Rich - No. They get the depreciation regardless of whether it's leased or vacant.
Depreciation.
Apzer, can you please direct me to the IRS rule where i can deduct rental losses? i have never heard of such a thing, and our CPA have never informed me of such. I know that for insurance purposes you can be compensated, i.e. if there is a flood and the tenant can't pay do business/rent for X months you can be compensated. As far as taxes go, you can deduct insurance/property tax/etc but don't think you can just say you should be receiving $10sqft rent and keep it vacant in perpetuity.
The "pedestrian mall" along state street is more like an e-bike tournament venue
Apzer, that is totally false on landlords receiving a financial benefit for vacant properties. Please don't spread misinformation.
I don't think they're all greedy but there's a financial benefit to claim a loss on a vacant property while holding out for someone to pay $5/NNN per square foot when it's something the market won't bear. It' s been happing on State St for almost 20 years and it's not just SB.
That said, yes, there should be more incentive to change zoning downtown, mix retail/office/residential concepts, and streamline the approval and permit process. Again, SB isn't alone here but it will have to deal with constant turnover and vacancies in prime areas if it doesn't adapt with current consumer and real estate trends.
“More vibrant than ever”? We can debate the causes but it is a far cry from the most vibrant it’s ever been…
“Editor's note: This story has been updated to clarify the action taken by the City Council and its next steps”
The VC Star Article was wrong - they’ve since updated it. Ventura City Council is no longer pursuing making it legally a ‘pedestrian mall’, they aren’t reopening to cars.
Also curious why you think Santa Barbara should ‘follow suit’? State Street has lower vacancy rates than prepandemic and is more vibrant than ever.
From the article, it seems like it's not a done deal, but yes, it would be a terrible loss for Ventura. A good reminder for those of us who support a car-free State St. to continue rallying our neighbors and work with city officials to see the promenade made permanent and improved upon.
I mostly agree with you, apzer. You're especially right that reopening State Street to cars won't solve the problems that some businesses face there; but it would be a fatal step backward for the vibrant, pedestrian-friendly atmosphere that is working for many other businesses and has the potential to become a real amenity for our community.
But re: property owners, rather than deem them 'greedy,' I think our energy is better spent creating incentives for the actions we want to see. We could cut red tape for new concepts, better encourage use of outdoor space, support housing conversions, and find other common-ground solutions that are consistent with a bike- and pedestrian-friendly State Street.
How "old" was the gift certificate? If purchased in the last 12 months- it should be honored.... If it was over a yr old, I too would have refused it. Sorry.
We went for breakfast this week at the El Encanto and they wouldn’t honor our gift certificate per the new ownership. This is disappointing and not a great way to start off as a new neighbor. We felt bad for the staff having to deal with all of this….
PS I googled frontwards and backwards, no arrest breakdowns from the 361 arrests at Glass House businesses, so we don't know that only 10 were at Carpinteria....in fact 14 minors were located there, not arrested as far as I know
ICE is pretty good at their investgative job- love the web page subpage about global trade- about investigating and preventing intellectual property rights violations, digital piracy, illicit trade and customs fraud. Nothing like a good read about Korean purse counterfitting! The statistics are jaw dropping
361 people were arrested by LICE? 10 in Carp leaving the balance in Camarillo. Hard to imagine how many actual workers were on site to generate those numbers. Its also hard to imagine that Glass House would be that dumb if so. They cant possibly be doing their own HR. I would think they would use some sort of agency. Facts are going to be elusive.
That churro looks... unfortunate
Amidst all the fake news out there, thanks, Erik, for reporting the real stuff. It takes people like you out there with real eyes and ears, keen editorial judgment, copy-editing and fact-checking skills, and hard work pounding the pavement to keep us informed. It's not an easy task, and you do it so well.
Parking counts, pedestrian counts, and sales tax revenue disagree with your assumption that State is the most vibrant and busy it's been in 15 years. The most vibrant and busy I've seen State was always during the Solstice and Fiesta parades - and people actually stuck around after when it was on State.
"Then greedy property owners were happy to leave spaces vacant until they got their absurd asking rates." - you know not of what you speak apzer.
Thank you for the reporting on the ICE / DHS raids last week in Carpinteria.
I was there in person. And happy to provide a first hand account of what happened from a witnesses perspective. I hope this can set some of the record straight.
https://www.facebook.com/1383941912/videos/1399971087896529/
Thank you.
Enjoyed the Garcia loop article where I saw my childhood piano teacher's house, my Ford Think mechanic's house, and others I've admired over the years. I hope to someday see articles about your travels on different parts of the Westside , home to many delightful homes and stories.
I feel terrible for Ventura.
State Street promenade is by far the most vibrant and busy downtown has been in the past 15 years. The parklets especially added to a feeling of community and vitality that's been missed on the blocks between Sola and Anapamu.
Everyone who gripes that they don't go downtown because of lack of vehicular traffic is just going to find something else to complain about (homelessness, inflation, etc.) and still won't contribute to the area.
Jeff…… are you seriously proposing that the city get involved deciding if someone can open a business?? You are so wrong and the thought of anyone believing that’s a good idea is ridiculous.
R.
Everyone who believes reopening State St to all vehicle traffic will fix it keeps forgetting it's had problems for almost 20 years as the big chains that displaced local stores started pulling out because of the recession and decline in big retail. Then greedy property owners were happy to leave spaces vacant until they got their absurd asking rates. Those tactics haven't changed
I had gone to this Indian restaurant near an entrance to Victoria Court right after it opened. I told them, I'm new to the Cuisine. I said, I would like a dish for lunch, and to go. I dam near fainted, when I was handed a check for over $50.00. Of course, they are out of business! Maybe the City should get involved, with making sure, aspiring wannabe entrepreneur's, possess at the least, a viable business plan. It could eventually limit the many vacant store fronts downtown. And one other thing: Call off this 5-year experiment, and open State Street back-up to normal traffic.
