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Thursday, August 18, 2022

New York City Is Rising Again and So Are Rent Prices, Driving Some Tenants...

People who fled New York City during the coronavirus pandemic to live with relatives or to second homes are returning, driving up rental prices and ending the hopes of young people who want to live in their own apartment. The New York Times spoke with some of those tenants, including Chelcie Parry, who rented a studio for $1,750…

Biden Shifts Taxpayer Funds from Red States to Landlords in High-Immigration Democrat Districts

President Joe Biden’s deputies are taking $377 million from GOP-run heartland states to aid landlords in four Democrat-run states that use illegal migration to inflate their economies, according to a report in the New York Times. White House officials have already pressured governors in states to shift $875 million for poor renters into urban districts,…

Judge: Claims of ‘Gentrification’ Cannot Stop New Development in South Los Angeles 

Getty Images/MasaoTaira A judge with California’s Second District Court of Appeal ruled on Thursday that revitalizing neighborhoods with nice housing and shops — what critics charge is “gentrification” — does not violate fair housing laws. The Crenshaw Subway Coalition filed a lawsuit against the City of Los Angeles, challenging the project. Judge Brian Hoffstadt, a Democrat,…

Construction Spending Struggled to Keep Up With Bidenflation in December

U.S. construction spending increased less than expected in December as prices of construction inputs soared. The Commerce Department said on Tuesday that construction spending rose 0.2 percent after advancing an upwardly revised 0.6 percent in November. The earlier report for November showed just a 0.4 percent gain. Economists polled by Reuters had forecast construction spending…

What Will It Take To Sink The Housing Market?

Update (1330ET): Following this morning's print showing that 2021 saw the best annual existing home sales since 2006, MishTalk's Mike Shedlock asks the question everyone should be asking as prices hit record-er and record-er prices - what will it take to sink the housing market?Sales are hot thanks to cheap money from the Fed, rising…

California City Giving Blacks Housing for ‘Theft’ of Homes to Build Highways

The California city of Santa Monica is offering housing to black families that had homes in the path of the newly constructed Interstate 10 and other urban renewal projects built in the 1950s. Beginning in January, those former residents and their descendants will get “priority access to apartments with below-market rents in the hopes that…

The 2021 Housing Market In Charts

It has been an absolutely gangbusters year for housing, which as we noted earlier today just saw both median and average prices hit fresh all-time highs for new homes. In fact, as the chart below shows, new home prices are currently rising more then twice as fast as they did during the last housing bubble.It's…

Republican Rep. Peter Meijer Wants 40,000 More Afghan Migrants

Republican Rep. Peter Meijer (R-MI) has drafted a bill to raise the huge inflow of migrants from Afghanistan into Americans’ communities, workplaces, and housing. The expansion bill is titled the “Showing American Values by Evacuating (SAVE) Afghan Partners Act of 2021.” The bill offers an additional 10,000 “Special Immigrant Visas”  — enough for perhaps 40,000 family…

Biden’s K-Shaped Housing Market: Million Dollar Home Sales Soar, Lower Price Home Sales Crash

It is a tale of two housing markets. Sales of previously owned homes worth more than one million dollars were up nearly 60 percent annually in July, while sales of homes worth a quarter of that or less were down by around 30 percent, data from the National Association of Realtors showed Monday. Overall sales…

Yellen Sees ‘Several More Months of Rapid Inflation’ — Worries About Housing Impact

Treasury Secretary Janet Yellen said Thursday on CNBC’s “Closing Bell” that the U.S. economy will have “several more months of rapid inflation.” Yellen said, “We will have several more months of rapid inflation. So I’m not saying that this is a one-month phenomenon. But I think over the medium term, we’ll see inflation decline back toward…

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