Podcast

Utah’s Real Estate Crisis: Growing Gap Between Rich & Poor

How will the current housing crisis impact small business start-ups in Utah? What will happen when middle-class residents can no longer afford to buy homes?

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Utah has long been an incredible state for incubating small businesses. It’s a place where nearly everyone has an idea that they dream up and turn into a prototype or business concept. But how will the current housing crisis impact small business start-ups in Utah? As the average price of homes in Salt Lake County now approaches $500,000, and our homeless population keeps growing, what will happen when middle-class residents can no longer afford to buy homes?

Owning real estate offers Utah residents the best mechanism for wealth preservation. If the middle class can no longer afford to buy single-family homes, how will this impact small business start-ups? Based on the statistic that 69% of all small businesses are started up mainly by personal home equity loans, it will likely have a significant impact. This is bad news if we appreciate our local communities being made up of primarily small, local shops.

The largest corporations in the United States are getting larger and more profitable, and more influential in government, while small businesses have been decimated by COVID government mandates.

In this episode, we examine how and why government leaders favor large businesses over small, and how the “backbone of our economy”, small businesses (according to Harvard Business Review) are seeing greater failure rates, more closures, and greater losses than ever before. Small businesses account for 99.9% of all business entities in the United States, there are 30.2 million small businesses in America, yet it’s large corporations that get the majority of stimulus funding, tax breaks and corporate welfare. 

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  • Why Most People Stay Stuck in Business and What It Takes to Move Forward

    Every so often, you meet an immigrant who came here with almost nothing and managed to build something exceptional.

    Prakash Shah is the kind of man who has spent enough time around risk that he no longer treats it like an interruption.

    Today, he works in business brokerage and advisory, helping owners sell companies, helping buyers decide whether they should step in, and, when the fit is right, helping connect those buyers with private equity. He works in a world of valuations, leverage, due diligence, and hard questions that most people would rather postpone. He also operates in Utah real estate and has built a career around seeing value before it is obvious to everyone else. That is who he is now. What makes him interesting is how early that instinct started to form, and how little his life resembles the way most Americans are raised to think about comfort, career, and security.

    He grew up in Nepal in a boarding school system that would feel severe to many Americans. He was an only child, yet he saw his parents only twice a year for twelve straight years, until high school graduation. He lived inside routine. He shared space with boys from different social classes and different family circumstances. The school was structured enough that money did not buy you any special standing once you were inside. Everyone followed the same rules. Everyone was subject to the same discipline. In his case, it was an army school. Everything was measured. Everything was scheduled. In that kind of environment, you do not build your life around preference. You build it around adaptation.

    That contrast matters.

    A lot of American children are raised to search for what fits them. What are you passionate about? What do you enjoy? What feels right? Those are not bad questions, but they can create a habit of waiting for life to align itself before action begins. Prakash learned something else much earlier. He learned that life often does not align itself first. You enter the room as it is, you deal with the people in it, and you figure out how to function without making your comfort the center of every decision. He said that one of the biggest lessons from those years was tolerance, the ability to live with people from all walks of life and genuinely learn to get along with them. That is not a soft value. In business, it turns into resilience. In negotiation, it turns into patience. In career terms, it turns into range.

    When he came to the United States over 25 years ago, he did not arrive with the kind of runway that allows for a prolonged identity search. He came with two suitcases and enough money for one semester. He went to Hunter College in New York City, then to NYIT near Central Park, studying media and then media and technology management. He also studied psychology. Those details matter because they show something about his mind. He was interested in people before he built a career around deals. Even then, what attracted him was not technical prestige. It was understanding motives, behavior, and how people reveal themselves.

    But New York is merciless toward vague ambition. It demands payment in rent, transit, food, and time.

    Prakash worked constantly. He took multiple jobs. He paid tuition, paid rent, and skipped most of what Americans imagine as college life. There were no romantic years of drifting from café to concert to self-discovery. He talked about not having the luxury of dates, travel, or finding himself. He was working. Even laundry was not a small detail. In New York, he pointed out, you do not just throw clothes in a machine at home. You haul them to the laundromat, count quarters, and measure what is necessary. He also described distraction in a way that most native-born Americans probably do not think about. For immigrants, distraction is not always pleasure. Sometimes distraction is the constant pressure of competing needs. Tuition or rent. Food or savings. A better coat or another month of making do. He was not romanticizing the struggle. He was describing the arithmetic of it.

