- China Evergrande Defaults on its Debt. Now What? “ On Thursday, three days after a deadline passed leaving bondholders with nothing but silence from the company, a major credit ratings firm declared that Evergrande was in default. But instead of resolving questions about the fate of the Chinese behemoth, the announcement only deepened them. The firm, Fitch Ratings, said in its statement that it had placed the Chinese property developer in its ‘restricted default’ category. The designation means Evergrande had formally defaulted but had not yet entered into any kind of bankruptcy filing, liquidation or other process that would stop its operations.” (The New York Times)
- The Cost of Rent Is Rising Fast. Here’s What Americans Can Do About It. “Rising inflation is hitting the wallets of many Americans. The cost of rent is where some are feeling it most. Over the past year, the median cost of rent has risen by nearly 20% in a handful of areas including Phoenix, Tampa, Fla., and Boise, Idaho, according to analysis conducted by the Urban Institute. The average rent for a one-bedroom apartment in Sarasota, Fla., for example, was recently at $2,004 a month—a 40% increase compared with the previous year, according to rental listing site Zumper.” (The Wall Street Journal)
- 77% of Workers Say They Are Returning to the Office in January—And More Than Half Are Looking Forward to It “More than three out of four workers say their companies are still moving forward with return-to-the-office plans in January, despite the recent spread of the Omicron variant of COVID-19 and many workers seeking permanent remote work. Amid the challenges, more than half of employees say they’re ‘excited’ or ‘happy’ to be heading back to work, according to a survey of 1,000 full-time U.S. workers by Workhuman exclusively for Fortune.” (Fortune)
- ‘Warehouses in Their Backyards’: When Amazon Expands, These Communities Pay the Price “Last year, with little warning, a new Amazon delivery station brought the rumble of semi-trailer trucks and delivery vans to Chicago’s Gage Park neighborhood. The warehouse, located within 1,500 feet of five schools, is in a residential area where more than half the people within a mile have low incomes and nearly 90% are Hispanic. The neighborhood is one of hundreds across the US where Amazon’s dramatic expansion has set in motion huge commercial operations.” (The Guardian)
- New York City, Facing a Housing Crisis, Targets Illegal Airbnb Owners “Airbnb recently announced that it had its best quarter ever, reflecting a surging thirst for travel and tourism as the pandemic’s grip loosens. But in New York City, the company is at the center of a different narrative: City leaders, after fighting for years to limit the proliferation of illegal short-term rentals, are poised to impose more stringent restrictions on the online platform. The City Council on Thursday is expected to approve a bill that would for the first time require hosts to register with the city before renting out their homes on a short-term basis or for less than 30 days. The measure mirrors regulations in other cities like Boston and Santa Monica, Calif.” (The New York Times)
- After COVID Closures, a New Quest to Make Offices Less Awful “Companies that reopened spaces on a voluntary basis in recent months say they have often found the in-person experiences to be underwhelming. Some bosses observed that staffers spent much of their days hunched over laptops wearing headphones on video calls. Other workers arrived only to discover most of their colleagues were still at home, or on alternating hybrid schedules. The spontaneous collaboration offices once provided often didn’t occur, executives say, and some workers who tried returning to offices quickly gave up and settled back into a routine of working at home.” (The Wall Street Journal)
- Real Estate Knows How to Recycle and Reuse Building Materials. So Why Isn’t It Happening? “Experts estimate that up to 95% of building materials could be reused or recycled if contractors embraced deconstruction. But costs are holding them back.” (Bisnow)
- Starbucks Union Drive Spurred by Staff Burnout from Mobile Orders “The pandemic has created a surge in mobile orders at Starbucks and other restaurant chains. The baristas in Buffalo and elsewhere complain that they cannot limit the number of mobile orders per hour, leading to unexpected surges they struggle to fulfill. Individual stores can turn off mobile orders completely for their locations temporarily, but that requires a manager's approval, the company confirmed, and customers can then order from other nearby locations.” (Reuters)
- Restaurateur Danny Meyers Throws Millions Behind NYC Taco Chain to Take On Chipotle and Taco Bell “Following a headline-grabbing Panera deal, famed Union Square Hospitality Group restaurateur and Shake Shack founder Danny Meyer is investing in breezy hit taco chain Tacombi. On Thursday, the fast casual chain announced a $27.5 million round of funding led by Meyer’s investment arm, Enlightened Hospitality Investments. Bloomberg first reported the news. Tacombi founder Dario Wolos will use the money in part to open more restaurants across the country, starting with an East Coast expansion. At least five more locations will open next year in Tacombi’s existing cities — NYC, Miami, and Washington, D.C. — and Connecticut.” (Eater NY)
- Why Dollar Tree’s Price Hike to $1.25 Could Be ‘One of the Worst Decisions in Retail History’ “Some retail analysts say the decision was rushed and will backfire, alienating loyal Dollar Tree customers who shopped there specifically because prices were a dollar. Some bet the chain's primary competitor, Dollar General, will undercut Dollar Tree by selling more products for $1. Others question if a company that has struggled even as its discount competitors boomed — Dollar Tree is on its third CEO in six years — can effectively execute such a significant strategy change.” (CNN Business)
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