- FHFA Cuts Freddie Mac and Fannie Mae Loan Caps “Anyone in multifamily who hoped that conditions would turn and that 2023 would be a replay of previous years was just hit in the face with a bucket of cold water tossed by the Federal Housing Finance Agency. The FHFA announced the multifamily loan purchase caps for both Fannie Mae and Freddie Mac: $75 billion for each, $150 billion total. That’s down from the $78 billion each had in 2022 because the FHFA expects multifamily family originations to contract this year.” (GlobeSt.com)
- Higher Borrowing Costs Cool South Florida’s Sizzling Multifamily Market “South Florida has been one of the hottest rental housing markets in the nation. But even in sunny Miami-Dade, Broward and Palm Beach counties, higher interest rates have cast a shadow on debt-funded acquisitions of apartment buildings and multifamily development. Despite the fundamental strengths of South Florida, including low unemployment and a growing population, the five interest rate hikes by the Federal Reserve from March through September are proving to be tough hurdles.” (Commercial Observer)
- Documents Detail Foreign Government Spending at Trump Hotel “Officials from six nations spent more than $750,000 at former President Donald J. Trump’s hotel in Washington when they were seeking to influence his administration, renting rooms for more than $10,000 per night, according to documents that his former accounting firm turned over to Congress. The governments of Malaysia, Saudi Arabia, Qatar, the United Arab Emirates, Turkey and China spent more money than previously known at the Trump International Hotel at crucial times in 2017 and 2018 for those countries’ relations with the United States, according to the documents, which were obtained by the House Oversight Committee and released on Monday.” (The New York Times)
- Airbnb Co-Founder’s New Business Is Building Small Homes in Backyards “Joe Gebbia co-founded Airbnb Inc. as a company that helped people rent out their homes to guests. His new venture is about adding small homes to people’s backyards. The new startup, known as Samara, plans to sell factory-produced studio and one-bedroom units to homeowners. The company is looking to capitalize on laxer laws and rising demand for affordable housing spurred by surging home prices and ballooning rents. Samara is initially launching in California, which is one of the states trying to boost its housing supply by easing restrictions on accessory dwelling units.” (The Wall Street Journal)
- Airbnb Is More Successful Than Ever. Why Is Everyone So Mad at It? “Guests are over fees and chores. Hosts say they can’t fill vacancies. But Airbnb is posting record earnings.” (The Washington Post)
- Your Boss Is Over Hybrid Work. Here’s How to Keep Your Flexibility. “Employees are finding it takes extra work to hold on to the flexible habits companies allowed in the thick of the pandemic. More companies are stepping up in-office work requirements or backtracking on earlier pledges to soften the rigid 9-to-5 schedule. General Motors Co. is requiring salaried employees to be in the office three days a week starting at the end of January, after holding off on a similar plan this fall. Last week, Elon Musk told Twitter Inc. staff he expected most of them to show up at least 40 hours a week, ending the remote-work option that the company’s previous leaders said would continue.” (The Wall Street Journal)
- Crude Emails Reveal Nasty Side of California Beach City’s Crusade to Halt Growth “Bill Brand, the mayor of Redondo Beach, has amassed power on a slow-growth platform. Now, a series of emails involving him and supporters are heightening criticism about their tactics.” (Los Angeles Times)
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