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Report: Amazon’s HQ2 could eliminate 1,500 affordable housing units in NYC

“The payoff is especially egregious given that Mayor Bill de Blasio has long made affordable housing a pillar of his political agenda” reports fastcompany.com. According to Politico, two different developers were planning to build new housing complexes–which would have included around 1,500 affordable units.Not only are the state and city giving the company huge tax incentives–and I mean huge!–but it turns out Amazon is also going to take up space that was intended for affordable housing. Source: fastcompany.com Share This:

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Suddenly, a pair of quiet real estate markets are white-hot

“Until last weekend, real estate agents say, attendance at open houses for condos in Long Island City had been sparse” reports thebusinessjournal.com. The two localities already reflect the ultra-pricey New York and Washington metro areas, though real estate sales there had been relatively modest of late.(AP) — Amazon has just sparked a real estate frenzy to rival Cyber Monday.Over the past five years, the median home value in Seattle has rocketed 73 percent to $739,600, according to an analysis by the real estate firm Zillow, which is also based there.Online…

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Alexandria Ocasio-Cortez: Amazon moving to Queens is ‘extremely concerning’ 

“But Alexandria Ocasio-Cortez, recently elected to represent the 14th Congressional District of New York, which borders the district that includes Long Island City, is not excited about the company moving into the neighborhood” writes unknown author for cnbc.com. She is a vocal advocate for affordable housing and says she fears that Amazon’s decision to set up shop in Queens will hasten gentrification, increase housing prices and displace current residents.She continued, “Amazon is a billion-dollar company. Source: cnbc.com Share This:

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Profit rises at Home Depot despite slowing US housing market

“New Chief Executive Officer Marvin Ellison is also cutting inventory and refocusing the company’s efforts to target professional home builders” reports washingtonexaminer.com. Home Depot also sped up some of its inventory purchases to avoid the existing tariffs, the company said.Home Depot reported a sharp spike in quarterly profit on Tuesday amid a sluggish U.S. housing market that’s prompting more homeowners to remodel their existing residences rather than move.The retailer now expects full-year profit of $9.75 per share, up from the $9.42 it previously forecast. Source: washingtonexaminer.com Share This:

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Will Amazon’s HQ2 sink Seattle’s housing market?

“Even if HQ2 has no immediate impact on the Seattle housing market, it certainly could in the long term if it means Amazon ultimately chooses to channel its growth elsewhere” writes Seattle Times Real for seattletimes.com. Of course housing prices aren’t the only factor when Amazon employees, or anyone else, choose where to live.In the rental market, in some recent years Amazon alone has added as many employees as the city has added apartments, even amid a record construction boom. Source: seattletimes.com Share This:

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News Regulators 

3 reasons to worry about the US economy – USD rally may reach its limits

“We already know that the budget deficit ballooned as a result, so the tax cuts do not pay for themselves” writes Yohay’s Google Profile for forexcrunch.com. Here are three reasons to be worried: The most worrying sector of the US economy is housing.Investment in the housing sector also dropped for three consecutive quarters.The tax cuts came hand in hand with increased spending.Moreover, the National Association of Business Economics (NABE) surveyed 116 businesses and reported that just 12% said they would increase investment as a result of the tax cuts. Source: forexcrunch.com Share…

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Council OKs funding for Hotel Fresno affordable housing

“According to Fresno City Controller Mike Lima, the bonds will be packaged in with other projects, with money likely starting to come next year” reports thebusinessjournal.com. Currently under the ownership of APEC International, LLC, the original plans for the restoration included housing with restaurants and retail space on the first floor.At Fresno City Hall, a unanimous vote was cast on Thursday to allow the California Municipal Finance Authority to issue upwards of $20 million from the sale of bonds. Source: thebusinessjournal.com Share This:

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Mortgage rates surge to a near 8-year high as house-hunters race the clock

“The 15-year fixed-rate mortgage averaged 4.33%, and the 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 4.14%, both up 10 basis points during the week” writes Andrea Riquier for marketwatch.com. The 30-year fixed-rate mortgage averaged 4.94% in the Nov.8 week, a gain of 11 basis points, mortgage finance provider Freddie Mac said Thursday.Read: As the housing market stagnates, American homeowners are staying put for the longest stretches ever In the housing market, meanwhile, the slow and steady upward march of mortgage rates is taking a toll.Rates for home loans roared higher, taking…

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Homelessness In London Is Rising Because Of How The Tories View The Poor

“The latter often leads to landlords being subsidised by the welfare state due to the housing benefits which many renters need to get by” writes Rabbil Sikdar for huffingtonpost.com. A combination of low wages, high rents, lack of affordable housing and brutal cuts to welfare have contributed to creating chronic insecurity at the bottom. Source: huffingtonpost.com Share This:

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The housing slump is not a recession

“The housing bubble and bust was a once-in-a-century phenomenon: Housing starts peaked near 2.3 million in January 2006, then plunged, bottoming out under 500,000 in January 2009” writes Howard Gold for marketwatch.com. That paper, while not explicitly predicting the financial crisis or Great Recession, nonetheless warned of how extensive the impact of a housing decline can be.I contacted Ed Leamer, an economist at UCLA Anderson, who published a notable paper on housing in the summer of 2007 — just before all the you-know-what hit the fan.So, a slowdown in housing…

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