The Covid-19 pandemic has ravaged Hong Kong’s economy.

It has also brought to light an enduring problem: Too many, in one of the world’s richest cities, live in informally partitioned homes no bigger than a parking space trib.al/XLjkuWJ
Hong Kong kept coronavirus cases under control for much of 2020.

Now, it is struggling to contain an outbreak centered on decrepit tenement buildings in southern neighborhoods of Kowloon, where many low-income residents live in overcrowded conditions trib.al/XLjkuWJ
Subdivided apartments — cubicles carved out of existing flats or buildings — are an emblem of the government’s failure to tackle a housing shortage.

The waiting time for public housing is almost six years, and often considerably longer trib.al/XLjkuWJ
Hence, more than 200,000 pay extravagant rents to live in ramshackle structures with poor ventilation and makeshift plumbing and sewage systems.

They have little political heft so are easily ignored, especially by an unrepresentative government trib.al/XLjkuWJ
Cramped quarters are fire risks. They are also the ideal environment for an airborne virus to spread. Just take a look at the median per capita floor area:

🇭🇰 subdivided apartments: 57 square feet
🇭🇰 as a whole: 161 sq. ft.
🇸🇬: 323 sq. ft
trib.al/XLjkuWJ
Disasters have prompted action in the past. The 2003 SARS epidemic led to changes in public health policy, even if the current outbreak has shown how incomplete they remain.

Back then, badly maintained pipes cost lives trib.al/XLjkuWJ
In Amoy Gardens, a housing estate where the virus was found to have spread through bathrooms, 329 people were infected, two-fifths of them residents in a single building.

In all, 42 died, more than 10% of Hong Kong’s SARS fatalities trib.al/XLjkuWJ
The existence of tenements is a trickier challenge. The housing shortage stems from the post-1997 price collapse, when land supply was frozen to support the market.

Since the trough in 2003, home values have risen to become the world’s most unaffordable trib.al/XLjkuWJ
So far, the government has shown minimal political will for reform.

Subdivided apartments aren’t technically illegal, though it’s a safe bet that many are contravening buildings ordinances of one kind or another trib.al/XLjkuWJ
The Hong Kong government’s chief proposal to address the housing crisis is the “Lantau Tomorrow Vision,” an environment-destroying $80 billion plan to build 1,000 hectares of artificial islands.

That promises to be another boondoggle for developers trib.al/XLjkuWJ
More sensible, and cheaper, proposals such as making brownfield sites easier to redevelop, have received less attention.

More ambition is needed. If a public health crisis won’t do it, what will? trib.al/XLjkuWJ

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More from @bopinion

24 Jan
If you could peek inside a bunch of America’s home pantries and refrigerators right now, you’d see:

🧻Towers of paper goods
🍩Loads of comfort food
☕️Caches of upmarket coffee

🍤You might also see a surprising amount of seafood
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Compared to a year earlier, in the four weeks ended Dec. 27th, sales of:

❄️Frozen seafood are up 26%
🐟Fresh seafood are up 25%
🥫Consumer packaged goods are up 6%

It’s been that way since the start of the pandemic bloom.bg/3iHVvrJ Image
It's an example of the weird ways the pandemic continues to change our habits. Typically, most seafood spending is done at restaurants.

In 2017, U.S. diners spent $69.6 billion on fish at restaurants, compared to $32.5 billion spent at stores bloom.bg/3iHVvrJ Image
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22 Jan
Stay-at-home orders, capacity limits and simple fear of the virus have kept crowds away from the movies for nearly a year. The good news?

The picture could hardly look more different in Asia trib.al/n7EPr7u
🇨🇳In China, the take for the first 10 days of January surged more than 50% over the same period last year.

🇯🇵In Japan, Imax is reporting record weekend attendance.

🇮🇳🇹🇼From India to Taiwan, there’s been a similar surge in theater-going trib.al/n7EPr7u
Although Covid-19 worries had plagued the region’s movie business at the start of the pandemic, audiences are now piling back into theaters and spurring record box-office hauls.

Is there anything the U.S. could learn from this unexpected feel-good tale? trib.al/n7EPr7u
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President Biden has just signed an executive order mandating face masks in airports and on planes, as well as in federal buildings and other modes of transportation.

For many flight attendants and passengers, this is a welcome move trib.al/hkXZ6U0 Image
Shortly after the U.S. Capitol was stormed on Jan. 6, an American Airlines flight from Washington to Phoenix faced its own insurrection.

Despite pleas from flight attendants, some passengers refused to wear masks and chanted “fight for Trump” and “USA!” trib.al/hkXZ6U0 Image
The situation became so tense that the pilot took to the intercom and threatened to “put this plane down in the middle of Kansas and dump people off” if they didn’t behave.

It wasn’t the only flight that faced unrest, and crews were braced for more trib.al/hkXZ6U0 Image
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Everyone loves a bargain, whether they’re buying a home or a car, and stocks are no different.

But since around 2007, value investing has suffered a devastating drought trib.al/jLadBxA trib.al/edyS9Lh
To fully appreciate the letdown, it helps to know what value’s track record looked like before this ordeal began.

From 1926 to 2006, the cheapest 30% of U.S. stocks outpaced the most expensive 30% by 4.5 percentage points a year, including dividends trib.al/jLadBxA
The difference is even bigger than it looks. To put it in perspective:

💰$100 invested in growth stocks in 1926 would have grown to roughly $150,000 by 2006

📈💰The same $100 invested in value stocks would have blossomed into nearly $4 million trib.al/jLadBxA
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13 Jan
Since the start of the year, Moscow’s subway has employed female drivers, one of several hundred job categories opened up to women.

Unfortunately, it only scratches the surface of changes Russia’s women deserve trib.al/NEvV2xT
Research shows that while they have historically participated relatively equally in the workforce, Russian women still earn almost a third less than men — one of the widest gaps among high and middle-income nations trib.al/NEvV2xT
Women in Russia have been more harshly affected by the pandemic given their over-representation in hard-hit sectors like retail and the fact many hold more precarious jobs.

They’ve suffered disproportionately, as a result, from frugal state support trib.al/NEvV2xT
Read 11 tweets
12 Jan
Donald Trump might already be ineligible to serve as president of the United States in the future.

That’s true even without an impeachment process that ends with a formal ban from future public office trib.al/MWUG8t3
The 14th Amendment bars a person from holding any office if the person has sworn an oath of allegiance to the Constitution and then “engaged in insurrection or rebellion” against the government.

The first part of this provision certainly applies to Trump trib.al/MWUG8t3 Image
The second part is trickier: Has Trump’s conduct amounted to insurrection?

If Trump runs for office again, someone will go to court charging that he is ineligible because of his conduct leading up to, on and following Jan. 6, 2021 trib.al/MWUG8t3 Image
Read 11 tweets

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