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2nd crack at SF Transbay Transit Center — to stay closed through next week

San Francisco’s new Transbay Transit Center will remain closed at least through the end of next week, officials said Wednesday, after yet another cracked beam was discovered during an overnight safety inspection.

The $2.2 billion hub for buses and eventually trains, which opened just last month as the flashy centerpiece of city infrastructure, was closed abruptly Tuesday afternoon after a fissure was spotted in a beam that helps hold up the sprawling complex.

The initial tear runs about 2½ feet long and 4 inches deep through the bottom of a 60-foot-long beam that supports both the center’s celebrated rooftop park above and a bus deck below, officials said. The beam is located over Fremont Street, between Mission and Howard streets. The second crack is in a parallel steel beam that also crosses Fremont Street. It was described as slightly smaller.

Representatives of the Transbay Joint Powers Authority, which built and operates the transit center, said Wednesday they didn’t know the causes of the cracks, but they remained concerned about the potential for the beams to fail. Fremont Street, which passes under the center, also is scheduled to stay closed through Oct. 5.

“We will not open the transit center or Fremont Street until we are certain the issue is 100 percent rectified,” said Mark Zabaneh, executive director of the TJPA.

 

Read more on San Francisco Chronicle

 

 

Bitcoin won’t encourage cryptocurrency for real estate, but cryptoeconomics will

As Bitcoin enters the mainstream economy, a number of homebuyers and sellers are starting to use the cryptocurrency to conduct real estate transactions.   

Last year, Southeby’s International Realty sold one of the first single-family homes in Austin, Texas using Bitcoin. The Austin home was sold when Bitcoin prices were $3,429 in September 2017.

In addition to these transactions, other residential real estate properties are being listed for Bitcoin. A recent Forbes article describes how Canter Companies, a full-service investment firm specializing in real estate and asset management projects, recently listed two multi-million dollar homes for sale in Bitcoin. The homes are collectively priced at under $20 million in Bitcoin. And recently, a 27 acre piece of land in Silicon Valley has been listed for sale in Bitcoin, Ether and XRP with a starting price of $16 million.

However, while there are a handful of homes currently listed for sale in Bitcoin, some believe that using Bitcoin for real estate transactions will not result in widespread adoption — At least not until the real estate industry starts to utilize blockchain technology, which in turn will drive the adoption of cryptocurrency transactions.

While Bitcoin is stepping into society’s massive adoption as a decentralized cryptocurrency, the next-generation blockchain technology  brings a lot more to the real estate world than just a payment alternative. For example, Propy is based on the Ethereum blockchain, an enormously powerful shared global infrastructure that can move value around, while also representing the ownership of property. Ultimately, this enables title deed transfers to take place entirely online. Imagine a world where you can buy or sell your property while sitting on your couch – now this is a reality with blockchain technology, Natalia Karayaneva, CEO of Propy, told me.

According to Karayaneva, the only way to encourage homebuyers and sellers to take advantage of cryptocurrency for real estate transactions is to take a “cryptoeconomics” approach, which goes much further than simply putting homes up for sale in Bitcoin.

Cryptoeconomics lays out the framework for the way in which cryptocurrency ecosystems thrive and function across a decentralized network, known as the blockchain. These ecosystems are able to allow a number of entities who do not know one another to reliably reach consensus across an anonymous, trustworthy network through the use of cryptocurrencies. This is achieved by using a combination of economic incentives and basic cryptographic tools.

 

 

Read more from Forbes

 

 

 

Rich San Francisco homeowners get sold-off street back

Residents of an exclusive San Francisco neighborhood who failed to pay taxes on their private, gated street for two decades got the street back Tuesday after supervisors voted to rescind the sale of the tax-defaulted property.

The Board of Supervisors split 7-4 on the move, with those in favor saying residents of Presidio Terrace had not received enough notice before their sidewalks, street and common areas were sold at auction in 2015.

Read more from SFGate

Trump Is Turning the Fed Pick Into a Reality Show

Before Trump was president, he was doling out brash criticisms and weekly drama on his reality television show, The Apprentice. Thus far, he seems pretty keen on bringing a similar flair, suspense, and tension to his presidency. Take, for example, his approach to appointing a new Federal Reserve chair—a choice that he’s been teasing the American public with for months.

Read more from The Atlantic