Word: overbuilt
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Dates: during 1970-1979
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...second biggest, second youngest (some 15 million years old) of the 132 islands of the 50th and southernmost state. Maui County attracts more visitors than any other of the islands (1,414,867 in 1978, up 12.5% over the previous year). Oahu (Waikiki Beach, Pearl Harbor) is seriously overbuilt and overcrowded; Hawaii ("the Big Island") is famed for its volcanoes and rugged natural beauty but has few beaches and little action for the tourist; Kauai has great, uncrowded, golden beaches and a lush interior but not much else; Molokai also has superb beaches, but only one hotel and an arid...
There are those who see the private-college crunch as a blessing in disguise. Says the Rev. Paul Reinert, chancellor of St. Louis University: "Private education should grow a little leaner." Perhaps it should. But then too, the public system has overbuilt and overborrowed as well. If the private schools suffer most as the fiscal crisis deepens, that will be a consequence no one intended. The nation's large-and often excellent-public system was designed, after all, to supplement the private colleges, not to supplant them...
...main focus of the vacation onslaught has been that 160-mile strip of overbuilt beach front in the south of France, the Côte d'Azur. Local rail terminals are overflowing as additional sun worshipers pour into Saint-Tropez, Sainte-Maxime, Cannes, Nice and Menton. When they arrive, along with myriad motorists who are clogging France's autoroute du soleil, a rude shock is waiting: no accommodations are available. As many as 1,000 people a day are redirected by the local tourist office to the Maritime Alps, inland and anywhere from 50 to 100 miles...
...least in California: an estimated 60% of Los Angeles apartments do not rent to children, a figure that climbs to 75% for apartments under $450 a month and up to 80% in the city's much sought-after West Side. Elsewhere in the country, percentages vary enormously. In overbuilt Atlanta, less than 30% of the apartments are for adults. But in New Orleans, with its 90% occupancy rate, at three out of four apartments no children need apply...
What happened was that Atlanta simply became overbuilt. New buildings failed to fill up, and high-cost real estate loans went unpaid. Late in 1976 the huge Colony Square commercial-residential redevelopment went bankrupt; last August Lance's National Bank of Georgia skipped a dividend. That same month, C & S cut its own quarterly dividend from 13? a share to 6?. In January it omitted the dividend for the first time since 1906, an alarming step for a bank of its stature. Then the Comptroller of the Currency ruled that even the slim profits C & S had reported...