MoodyOne

Travel Update: Due to temperature-related conditions, Trains 72, 74,76, 73, 75, and 77 are canceled. We apologize for any inconvenience this may cause.

A good exercise: If you have a supply constrained city where 40% of units are subject to rent stabilization and you freeze the rent on those units, how does that impact the rent charged on the other 60 percent?

I don’t understand the whole “AC in Europe” debate. The controversy mostly exists to avoid a much simpler reality: you cannot roll out air conditioning across Europe at the scale and speed needed to solve immediate problems such as the current heatwave. Several factors are at play: • Europe did not used to experience this level of heat. Climate change has changed the picture, and relatively quickly. • Much of Europe’s building stock is old, often centuries old. These buildings were designed to moderate temperature with features such as thick walls and natural ventilation, not to accommodate modern air conditioning systems. • Those historic buildings are a huge asset. Their façades are part of what makes European cities attractive and economically valuable. You cannot simply cover them with external AC units without damaging that heritage. • Even with strong political will, who would pay for a continent-wide retrofit that preserves historic architecture? The cost would run into hundreds of billions of euros. • And even if the money were available, could manufacturers produce the equipment fast enough? Could installers be trained and hired quickly enough? Europe already faces labour shortages in many skilled trades. So where would the workforce come from? More immigration? That would simply create another round of the same xenophobic arguments that already dominate public debate. So that’s the short version: Europe will not have universal air conditioning anytime soon. Much of its building stock was not designed for it, and the necessary resources, money, industrial capacity, supply chains, and labour simply do not exist at the required scale. Air conditioning will spread, and in many places it already is. But it will happen gradually, starting with newer buildings where installation is easier and cheaper, and expanding as investment, production capacity, and skilled labour grow. There may even be an upside. As modern buildings become better adapted to hotter summers, some of the premium currently attached to beautiful old buildings may diminish, making them more affordable. In the meantime, people invent cultural controversies. Americans, in particular, seem unable to resist them. A European heatwave somehow becomes another opportunity for Europe-bashing, social media outrage, and people taking sides in a debate that ignores the practical constraints. It’s much easier to argue about why Europe doesn’t have air conditioning than to explain how you would install it across an entire continent.

BREAKING: Trump admin to roll back testosterone restrictions

some thoughts on kirkland building its own harvey 1) kirkland is spending $500m over four years in order to build its own internal ai legal tools; kirkland intends to spend $100m this year 2) i suspect that kirkland is doing this because they have told themselves that they have valuable data and because they want to appear differentiated 3) i think the first issue is that kirkland probably does not have differentiated data from other elite law firms; at least, not at the level a harvey would absorb 4) all the elite firms probably have similar internal workflow data and so long as some of them defect, that is enough to commoditize the data kirkland wants to use for its platform 5) and, to the extent that they do have different internal workflows, harvey and legora will end up representing a better version of them and this will put kirkland at a disadvantage 6) moreover, companies like kirkland will have difficulty building their internal legal platforms because they do not have experience with software development 7) and, there are both cultural and structural issues with them managing software developers, like they cannot give non-lawyers equity in the firm due to regulation 8) so, i think firms like kirkland are better off using tools like harvey and legora and then looking to focus on where their value really is now: client relationships, local knowledge (litigation, regulation) and legal r&d (novel structures, etc...) 9) anyway, this seems to me like a phenomenon that ai creates across a lot of industries, where firms that were previously vertically integrated become unbundled due to ai because part of the intelligence gets moved to the labs or otherwise gets commoditized 10) and so, a new set of companies are created whose job it is in order to provide services complementary to the labs: forward deployed like harvey and legora and data providers like mercor, surge and handshake

You must misunderstand something because this is insane

Property tax relief for seniors is getting framed as young people vs. old people, but the real problem is that nobody feels secure in housing anymore. Young families are getting crushed by rent, insurance, interest rates, groceries, and childcare. Seniors are getting crushed by taxes, insurance, utilities, groceries, and fixed incomes. Cheering when an 80 year old gets priced out of a paid off house does not make rent cheaper for a 30 year old. It just proves the system has gotten so broken that everyone is fighting over who deserves stability the least.