    That arithmetic did not make him cautious. If anything, it did the opposite.

    While in college, he had the option of safer analytical work. Instead, he took a sales job with Time Warner Cable that sent him into the South Bronx from 6 p.m. to 10 p.m. to knock on doors. He is not a physically imposing man. He knew exactly what kind of neighborhoods he was walking into. He described apartment buildings where people kept pit bulls, where tension was normal, where one mistake in tone or timing could end a conversation immediately. For most people, that kind of job would have been something to survive and forget. For him, it became a school in human behavior. “It’s not about talking… it’s about listening,” he said.

    One story from that period says almost everything about how he operates. He knocked on a door one night around 8:45 and found himself facing a huge man with a gun on the table, pit bulls nearby, and a half-eaten pizza in front of him. It had all the ingredients of a very bad scene.

    Continue reading and support independent Utah journalism with a purchase of Utah Stories (Digital + Print) or 3 month free trial (Digital).


  • Left in a Box as a Baby: Trauma, Alcoholism, and Addiction

    A man abandoned as a baby builds a structured life in law enforcement, but unresolved trauma and alcoholism slowly begin to unravel it. His story raises a harder question about how change actually happens.


  • Cottonwood Heights Corruption Allegations: A Case That Never Reached a Courtroom

    A year ago, we here at Utah Stories recorded a podcast episode that we never published. We were revisiting corruption allegations from ten years ago. We decided not to publish the video, so it sat there on YouTube for nearly 12 months.

    Then somehow the video was published. How? We are not sure, but once it got out there, the comments came pouring in.

    Dozens of viewers, then hundreds, supported the video with their comments on our examination of allegations of police misconduct in Cottonwood Heights. The video recounts how the Police Department was reported by business owners as focusing enforcement on customers of the former Canyon Inn bar. These allegations did not result in a publicly documented, full investigation by Utah’s Justice Department nor the FBI (at least to our knowledge). So why rehash the past?

    We believe the story of The Canyon Inn (and other area business owners) vs. CHPD and Cottonwood Heights Mayor Kelvin Cullimore raises questions about what can happen when allegations surface and do not move forward through a formal legal process with state or federal oversight.

    In 2012, Cottonwood Heights business owners at the mouth of the canyons began publicly objecting to police activity whereby up to seven cruisers were pulling over 711 and Canyon Inn bar customers on their busiest evenings.

    According to those accounts, drivers leaving the bar were frequently pulled over by police and were given DUI tickets, sometimes even after passing a sobriety examination. The volume and concentration of those stops led residents and business owners to complain about the “heavy-handed treatment” of CHPD toward motorists, especially in and around the Canyon Inn and neighboring 711, and eventually the Porcupine Pub.

    Customers responded in predictable ways. Some chose not to return and avoid the area. Others went to different establishments. Over time, the owner of the Canyon Inn, Jim Stojack, stated that his revenue declined by 70% and that he believed police activity near his business was the main contributing factor.

    Utah Stories reported on these concerns by conducting interviews; gathering video documentation provided by those involved; and making public records requests. Through our GRAMA requests, we reviewed DUI citations issued by the Cottonwood Heights Police Department and examined how those cases were resolved in Holladay Justice Court. During that period, we observed a higher number based on our review of DUI cases dismissed in court due to lack of evidence compared to other jurisdictions. One DUI attorney, Tyler Ayers, went on record saying that CHPD was issuing a high volume of DUI citations that were later dismissed.

    That observation raised questions about how cases were being documented and prosecuted. It did not, on its own, establish intent or misconduct, but it became part of a broader set of concerns raised by multiple sources.

    Continue reading and support independent Utah journalism with a purchase of Utah Stories (Digital + Print) or 3 month free trial (Digital).


  • From LDS Mission to Heroin Addiction: A Utah Man’s Descent and Recovery

    More than 100,000 Americans died from drug overdoses in a single year. That number is often repeated, rarely absorbed, and almost never understood in a way that forces real reflection. Because addiction doesn’t usually look like chaos at the beginning.