan, you're paying almost one
thousand dollars a month. I mean, that's some serious money
for a car. But your interest is six thousand dollars
over the lifetime of the loan. Now, if you go
(20:19):
to five years, your monthly payment drops to seven ninety
two eight hundred bucks. Interest goes up to seventy five
hundred dollars with a six year loan. And again this
is all about making payments monthly, because that's all people
care about. When's the last time you bought anything and
you looked at over the life of the loan, no
(20:41):
one does.
Speaker 2 (20:41):
No one pays.
Speaker 3 (20:42):
Attention interest rates over the life of the loan. You
don't pay attention to that. You buy a house, do
you really think about, okay, over the life of the
thirty years, this is what I'm paying interest.
Speaker 2 (20:51):
Nobody gives a damn. What you do is how much
is it going to cost a month?
Speaker 3 (20:55):
That's all you care about. Well, if you look at
the figures, it gets really scary. A six year loan,
now your payment goes to six't eighty two, so it
keeps on dropping and maybe that's a lot more affordable
and that's within your price range. The interest rises to
nine thousand dollars over the six years, and a seven
year loan, which unfortunately is happening more and more. Your
(21:17):
payments are now six hundred bucks a month. The payment
the interest is going to be ten thousand dollars over
the life of the loan.
Speaker 2 (21:25):
Does it make any sense financially? It does not.
Speaker 3 (21:29):
Oh, I was wrong about the figures of the.
Speaker 2 (21:35):
Used car mileage.
Speaker 3 (21:37):
The average used car that was sold in August of
twenty twenty five, a couple months ago, has already been
driven seventy two thousand miles the average car, So if
you're buying an average used car, you're buying it with
seventy two thousand miles on it.
Speaker 2 (21:52):
I only buy used, and I have never paid.
Speaker 1 (21:58):
Anything above five hundred It's always been under five hundred
dollars a month. I can't imagine spending the kind of
money that people those days are done. I just I
want I buy something three two or three years old
and I drive it forever.
Speaker 2 (22:13):
How do you do that? Today? You taught me this
though you did no.
Speaker 1 (22:16):
I did treat it like a utility, that you're always
going to have to pay for it, and that it's
not an investment. And that's what I do. I just
know that I'm going to probably have a car payment for.
Speaker 2 (22:26):
The rest of your life.
Speaker 3 (22:27):
Yeah, that's true. It's like a electric bill payment, you know,
just you pay it. It's part of life. That's how
you have to look at it. So yeah, and that's
the to that point, all you care about is your
monthly payment.
Speaker 2 (22:39):
Yeah, and that's why it doesn't matter.
Speaker 3 (22:40):
That's why they nail you. They nail you because your
car five years from now, seven years from now.
Speaker 2 (22:47):
Is a piece of crap, not if you keep it up.
Oh stop it. Who keeps up an eight year old car?
Speaker 3 (22:53):
Well?
Speaker 1 (22:53):
Actually, people to twenty sixteen, and it's a truck, is
a GMC. It runs great, it has never knocked one,
it's never had any major anything.
Speaker 2 (23:02):
All Right, we're done. That's it. This is KFI AM
six point. You've been listening to the Bill Handle Show.
Speaker 3 (23:10):
Catch my Show Monday through Friday six am to nine am,
and anytime on demand on the iHeartRadio app.
You're listening to Bill Handle on demand from KFI AM
six forty.
Speaker 2 (00:07):
Don't wait, I am six forty bill Handle.
Speaker 3 (00:11):
Here. It is a Wednesday morning, November twelfth, waiting for
the first big big rat in a long time come tomorrow. Also,
coming up the top of the hour eight o'clock, you're
going to meet Janett. I've been talking about her son
in law, Odawn, who was a photographer my daughter's wedding
and was picked up and deported to l Salvador. And
(00:32):
I'll tell you that the story itself is kind of interesting,
but it gives us an idea of what actually is
going on out there, whether good or bad, depending on
how you feel about it.
Speaker 2 (00:41):
Okay, that's up at eight o'clock.
Speaker 3 (00:43):
Now, Veterans, if you've ever been to West la you have,
of course the Veterans Cemetery, which is enormous one on
Supulvita Boulevard and down near Wiltshire and then across the
street is the Veterans Administration, huge attract of land. Now
keep in mind that land that's owned by the government
(01:05):
or the Veterans' Affair Department Veteran Affairs is there for veterans.
Speaker 2 (01:11):
Does that make sense?
