Turkish century: History looms large on election day

ISTANBUL — From the Aegean coast to the mountainous frontier with Iran, millions of Turks are voting at the country’s 191,884 ballot boxes on Sunday — with both President Recep Tayyip Erdoğan and his main rival Kemal Kılıçdaroğlu warning the country is at a historical turning point.

In the last sprints of the nail-bitingly close election race, the dueling candidates have both placed heavy emphasis on the historical resonance of the vote falling exactly 100 years after the foundation of the secular Turkish republic by Mustafa Kemal Atatürk in 1923.

In the Istanbul district of Ümraniye on the final day of campaigning, Erdoğan told voters the country was on “the threshold of a Turkish century” that will be the “century of our children, our youth, our women.”

Erdoğan’s talk of a Turkish century is partly a pledge to make the country stronger and more technologically independent, particularly in the defense sector. Over the past months, the president has been quick to associate himself with the domestically-manufactured Togg electric car, the “Kaan” fighter jet and Anadolu, the country’s first aircraft carrier.

But Erdoğan’s Turkish century is about more than home-grown planes and ships. Few people doubt the president sees 2023 as a key threshold to accelerate his push away from Atatürk’s secular legacy and toward a more religiously conservative nation. Indeed, his campaign has been characterized by a heavy emphasis on family values and bitter rhetoric against the LGBTQ+ community. Unsurprisingly, he wrapped up his campaign on Saturday night in Hagia Sophia — once Constantinople’s greatest church — which he contentiously reconverted from a museum back into a mosque, as it had been in Ottoman times.    

The state that Atatürk forged from the ashes of the Ottoman empire in 1923 was secular and modernizing, often along Western models, with the introduction of Latin letters and even the banning of the fez in favor of Western-style hats. In this regard, the Islamist populist Erdoğan is a world away from the ballroom-dancing, rakı-quaffing field marshal Atatürk.

The 2023 election is widely being cast as a decisive referendum on which vision for Turkey will win through, and Erdoğan has been keen to portray the opposition as sell-outs to the West and global financial institutions such as the International Monetary Fund. “Are you ready to bury at the ballot box those who promised to give over the country’s values ​​to foreigners and loan sharks?” he called out to the crowd in Ümraniye.

This is not a man who is casting himself as the West’s ally. Resisting pressure that Ankara should not cozy up so much to the Kremlin, Erdoğan snapped on Friday that he would “not accept” the opposition’s attacks on Russian President Vladimir Putin — after Kılıçdaroğlu complained of Russian meddling in the election.   

All about Atatürk

By contrast, Erdogan’s main rival Kılıçdaroğlu is trying to assume the full mantle of Atatürk, and is stressing the need to put the country back on the path toward European democratic norms after Erdoğan’s lurch toward authoritarianism. While Erdoğan ended his campaign in the great mosque of Hagia Sophia, Kılıçdaroğlu did so by laying flowers at Atatürk’s mausoleum.

Speaking from a rain-swept stage in Ankara on Friday night, the 74-year-old bureaucrat declared: “We will make all of Turkey Mustafa Kemal’s [Atatürk’s] Turkey!”

In his speech, he slammed Erdoğan for giving Turkey over to drug runners and crony networks of oligarch construction bosses, saying the country had no place for “robbers.” Symbolically, he chided the president for ruling from his 1,150-room presidential complex — dubbed the Saray or palace — and said that he would rule from the more modest Çankaya mansion that Atatürk used for his presidency.

Warming to his theme of Turkey’s “second century,” Kılıçdaroğlu posted a video in the early hours of Saturday morning, urging young people to fully embrace the founding father’s vision. After all, he hails from the CHP party that Atatürk founded.

“We are entering the second century, young ones. And now we have a new generation, we have you. We have to decide altogether: Will we be among those who only commemorate Atatürk — like in the first century — or those who understand him in this century? This generation will be of those who understand,” he said, speaking in his trademark grandfatherly tone from his book-lined study.

At least in the upscale neighborhood of Beşiktaş, on Saturday night, all the talk of Atatürk was no dry history lesson. Over their final beers — before an alcohol sale ban comes in force over election day — young Turks punched the air and chanted along with a stirring anthem: “Long Live Mustafa Kemal Pasha, long may he live.”

In diametric opposition to Erdoğan, who has detained opponents and exerts heavy influence over the judiciary and the media, Kılıçdaroğlu is insisting that he will push Turkey to adopt the kind of reforms needed to move toward EU membership.

When asked by POLITICO whether that could backfire because some hostile EU countries would always block Turkish membership, he said the reforms themselves were the most important element for Turkey’s future.

