Market Wizard Predicts "Three Years of Famine"

Hedge fund vet Larry Benedict shares his urgent forecast and reveals the one ticker to protect your portfolio.

In Philadelphia, Chinatown activists rally again to stop development. This time, it's a 76ers arena

MARYCLAIRE DALE
October 06, 2024

PHILADELPHIA (AP) -- Vivian Chang works on a narrow Philadelphia street that would have been consumed by a Phillies stadium had Chinatown activists not rallied to defeat the plan in the early 2000s. Instead of 40,000 cheering fans, the squeals of young children now fill the playground at Folk Arts-Cultural Treasures Charter School, which opened in 2007.

"We're standing right where the baseball stadium would have been," Chang said in late September. "And now it's 480 students -- a lot of immigrants, a lot of students of color from across the city."

Chang, 33, leads Asian Americans United, which flexed its political muscle during the stadium fight and is now experiencing déjà vu as it tries to stop a planned $1.3 billion basketball arena for the Philadelphia 76ers at the other edge of Chinatown.

Mayor Cherelle Parker hopes a glitzy, 18,500-seat arena can be the catalyst to revive a distressed retail corridor called Market East, which runs for eight blocks, from City Hall to the Liberty Bell. The plan now moves to city council for debate this fall. Team owners say they need the council's approval for 76 Place by year's end so they can move into their new home by 2031.

"I wholeheartedly believe this is the right deal for the people of Philadelphia," Parker said in announcing her support in September, while pledging to protect what she called "the best Chinatown in the United States."

Few would deny that Market East needs a savior. But some are less sure it should be the Sixers. Critics fear gridlock on game days and a dark arena at other times, along with gentrification, homogenization and rising rents. Chinatown sits just above Market East and the LGBTQ+ friendly "Gayborhood" a few blocks below it.

"The arena is a uniquely bad use for that land," said local activist Jackson Morgan, who fears the Gayborhood could lose its identity. "It would make Center City virtually unlivable for hours at a time."

Victor Matheson, an economics professor at the College of the Holy Cross who studies stadium issues, said arenas can bring an economic bounce to downtown business districts, but only a limited one.

"They don't have much of an effect once you get beyond a couple of blocks," he said.

Market East, a once-bustling stretch of historic Market Street, has withered over the last half-century amid a series of cultural shifts: the growth of suburban shopping malls in the 1960s and '70s, the financial crises that crippled U.S. cities in the 1980s, and, more recently, the twin blows of online shopping and the pandemic.

And while much of Philadelphia is thriving as more young people settle downtown, Market East has resisted renewal efforts. All but one of its fabled department stores are long gone.

Enter the 76ers, owned by Harris Blitzer Sports & Entertainment, who want to shed their Wells Fargo Center lease with Comcast Spectacor and move from the city's South Philadelphia sports complex to their own facility.

The partners, who also own the NHL's New Jersey Devils and have a controlling interest in the NFL's Washington Commanders, say the project will be privately financed and bring thousands of jobs and more than $2 billion in economic growth to downtown. They also hope to build an adjacent $250 million apartment tower.

"I think the arena is a good thing," said Dante Sisofo, 28, who lives nearby. "I could see a lot of families gathering and getting a nice bowl of Vietnamese pho -- my favorite dish -- and then heading to the game."

Parker shares his optimism, and has tried to address concerns by noting the $50 million in local benefits the team has promised, a sum that includes a $3 million loan fund for Chinatown businesses.

But others wonder if sports fans would really patronize mom and pop stores. Arenas, they say, are designed to keep fans inside, spending their money on increasingly upscale dining and entertainment.

"The Sixers' owners, they don't make money by people going to the quaint little sports bar across the street. They make money by having people buy those $14 beers inside the stadium," Matheson said.

The owners have pledged not to ask the city for any construction funding, although they are free to seek state and federal funds. Instead of property taxes, they would pay about $6 million in annual Payments in Lieu of Taxes. Over the 30-year agreement, the potential savings to the team -- and loss to the city and its cash-strapped schools -- could be tens of millions of dollars or more, by some economists' measure.

"Historically, city officials have been extremely poor poker players when it comes to staring down and bluffing billionaire sports owners," Matheson said.