Speaker 3 (01:13):
It's there for the purpose of veterans. Well, let me
tell you what is actually going on on some of
that land. UCLA, the Brentwood School, a very high end
private high school, and a parking company are paying two
point three million dollars to lease land from the Veteran
(01:33):
Affairs land that's owned by the government. So let me
give you some figures. They're paying two point three million
dollars a year. The market value of the annual rental
of those properties is forty eight million dollars. That's according
to a report that was just filed, and it was
(01:54):
filed with the Ninth Circuit Court of Appeals because there
is an appeal going on and the the VA is
now looking at and switch this position because the court
ruled last year that those leases were just done nullified,
and originally the administration said, okay, that's okay with us,
(02:16):
and now they're part of the appeal, it's not okay
with us. And not only did the judge did the
court nullify the leases, but ordered that twenty five hundred
units of temporary and permanent housing to be built for
veterans on that property.
Speaker 2 (02:33):
I mean, it's huge. Three hundred and eighty eight acres.
Speaker 3 (02:36):
Of course, the VA appealed the decision, and now it's
gone the other way, and in May the President issued
an executive order calling for the VA to provide housing
for six thousand people on the campus, which is an
actually escalation of what the court said. And so here's
the premise here is that somehow you had these three
(03:01):
entities UCLA, the private school Brentwood, and a parking company
that leases the land for parking is a for profit organization.
Speaker 2 (03:14):
Of course, that the government, the VA.
Speaker 3 (03:18):
Not only is that land not being used for the
benefit of the VA or veterans, the government is getting screwed,
beyond screwed. The annual fair market rent would be thirty
million dollars. That's paid by or should be paid by Brentwood.
They put their athletic facilities there twenty two acres, that's
(03:42):
thirty million. UCLA has its baseball stadium there, that's twelve
million dollars a year rental. And then Safety Park has
two parking lots and that's worth five hundred and eighty
eight million dollars. Total forty eight million dollars. So as
of September of this year, the VA received a combined
(04:02):
total of one point seven million dollars in annual rent
from those leases. So let me get this right. One
point seven million dollars they got market value is forty
eight million dollars a year.
Speaker 2 (04:16):
Yeeha.
Speaker 3 (04:17):
Tell me that we the taxpayer. We the government part
of the government. Of course, taxpayers is not getting screwed.
And the I mean the rents are ridiculous, I mean
they're so low. Now, the Brentwood School said, wait a minute.
Not only do we pay rent, but we also offer
in kind services because the veterans can use our facilities
(04:41):
and we have a family resource center and a mental
health and addiction center. So the Brentwood School said, okay,
so we have a great relationship with veterans and the
federal government because we're growing to meet the needs of veterans.
And they pointed out, look what was done. Since since
October one, more than three thousand meals to veterans have
(05:04):
been served in several programs. Okay, that's over since October one,
October November three thousand meals, which it seems to be
a lot, but it ain't much. They also taught classes
like computer skills and forklift certification, and the all time
winner on this one. In a defense of not paying
(05:25):
market rent is we provide movie nights for veterans as
well as fitness classes.
Speaker 2 (05:32):
Therefore, leave us alone.
Speaker 3 (05:36):
After getting this report, the House Committee on Veteran Affairs
at chair blasted the VA and particularly UCLA. UCLA It's
baseball stadium is there, Brentwood has its athletic field there.
The parking lot company has two parking lots. Let me
tell you go, I've parked there. I don't see many
(05:59):
veterans walking around that are being helped by that parking
lot so or those parking lots. So the bottom line
is this is just one more place we're looking at.
You know, when you see waste and fraud and you hear,
you know, every politician saying waste and fraud, which is
for the most part crapol. Do you know that sometimes
(06:23):
paranoid people really do have people going after them, you know,
it occasionally does happen. That's what's happening here, waste and fraud.
The VA is getting screwed. Not only is it land
being used for these private purposes, but the rent. It
is getting one point seven million dollars for forty eight
(06:44):
million dollars of market rent and of all the organizations
that least deserve getting screwed over, of course, not that
they all don't, but the VA veterans particularly. All right, now,
this is I love this story because this is a story.
Speaker 2 (07:03):
It's about Gavin Newsom.