“It does not matter whether the EU takes us in or not. What matters is bringing all the democratic standards that the EU foresees to our country,” he said in an exclusive interview on the sidelines of a rally in the central city of Sivas. “We are part of Western civilization. So the EU may accept us or not, but we will bring those democratic standards. The EU needs Turkey.”

Off to the polls

Polling stations — which are set up in schools — open at 8 a.m. on election day and close at 5 p.m. At 9 p.m. media can start reporting, and unofficial results are expected to start trickling in around midnight.

The mood is cautious, with rumors swirling that internet use could be restricted or there could be trouble on the streets if there are disputes over the result.

The fears of some kind of trouble have only grown after reports of potential military or governmental involvement in the voting process.

Two days before the election, the CHP accused Interior Minister Süleyman Soylu of preparing election manipulation. The main opposition party said Soylu had called on governors to seek army support on election night. Soylu made no public response.  

Turkey’s Supreme Election Council (YSK) has rejected the interior ministry’s request to collect and store election results on its own database. The YSK also banned the police and gendarmerie from collecting election results. 

Erdoğan himself sought to downplay any fears of a stolen election. In front of a studio audience of young people on Friday, he dismissed as “ridiculous” the suggestion that he might not leave office if he lost. “We came to power in Turkey by democratic means and by the courtesy of people. If they make a different decision whatever the democracy requires we will do it,” said the president, looking unusually gaunt, perhaps still knocked back by what his party said was a bout of gastroenteritis during the campaign.

The opposition is vowing to keep close tabs on all of the polling stations to try to prevent any fraud.

In Esenyurt Cumhuriyet Square, in the European part of Istanbul, a group of high-school students gathered on Saturday morning to greet Ekrem İmamoğlu, the popular mayor of Istanbul, who would be one of Kılıçdaroğlu’s vice presidents if he were to win.

Ilayda, 18, said she would vote for the opposition because of its position on democracy, justice and women’s rights.

When asked what would happen if Erdoğan won, she replied: “We plan to start a deep mourning. Our country as we know it will not be there anymore.”



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‘We’ve become a renting nation’: Landlords benefit from high house prices, but millions of renters find themselves trapped

When Nashville, Tenn., native Stephen Parker recently listed a mobile home that he owns on the rental market, he received about 30 applications in one week. “I priced it competitively,” he said.

Parker, who is also a real-estate agent, said that he sees rent growth staying strong as many people find it too expensive to purchase homes, a situation made worse by low inventory and high interest rates.

He bought his first investment property in 2020, and his portfolio of rentals has since grown. He owns various properties, including a small mobile home park, a duplex and several single-family homes. 

“We’ve become a renting nation,” Henry Stimler, an executive in the multifamily capital-markets division at the real-estate firm Newmark, told MarketWatch.

Renters have more flexibility and fewer of the responsibilities that come with home ownership, Stimler said, and they can more easily move to other cities and states. “I don’t think it’s a bad thing,” he said.

Nashville, for its part, was ranked one of the hottest real-estate markets of 2023 by Zillow
Z,
-0.72%
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But with the surge in interest rates and demand, new residents may find buying property in that city expensive.

Stephen Parker, a landlord and real-estate agent from Tennessee, said demand for his rentals has been strong.


Stephen Parker

With homeownership continuing to be out of reach for many, landlords like Parker are poised to benefit. “You may be better off renting, especially if you don’t know if Nashville is where you’re going to be forever,” Parker told MarketWatch. 

Mortgage rates began climbing after the U.S. Federal Reserve began raising interest rates in early 2022. On Wednesday, the Mortgage Bankers Association said the 30-year rate was averaging 6.48%, up from 3.22% in early 2022.

Higher rates have added hundreds of dollars in interest costs to home buyers’ monthly payments. Buyers have subsequently seen the amount they can afford to pay for a house shrink, even as there are fewer homes for sale.

The U.S. economic outlook remains unclear — a situation compounded by the crisis in the banking sector. Many Americans are worried about job security and financial stability and are reluctant to purchase a home, according to Fannie Mae
FNMA,
-1.41%
.

Some good news: Rents appear to have stabilized. The government’s analysis of the housing sector shows that rents grew 0.8% in February, pushing the increase over the past year to a 42-year high of 8.8%. However, research from private sources — such as Apartment List — indicates that rent growth has slowed. After five straight months in which rents fell, national rents rose by 0.3% in February, the company said. 

‘I just want roots’

Jennifer Mark, a 49-year-old autotransfusionist in Goshen, Ind., lives in a $625-a-month one-bedroom apartment with her adult daughter and her husband. She’s been selling cupcake toppers on Etsy to bring in extra money.