"And of course, that's the exact reason why you have them playing footsie with Camden," he said, referring to a last-minute flirtation from New Jersey to have the Sixers move across the Delaware River, where the team already has a practice facility, for $400 million in tax breaks.

Still, Parker called the deal the best ever struck with a city sports team, given that the three venues in South Philadelphia -- the Wells Fargo Center, Citizens Bank Park and Lincoln Financial Field -- were all built with huge public subsidies.

Back in Center City, rising rents already are a reality for Debbie Law's family.

It ran a variety store in the heart of Chinatown for 35 years until the landlord tripled the rent in 2022, when the arena plan surfaced. The family reluctantly moved around the block to a smaller, less visible location that faces the hulking back side of the Pennsylvania Convention Center, another economic development project that hems in Chinatown.

"I grew up in that shop. It was a community center of sorts," said Law, 42, as her aunt tended the register at the new store one recent day. Local residents, she said, rely on them for Chinese-language magazines, newspapers and cultural items they would struggle to find if the store is displaced again.

The Chinatown community, which dates to 1871, has worked to fend off sometimes dubious development since at least the 1960s: casinos, a prison, the stadium, a highway. They have won some fights and lost others. The six-lane, sunken Vine Street Expressway opened in 1991, cutting off the top of Chinatown, where the charter school sits. Only now are pedestrian overpasses being built to try to stitch the neighborhood back together.

"Every single time that Chinatown has been targeted for a project like this, people say Chinatown will survive," Chang said. "But is that really how we should be treated as a community?"

___

AP NBA: https://apnews.com/hub/NBA

Continue Reading...

Popular

Elon Musk's Pro-Trump Super PAC To Give $1M Every Day To People In Swing States For Signing His Petition

Billionaire Elon Musk on Saturday reportedly gave away $1 million to a man named John Dreher who attended his event in Pennsylvania aimed at rallying support for former President Donald Trump.

Walmart reaches settlement deal for shareholder lawsuits over its handling of opioids

NEW YORK (AP) — Walmart said Friday it has reached a proposed settlement pact related to three lawsuits filed by shareholders on behalf of the company over the handling of prescription opioids.

Wall St. Icon: Looming Financial Tsunami Will Wipe Out the 1% - Ad

Wall Street icon who forecasted Black Monday and dot-com crash says a new economic event will hit the American economy like a tsunami. It doesn't matter if you're blue collar, white collar, working, or retired. He says, "I am literally afraid for my family's future. I'm taking drastic steps to prepare for what I know will inevitably happen next."

A failed mic leaves Donald Trump pacing the stage in silence for nearly 20 minutes

DETROIT (AP) — paced his rally stage in silence for nearly 20 minutes Friday night in Detroit after his microphone cut out.

Google Says An Election Ad Ban Will Be Imposed After Polls Close To Curb Misinformation: 'Implementing This Policy Out Of An Abundance Of Caution'

Google will temporarily suspend all U.S. election-related ads after polls close on Election Day to prevent misinformation, resuming the policy it used in 2020 as part of broader efforts to curb election interference.

Forget Nvidia, Apple, Tesla, and Google - Ad

Market Wizard Larry Benedict: "Forget 99% of stocks: It's possible to make all the money you need for a happy retirement with just this one."

Musk offers voters $1 million to sign PAC petition backing the Constitution. Can that be legal?

, the billionaire founder of Tesla and Space X and owner of X who's gone all-in on Republican candidacy for the White House, has already committed at least . Now he's pledging to give away $1 million to voters for signing his political action committee's petition backing the Constitution.

Why LanzaTech Shares Are Surging On Wednesday

LanzaTech receives $3M award from US Dept. of Energy for carbon management project. Aligns with goal of converting CO2 into valuable products.

Shocking Footage from Bill Gates' $100 Billion AI Project - Ad

Jeff Brown flew to Wisconsin to witness Bill Gates' $100 billion AI project firsthand. What he uncovered will blow your mind!

US fines Lufthansa $4 million for treatment of Orthodox Jewish passengers on a 2022 flight

WASHINGTON (AP) — The United States fined German airline Lufthansa $4 million for its treatment of a group of Jewish passengers who were denied boarding a 2022 flight in Frankfurt after they had flown to Germany from New York.