Speaker 3 (07:05):
And I know a lot of people think that Gavin
Newsom is this cheap, duplicitus obvious politician who will do
anything and everything to create a platform for his running
for the president. Well here's a story in which Gavin
Newsom is a cheap, duplicitous son of a bitch running
(07:30):
for the presidency. And it is so obvious, and it
has to do with the United Nations Climate Conference in Brazil. Actually, Belem, Brazil,
Bellm is a really neat place. Bellm is a gateway
to the Amazon. It's up in the north east part
of Brazil. And you can actually get on a cruise ship,
a cruise ship out of Belem and go three thousand
(07:54):
miles into the Amazon along the Amazon River to Manaos,
which is in the middle of the jungle, a big,
huge city in the middle of the jungle. And I
have done that, And if you ever have a chance
to do that, please do that. Because you go through
these jungles and foliage, and it's fascinating for the first
(08:14):
ten minutes and then it's exactly the same for the
next three thousand miles. Yeah, and people pay money to
do that. Just want to point that out. So in
any case, there is the United Nations Climate Conference. It
happens every year in a different city. And California is there,
and Governor Newsome is there, and you go, wait a minute,
(08:37):
this is an international climate conference of countries that are
there to sign agreements and talk about cooperation. What is
a state doing there? Now, there's two sides of that coin.
California likes to think of itself as a nation. Well,
(08:57):
we have the fourth largest economy in the world. We're
very nationike And Newsom likes to think of himself as president.
Speaker 2 (09:04):
So he is there. He'd never been there before.
Speaker 3 (09:08):
He's always sent people to this conference, but he's never
been to it. This time he is there, and he
is one of the players, or at least he thinks so.
Speaker 2 (09:20):
And actually, you know what the reality is.
Speaker 3 (09:22):
He probably is because California is the big gorilla in
the United States in terms of states. Also it is
the big gorilla in terms of climate change and how
it approaches alternative energies and reduction of fossil fuels.
Speaker 2 (09:37):
I mean, California is at the forefront of all this.
Speaker 3 (09:39):
So the argument is, even though the California is the
state does not have the ability to even be in
the same room when these deals are cut between countries,
it is a big enough player that the world.
Speaker 2 (09:53):
Pays attention to it.
Speaker 3 (09:54):
And in fact it is California does have a deal
with Denmark, for example, an official treaty because you don't
have states treaty deal in treaty fashion with countries, but
they do exchange information. Denmark has a lot of technology
that California uses once to use and the same thing
(10:16):
back and forth. And so August Newsom signed an agreement
with Denmark and both are committed to achieving carbon neutrality
by twenty forty five. And what ended up happening This
is about water systems in this particular one. So what's
in it for particularly Newsom, Well, he's going to get
(10:38):
the platform, he's going to get the attention, although he
doesn't get a whole lot of attention this conference, by
the way, you know, in the first time California attended
the conference, Arnold Schwarzenegger was the first California governor to go,
and that's in Copenhagen in two thousand and nine. Jerry
Brown attended in twenty fifteen when the Paris agree was signed,
(11:01):
a big one of which President Trump has removed us
twice from the Paris Accords. First term, he said, we're
done with this climate change, this climate accord, and then
Joe Biden puts us right back in, and then Trump
removes us once more.
Speaker 2 (11:20):
And this was day one of his term. So how
important is this? You know? I think it's important?
Speaker 3 (11:31):
Do I think it's also a cheap political trick by
news Not cheap political trick, it's a cheap political move
because at this point knew what Newsom is doing is
doing everything he possibly can to set up his to
set up his run for the presidency. I don't even
think he's announced yet, has he that he's running. I
don't believe that he has actually announced that he's running.
Speaker 2 (11:55):
He has not.
Speaker 1 (11:56):
He has said he would be lying if he hadn't
admitted that he was thinking about it.
Speaker 3 (12:00):
Ah, okay, And he's been thinking about it probably since
I don't know, maybe kindergarten. You know, when a kindergarten
teacher says, what do you want to be when you
grow up?
Speaker 2 (12:11):
I want to be a fireman. I want to be
a policeman. And there's Gavin.
Speaker 3 (12:15):
I want to be the president of the United States.
Speaker 2 (12:20):
The point is he was serious.
Speaker 3 (12:22):
Most five year olds are not, so Gavin Newsom is there.
Speaker 2 (12:28):
And now who is paying for it? Right? Oh my god?
Is state money paying for this? Absolutely not.
Speaker 3 (12:34):
These trips are paid by nonprofits, private money that's raised,
so at least that part of his good Although you
can argue that the governor is on state salary and
he's taking away from his state duties. But you know,
one of the things about being an elected official, especially
when you're head of the executive branch of a state
or the presidency, no one tells you where to go win.