But thanks to medical bills that are weighing on her credit score, Mark is not yet able to qualify for a Federal Housing Administration-backed loan and can’t purchase a home, although she has a budget of about $150,000.

Finding a two-bedroom to rent would make homeownership an even more distant prospect. The higher monthly rent would make it difficult for her to save for a home and to pay off the debts that are keeping her credit score low.

The average rent for a two-bedroom apartment in Goshen is $925 per month, up 12% from a year ago, according to Rent.com. For a decent apartment, the cost is closer to $1,200. “My God, rent is so high,” she said.

Renting also comes with restrictions. “If I’m going to be paying this much for rent, then I may as well own and be able to do what I want with my house and not have someone tell me, ‘Oh, you can’t have a cat. You can’t have a dog,’” she said.

She needs to pay off medical bills so she can achieve a credit score of at least 580 — a level she’s already surpassed on newer credit-scoring models not often used by mortgage lenders, like FICO 8 — and qualify for a loan.

Renting does have some perks, she said. She doesn’t have to worry about paying for plumbing or furnace issues, for instance. But owning a home is still her dream, and it remains out of reach. “I just want roots,” Mark said.

A generation of renters? 

The data shows a mixed picture for renters: While the U.S. is building a ton of apartments, home prices aren’t expected to fall enough to make owning one affordable for many lower-income Americans.

There are currently over 940,000 apartments under construction in the U.S., up 24.9% from a year ago, which is helping to address demand. The number of multifamily units under construction is at its highest level since 1974. 

But the supply is not helping all Americans equally. The U.S. is short approximately 7.3 million affordable, available rental homes for extremely low-income tenants, according to the National Low Income Housing Coalition.

One of Stephen Parker’s rental units.


Stephen Parker

Newer units, meanwhile, have been targeted at higher-income renters, wrote Whitney Airgood-Obrycki, a senior research associate at the Harvard Joint Center for Housing Studies, in a blog post this month.

And while rent growth has moderated for more expensive apartments in more sought-after neighborhoods, Airgood-Obrycki wrote, prices were rising faster at the end of last year for the lowest-quality units. 

Landlords are slowing rent increases, Redfin
RDFN,
-5.08%

deputy chief economist Taylor Marr said in a recent report, “because they’re grappling with a rise in vacancies as an influx of new apartments hits the market.” 

Renters — particularly in the multifamily sector — are more likely to stay put due to high interest rates, Stimler said.

“Those who bought apartment buildings last year and locked in historically low rates before rates started rising, they’re going to be okay, because less and less of their tenants are going to leave and become homeowners,” Stimler said. 

Some Americans feel like they are becoming a generation of permanent renters, losing out on the “American dream” of owning a home and building wealth through real estate. But Stimler said he did not think that was necessarily a bad thing. 

“Our parents got married at 21 or 22, settled down, bought a home, got on the property ladder, and that was their first property purchase,” Stimler said. “That was a huge milestone then. Today, we don’t have that need anymore.”

“Millennials are much more transient,” he said. “They want to be able to pick up and leave, and go anywhere [and have] the ability to work from anywhere. All of these factors have led to a decline in the demand for single-family homes.”

Wherever you stand on that particular debate, one thing is clear: Landlords are benefiting from an increasingly unaffordable housing market, while millions of renters in the U.S. find themselves trapped.

“One man’s meat is another man’s poison,” Stimler said.

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‘I am angry’: I’m an unmarried stay-at-home mother in a 20-year relationship, but my boyfriend won’t put my name on the deed of our house. Am I unreasonable?

I have been in my relationship for almost 20 years. For personal reasons, we are not married but we have a 10-year-old child.

When our child was born, we decided that I would be a stay-at-home parent because my low-paying job didn’t cover the costs of child care, and at the time, we were stretched. I have been an at-home caregiver and homemaker for a decade. 

About two years ago, we finally saved enough to buy our first home. It’s a condo, but it’s ours. Since it was my first house purchase, I didn’t fully understand the process, so by the time my partner closed on the condo, I realized I was not on the deed. 

When I asked why I was left out, my partner made some noises about loan applications, the cost, etc. My credit score is higher than his, so if I were part of the loan process for the mortgage, wouldn’t it have been beneficial to us?

In the two years since we’ve bought and moved into our place, we’ve had several tense “discussions” about adding me to the deed. For me, even though I’m not an earner, I am still a working member of this household, so having my name on the deed is about equality in the relationship and family. 