Former NATO Chief Predicts 'Shutdown Of Oil' Amid Israel-Iran Conflict

Former NATO Chief Admiral James Stavridis says the growing conflict between Israel and Iran may lead to a disruption in the oil supply from the Middle East.

Exposed: Democrats' Secret Plan to Keep Trump Out of the White House - Ad

Former advisor to the CIA, the Pentagon and the White House Jim Rickards just released this shocking new video exposing Democrats' secret plan to keep Trump out of the White House... Even if he wins the election. See the details and learn how to prepare... Because this could trigger the biggest constitutional crisis in our nation's history.

Meet California's Massive Hemp Farm Transforming Cannabis Flavors

Terpene Belt Farms in California is producing natural terpenes from hemp, revolutionizing cannabis flavors and expanding to new industries.

Tesla Execs Are Freaking Out - Ad

You might not believe what you're about to see is real, but I assure you the video has been left unedited. It's so revolutionary that tech giants like Microsoft, Amazon, and NVIDIA are all lining up to get their hands on it. And Elon Musk has completely restructured Tesla to chase this opportunity.

Fox News says none of its employees wrote jokes for Trump to tell at traditional campaign dinner

NEW YORK (AP) — Fox News Channel on Friday denied Donald Trump's assertion that any of its employees wrote jokes for him to deliver this week at a New York appearance.

Nuclear Energy Stocks Are Hot: Here's A List Of Tickers To Watch

Nuclear energy-related stocks have taken off following major announcements from Google and Amazon as the tech industry turns to nuclear energy to power AI data centers.

Strange New Catalyst for Gold ($5,000 Possible?) - Ad

Many are wondering why so many countries are frantically buying gold right now. The truth is this is just the beginning of a much larger story. One that could send gold soaring to even bigger highs in the coming months. But the best way to cash in on gold's upside might surprise you. One firm says this $6 stock could be the best way to get started.

Trump Slamming Harris With Increasingly Sharp And Personal Attacks

Former President Donald Trump has reportedly launched a series of personal attacks against Vice President Kamala Harris.

Bigger Returns With Less Capital? The Multiplier Strategy Explained - Ad

Instead of paying thousands for an ounce of gold, why not multiply your returns by investing in the companies that mine it? As gold prices climb, their profit margins can skyrocket - and so can their stock price. The gold multiplier effect means bigger profits with lower investment. This young company, with prime land in one of America's richest gold districts, is ready to take full advantage of rising gold prices.

Top 2 Materials Stocks You May Want To Dump In October

Two stocks in the materials sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.

Mark Cuban's Take on Harris' Tax Policies, Trump Takes Lead In Pennsylvania Poll, DeSantis Refutes Vice President's Accusations And More: Weekend Politics Roundup

The political landscape was buzzing over the week with significant developments. From a surprising poll result in Pennsylvania to billionaire Mark Cuban's critique of Vice President Kamala Harris and Elon Musk, the weekend was filled with intriguing stories. Here's a quick roundup of the top stories from the weekend.

Act by October 22nd: Discover Elon's Mind-Blowing New Invention! - Ad

When you click here you'll discover what Elon Musk's newest invention can do... And how it works... You might think it's straight out of a sci-fi movie. But Elon just conducted a real-life test on a human, and the outcome was astonishing.

Social Security's scheduled cost of living increase 'won't make a dent' for some retirees

WASHINGTON (AP) — Sherri Myers, an 82-year-old resident of Pensacola City, Florida, says the Social Security cost-of-living increase she'll receive in January “won't make a dent” in helping her meet her day-to-day expenses.

New Token Poised for Breakout as "Defi 2.0" Takes Off - Ad

Revealed: The #1 DeFi Coin Driving Financial Revolution. Experts hail this as the cornerstone of the new decentralized finance era. While Bitcoin dominates headlines, this governance token is quietly reshaping lending markets. Experts suggest accumulating before institutional money flows in.

Cuba gets some electricity back after major power outage left millions in the dark

HAVANA (AP) — Cuba's government on Saturday said that some electricity was restored on the island after one of the country's major power plants failed and left millions without electricity in an outage that started two days earlier.