(12:59):
You don't ask anybody's permission. I think I'm going to
take two weeks off. I think I'm going to go
to Hawaii for a while. And that's Obama. I think
I'm gonna go to mar al Lago every weekend. That's
President Trump. I think I'm gonna take lots of trips.
President Clinton says, yeah, Now that's the good news being
(13:22):
a president or a governor is pretty good. I think
the same thing with any elected official. And by the way,
the same thing if you're a federal judge. Did you
know that no one can stop you from going any
place you decide your own vacation plans. Okay, Now, La
is kind of an interesting place. It is rent controlled,
(13:45):
but sort of kind of rent controlled.
Speaker 2 (13:48):
Well, the city council.
Speaker 3 (13:49):
Is moving to vote to really make it rent control.
They're going to put a cap on rent increases for
these rent stabilized apartments to three percent a year no
matter what.
Speaker 2 (14:04):
Now the landlords are saying, you do that.
Speaker 3 (14:07):
We're not going to repair the property because we can't
afford it. More than half of a tenant's in La
pay more than thirty percent of their income in rent.
Speaker 2 (14:19):
So here is the problem. What happens?
Speaker 3 (14:21):
And man, this is a rock and a hard place,
and that is rent is so expensive that people pay
far more than thirty percent of their income in rent.
We were speaking to Or I was to Amy, and Amy,
your figure is what what percent is your income?
Speaker 2 (14:41):
Half of her income goes for rent. And that's two reasons.
Speaker 3 (14:45):
One because of the cost of rentals here in southern
California and The other reason is she works here at iHeart.
Speaker 2 (14:52):
And the Deadly Company. It is a.
Speaker 3 (14:55):
Very deadly combination, to say the least. The point is
this is going to be the first major change in
rent stabilization since nineteen eighty five, and the cap is
what inflation is. Normally, the rent Stabilization Board decides what
the inflation is. However, it can go up to ten
(15:16):
percent statewide, and it can be more expensive. Also, someone
leaves a rent stabilized apartment, for example, and someone new
moves in, you can go up to market, which is
why it's in the best interests of landlords to get
people out of those rent stabilized apartments because then they
go then the new base is.
Speaker 2 (15:38):
The new market rent. Well, all of that disappears.
Speaker 3 (15:44):
You leave a rent stabilized apartment and whoever comes in
gets a rent stabilized apartment at basically the same price.
So right now the cap is between three and eight percent,
depending on inflation, going up to ten ten percent off
the landlords pay for utilities.
Speaker 2 (16:04):
And it gets really really expensive.
Speaker 3 (16:08):
So since most Angelino's are renters, half our rent burden
more than thirty percent, much like Amy pays fifty percent
of her income so what's what do you do about it? Well,
you get a cheaper apartment, you don't work for iHeart,
(16:28):
If you do work here, you quit or you don't apply,
and somehow maybe you can afford I mean, we're in
the middle of an affordabilarly crisis, so clearly, and of
course the housing crisis.
Speaker 2 (16:42):
So unfortunately. The equation is real simple.
Speaker 3 (16:46):
The more you control rent, the more expensive it is
for landlords because they're losing money. And the whole point
of buying into apartment buildings is either it becomes cash positive,
which is almost impossible to buy an apartment building where
it's cash positive, or the value of the place goes up.
And why does the value of the place goes up
(17:07):
because the rent increases. That's how you get more value
in a piece of property. Well, if the rent doesn't increase,
you don't get much value. If you're a landlord and
you're not getting any money or very little money, and
inflation is more than the rent increase, then you're not
going to spend any money.
Speaker 2 (17:28):
I mean, I don't know if I would. I mean,
I had two units where I lived.
Speaker 3 (17:34):
I lived before I moved into the Persian Palace. I
was in Hancock Park adjacent. Hancock Park is a real
is the is the rich area adjacent not so much
so we say I live in Hancock Park adjacent.
Speaker 1 (17:48):
No, you were in Hancock Park adjacent. I had been
to your place adjacent. It was a due plex. It
wasn't adjacent that you that you lived in as a
one play.
Speaker 3 (17:59):
Well that's only when the kids were born. Yeah, they
were big duplexes we bought. The point is we bought
one around the corner also as a rental, and because
it's rent it was stabilized for rent and unfortunately, I
believe in keeping up properties. Was built in nineteen twenty seven,
and so when I bought it, I brought it back
(18:20):
to nineteen twenty seven. The day you walked in the
place is it was a time machine. It was a
time warp. It was like the day it was built
in nineteen twenty seven. And it's not a good idea
then to put renters in there that don't give a
rats ass goodbye.