When our child was born, we decided that I would be a stay-at-home parent because my low-paying job didn’t cover the costs of child care.

Through my labor as a homemaker, which includes meal preparation, cleaning, laundry and home maintenance — not to mention 24/7 childcare — I feel my role as a “stakeholder” in this family should include legally owning my home. Am I wrong?

Through the various discussions we’ve had, it seems my partner is unwilling to add me to the deed. First, he got angry whenever I tried to discuss it, and tried to make it sound as if I was being completely unreasonable. But now he says it’s because it’ll cost several thousand dollars, and that in the end, it “really shouldn’t matter.” 

But it does matter. To me, not being on the deed is a direct correlation to how I am devalued for my time and labor. I feel like I am considered “less than” simply because I am a woman, an at-home parent, and a homemaker. I am angry about my situation. 

Adding to the complication, we JUST purchased an upstairs neighbor’s condo with the intention of renting it out. After all the fuss about being excluded, my partner made sure my name is on the deed for this second unit. But because of this, my partner says having my name on the original home is “unnecessary.”

I want to continue to fight for my name to be added — to fully own BOTH properties. But my partner is still making me sound completely unreasonable, to spend thousands of dollars just for a “piece of paper.” I know we can afford the costs, and I feel the cost is worth it so I can be on equal footing in this family. And legally, it is not just a piece of paper to me. 

Am I really being unreasonable? Will the costs really outweigh the benefits? What can I do?

We live in New Jersey.

Thank you.

Not on the Deed

Dear Not on the Deed,

Common-law marriage is not recognized in New Jersey, so it’s up to unmarried couples to manage their joint assets the old-fashioned way. The father of your child has certainly done his best to do that, and has tipped the scales in his favor. 

You are either a committed couple in a long-term relationship with a view to sharing your lives, or you’re not. Not putting you on the mortgage — assuming he did so given your good credit — or the deed of your home is sharp practice. At this point, you would likely need to finance to put you on the mortgage, and may need to inform the lender to do the latter.

Put bluntly, you’re not being unreasonable. There is a huge amount of physical, mental and emotional labor involved in being a stay-at-home parent and homemaker, and an equal amount of time devoted to raising your son and taking care of your home while your partner attends to his 9-to-5 job.

Being in a long-term unmarried relationship can affect everything from taxes to real estate. “Unmarried couples do not have the same rights as married couples when it comes to estate planning,” according to the New Jersey-based Bronzino Law Firm.

“They aren’t eligible to inherit a portion of their partner’s estate, for example; and they don’t receive tax breaks on property that they plan to leave their long-term partner after their death, the way that married couples do,” the law firm writes.

There is a huge amount of physical, mental and emotional labor involved in being a stay-at-home parent and homemaker, and an equal amount of time devoted to raising your son.

Your partner would have to file a grant or warranty deed with the county clerk. This could come with ramifications for insurance and should be done in consultation with a lawyer. It should, in theory, only cost a few hundred dollars.

I say “in theory” as that does not account for the closing costs and, of course, if there is a significantly higher interest rate now than when the loan was first signed.

“Deeds are characterized by ‘guarantees’ the grantor makes about their interest in the property, and ‘promises” of future action the grantor will take if their representations are challenged,” according to the law firm of Earl White.

“Covenants are the defining feature of each type of deed,” he writes. “Sellers often guarantee a property is sold free and clear of mortgages and liens, and that the seller has authority to make the sale.”

Some broader context: A few years ago, Oxfam released a study that estimated women contributed $10.8 trillion to the world’s economy every year in unpaid labor. That’s three times the size of the world’s technology industry. 

The cost of you pursuing this does not outweigh the benefits. Your time is valuable. Your contribution to your partnership is valuable. Your sense of worth is valuable. And your role as a homemaker and a mother is also valuable. 

Yocan email The Moneyist with any financial and ethical questions related to coronavirus at [email protected], and follow Quentin Fottrell on Twitter.

Check out the Moneyist private Facebook group, where we look for answers to life’s thorniest money issues. Readers write in to me with all sorts of dilemmas. Post your questions, tell me what you want to know more about, or weigh in on the latest Moneyist columns.

The Moneyist regrets he cannot reply to questions individually.

More from Quentin Fottrell:

• ‘I’ve felt like an outsider my whole life’: My father died without a will, leaving behind my stepmother and her 4 children. Do I have any rights to his estate?
• ‘He was infatuated with her’: My brother had a drinking problem and took his own life. He left $6 million to his former girlfriend who used to buy him alcohol
• She had a will, but it was null and void’: My friend and her sister are fighting over their mother’s life-insurance policy and bank account. Who should win out?



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