Alabama man arrested in SEC social media account hack that led the price of bitcoin to spike

WASHINGTON (AP) — An Alabama man was arrested Thursday for his alleged role in the of a U.S. Securities and Exchange Commission social media account that led the price of bitcoin to spike, the Justice Department said.

The Mysterious VC Firm Behind Nvidia's Secret Weapon - Ad

In 1999, Sutter Hill Ventures made a bold bet on Nvidia before anyone had heard of it. Now, they're going all-in on Nvidia's hush-hush partner that's powering their new Blackwell chip. Discover the little-known company that's attracting massive investments from the visionaries behind Nvidia's 100,000% rise.

American Express profit rises in Q3 as card members continue to spend

NEW YORK (AP) — American Express' third-quarter profit topped analysts' expectations as the credit card company's cardholders continue to spend, with many holding a balance.

Elon Musk: This Will Be Bigger Than Tesla - Ad

I'm talking about Elon Musk's Optimus robots. These robots will make it cheaper to manufacture goods here in America than China, and I predict soon, AI technology will open a "wealth window" that could be the biggest wealth-building opportunity of your lifetime.

European Medicines Agency's Panel Supports Approval Of Novartis' Kisqali In Patients With Early-Breast Cancer

Novartis' Kisqali receives a positive recommendation from EMA's CHMP for adjuvant treatment of early breast cancer, showing a significant reduction in cancer recurrence in a Phase 3 trial. European Commission decision expected soon.

Tesla, Uber, AMD, Aehr, And TD Bank: Why These 5 Stocks Are On Investors' Radars Today

The S&P 500, Dow Jones Industrial Average, and the tech-heavy Nasdaq 100 all mirrored the decline falling 0.2%, 0.1%, and 0.05% respectively.

Gold at $2,600... But This Stock Gives You More for Under $20 - Ad

Gold just soared over $2,600 an ounce. But what if I told you there's a way to get exposure to MORE than an ounce of gold... for less than $20? I've found a little-known gold play that gives you a way to claim a stake in over an ounce of gold for a fraction of the price. But I don't expect this to last long.

Allstate Records $630M In Losses From Hurricane Helene, Other Insurers Report Significant Losses As Damage Mounts

Allstate reports $630 million in catastrophe losses related to Hurricane Helene alone. The company reports total estimated catastrophe losses of $889 million for September, more than twice the amount reported for the same month last year. 

Mark Cuban Drunkenly Bought A $125,000 Lifetime Flight Pass And Turned It Into A Profitable Investment

Business mogul Mark Cuban once made a spontaneous purchase of a lifetime flight pass from American Airlines during a celebratory spree, later upgrading it.Business mogul Mark Cuban once made a spontaneous purchase of a lifetime flight pass from American Airlines during a celebratory spree,

2024 -- The Real Election Year Surprise - Ad

In 2016, the October Election Surprise was Hillary Clinton's email scandal... In 2020, the October Election Surprise was the suppression of all the dirty material on Hunter Biden's "forgotten" laptop... Now, in 2024, we're forecasting an October Election Surprise that almost no one sees coming -- and this time it'll be way more devastating than anything you've seen before.

Pierre Ferragu Notes The Disconnect Between Media And Crypto-Based Polymarket On Trump-Harris Election Outcome: 'I Love The Dissonance'

Pierre Ferragu, an analyst at New Street Research, recently expressed his views on the disconnect between prediction markets and the press regarding the 2024 U.S. presidential elections

Trending Now

Information, charts or examples are for illustration and educational purposes only and not for individualized investment management This message contains commercial elements, such as advertising. We only send these offers to those who have opted in to our newsletter. Past performance is not indicative of future results. For these reasons we strongly suggest trading in a DEMO/Simulated account. The information provided by us is for educational and informational purposes only. We make no representations or warranties concerning the products, practices or procedures of any company or entity mentioned or recommended and have not determined if the statements and opinions of the advertiser are accurate, correct or truthful. If you use, act upon or make decisions in reliance on information contained or any external source linked within it, you do so at your own peril and agree to hold us, our officers, directors, shareholders, affiliates and agents without fault.

Copyright systemtrading.ca
Privacy Policy | Terms of Service