Speaker 2 (18:40):
Done anyway, so much for that.
Speaker 3 (18:43):
Okay, before we do that, I want to talk about
the fact that if you have a seven year car loan,
you're out of your mind. Unfortunately, if you have a
seven year car loan. There's a good chance that's all
you can afford. And now the new normal is a
seven year car loan. Now, when I started buying cars,
anything beyond three years was just no one did it.
(19:06):
The norm was a three year car loan. But what happens, well,
you have interest rates on cars, particularly used cars. Can
you imagine a seven year loan on a used car
and people are buying them. The average used car has
I think fifty or sixty thousand miles. And if you
buy a used car and you buy a seven year
(19:28):
loan with it, it's never going to be less expensive
than the loan. You will be upside down from the
moment you buy that car. And at the end of
five years, four years, the car is worthless.
Speaker 2 (19:43):
And so what you're sitting on is a worthless vehicle.
Speaker 3 (19:46):
Hopefully it works and a huge loan payment and when
it comes I'm going to give you some figures.
Speaker 2 (19:53):
Okay, this is Consumer Reports.
Speaker 3 (19:56):
Forty thousand dollars auto loan, which is not is typical
at a seven percent interest rate, which is also typical.
So on a four year loan, you're paying almost one
thousand dollars a month. I mean, that's some serious money
for a car. But your interest is six thousand dollars
over the lifetime of the loan. Now, if you go
(20:19):
to five years, your monthly payment drops to seven ninety
two eight hundred bucks. Interest goes up to seventy five
hundred dollars with a six year loan. And again this
is all about making payments monthly, because that's all people
care about. When's the last time you bought anything and
you looked at over the life of the loan, no
(20:41):
one does.
Speaker 2 (20:41):
No one pays.
Speaker 3 (20:42):
Attention interest rates over the life of the loan. You
don't pay attention to that. You buy a house, do
you really think about, okay, over the life of the
thirty years, this is what I'm paying interest.
Speaker 2 (20:51):
Nobody gives a damn. What you do is how much
is it going to cost a month?
Speaker 3 (20:55):
That's all you care about. Well, if you look at
the figures, it gets really scary. A six year loan,
now your payment goes to six't eighty two, so it
keeps on dropping and maybe that's a lot more affordable
and that's within your price range. The interest rises to
nine thousand dollars over the six years, and a seven
year loan, which unfortunately is happening more and more. Your
(21:17):
payments are now six hundred bucks a month. The payment
the interest is going to be ten thousand dollars over
the life of the loan.
Speaker 2 (21:25):
Does it make any sense financially? It does not.
Speaker 3 (21:29):
Oh, I was wrong about the figures of the.
Speaker 2 (21:35):
Used car mileage.
Speaker 3 (21:37):
The average used car that was sold in August of
twenty twenty five, a couple months ago, has already been
driven seventy two thousand miles the average car, So if
you're buying an average used car, you're buying it with
seventy two thousand miles on it.
Speaker 2 (21:52):
I only buy used, and I have never paid.
Speaker 1 (21:58):
Anything above five hundred It's always been under five hundred
dollars a month. I can't imagine spending the kind of
money that people those days are done. I just I
want I buy something three two or three years old
and I drive it forever.
Speaker 2 (22:13):
How do you do that? Today? You taught me this
though you did no.
Speaker 1 (22:16):
I did treat it like a utility, that you're always
going to have to pay for it, and that it's
not an investment. And that's what I do. I just
know that I'm going to probably have a car payment for.
Speaker 2 (22:26):
The rest of your life.
Speaker 3 (22:27):
Yeah, that's true. It's like a electric bill payment, you know,
just you pay it. It's part of life. That's how
you have to look at it. So yeah, and that's
the to that point, all you care about is your
monthly payment.
Speaker 2 (22:39):
Yeah, and that's why it doesn't matter.
Speaker 3 (22:40):
That's why they nail you. They nail you because your
car five years from now, seven years from now.
Speaker 2 (22:47):
Is a piece of crap, not if you keep it up.
Oh stop it. Who keeps up an eight year old car?
Speaker 3 (22:53):
Well?
Speaker 1 (22:53):
Actually, people to twenty sixteen, and it's a truck, is
a GMC. It runs great, it has never knocked one,
it's never had any major anything.
Speaker 2 (23:02):
All Right, we're done. That's it. This is KFI AM
six point. You've been listening to the Bill Handle Show.
Speaker 3 (23:10):
Catch my Show Monday through Friday six am to nine am,
and anytime on demand on the iHeartRadio app.
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