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Fewer homeowners are burdened by housings costs — but there’s a big catch

“While homeowners may be less burdened by housing costs, fewer people actually own their homes” writes Jacob Passy for marketwatch.com. American homeowners aren’t feeling the pinch from housing costs like they used to — but that’s not necessarily reason to celebrate.Among these people, only 11% are burdened by housing costs, compared with 12% in 2008.And housing costs remain a major burden for renters, unlike homeowners.In 2008, at least 40% of homeowners with a mortgage were burdened across 43 metro areas nationwide. Source: marketwatch.com

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Robert Shiller’s ‘Irrational Exuberance’ predicted the housing and dot-com crises. He told us why another book he recently read makes a ‘decisive case’ for the next one.

“Shiller’s work has long centered on the idea that the narratives investors believe about asset classes become a powerful driver of prices” writes Akin Oyedele for businessinsider.com. Gennaioli and Shleifer made the case that there were multiple actors, from investors to ratings agencies, whose irrational expectations generated risk.After all, the housing crash and widespread market sell-offs clearly showed that investors’ expectations were off by many miles.Shiller agrees with them and further argues that widespread narratives are responsible for financial bubbles. Source: businessinsider.com

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Apple’s $2.5 billion pledge makes it the latest tech giant to tackle California’s housing crisis

“Apple today announced a pledge of $2.5 billion to combat the housing crisis in its home state of California” writes Nick Statt for theverge.com. It’s the largest commitment of any of the Big Five in the tech industry, all of which have pledged various amounts of money toward helping build more affordable housing in and around the cities they operate near.The only major US tech company who has yet to pledge a significant amount of money toward the issue is Amazon, although Amazon did donate $8 million over the summer…

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Council vote could trade affordable housing for property values, density in Ann Arbor

“ANN ARBOR, MI – Ann Arbor might opt for a trade-off Monday night – a shot at more affordable housing for possibly less density and lower real estate values” writes Dmoran Mlive Com for mlive.com. He also said the added floor area ratio with affordable housing doesn’t even out cost-wise with what he can get now.Ann Arbor City Council is set to vote Nov. 4 on a plan to change downtown zoning premiums to incentivize developers to add affordable housing to their projects.Ackerman responded saying he’d want to learn more,…

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Lack of cooperation between real estate developers and state caused failure of first, second generation cities: NUCA

“The ministry is now finalising its initiative for allowing developers to participate in social housing projects, Emara said” writes Shaimaa Al-aees for dailynewssegypt.com. He disclosed that social housing projects’ lands will be offered under direct allocation system for developers, besides other partnership mechanisms between developers and the Ministry of Housing.The Ministry of Housing is working on new mechanisms to attract more real estate developers and encourage cooperation among both sides to achieve development.During a Sunday press conference, Emara stressed that without establishing cooperation between real estate developers and the state,…

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Apple commits $2.5B to combat California housing crisis

“The state has also enacted new laws aimed at boosting funding for affordable housing and easing development restrictions” writes The Associated Press for seattletimes.com. Gavin Newsom on Monday called Apple’s pledge an “unparalleled financial commitment to affordable housing,” adding he hopes other companies follow its lead.CUPERTINO, Calif. (AP) — Apple has committed $2.5 billion to ease California’s housing crisis, eclipsing similar pledges by fellow Silicon Valley giants Google and Facebook to address a lack of affordable housing in the region they call home. Google and Facebook this year each promised…

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Apple Pledges $2.5 Billion to Fight California Housing Crisis

“One billion dollars will go to a jointly run fund with state officials aimed at jumpstarting delayed or stalled affordable housing projects” writes Min Read for reuters.com. Real estate developers often secure bonds for affordable housing development but must service the debt during construction until the houses are built and start to generate revenue.In an interview with Reuters, Apple Chief Executive Tim Cook said the company felt a “profound responsibility” to improve California’s housing crisis.Apple will make available about 42 acres of land in northern San Jose, California valued at…

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Getting down-payment assistance may not make people more likely to default on their mortgages, after all

“Previous research had suggested that down-payment assistance (DPA) programs increased the odds of the borrower defaulting on their home loan” writes Jacob Passy for marketwatch.com. The findings suggested that black and Hispanic borrowers are more likely to default in general, and not because they may have received down-payment assistance.Louis examined the performance track record for loans made with some form of down-payment assistance. Source: marketwatch.com

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HELOCs are so 2007; Americans aren’t using homes as piggy banks anymore

“Rapidly climbing property prices led homeowners to use their homes as piggy banks, fueling consumer spending” writes Shahien Nasiripour for latimes.com. But a resurgent housing market after the Great Recession hasn’t brought with it a return to HELOCs, as they’re commonly known.Unsecured personal loans pose another threat to the HELOC business.Fallout from the housing bubble appears to have had a lasting effect on consumers’ willingness to keep using their homes as ATMs. Source: latimes.com

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banning the use of facial recognition technology in public housing

“Lawmakers on both sides of the aisle have pledged they will work up legislation that would limit, or even impose a temporary ban on, facial recognition technology” reports thehill.com. Several local and state governments have taken it into their own hands to curtail or ban facial recognition technology, including California, Oregon and New Hampshire, where law enforcement has been barred from using it.Cory Booker Cory Anthony BookerActivist Ady Barkan calls out Biden for not talking with him about health care 2020 Democrats applaud House vote on impeachment procedures Harris staffer goes as…

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