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To Fix a Housing Crisis, New York Leaders Seek to Revive a 1950s Idea
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TECHNOLOGY
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HOUSING MARKET
Leaders in New York’s State Senate are set to propose sweeping legislation to counter the growing housing crisis in the state of New York. The proposed legislation by leaders in New York’s State Senate aims to address the housing crisis through several key points: - Creation of a new public benefit corporation to finance housing construction on st...
NEWS ARTICLE SUMMARY
The New York Times
March 11, 2024
To Fix a Housing Crisis, New York Leaders Seek to Revive a 1950s Idea
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Leaders in New York’s State Senate are set to propose sweeping legislation to counter the growing housing crisis in the state of New York. The proposed legislation by leaders in New York’s State Senate aims to address the housing crisis through several key points:
Creation of a new public benefit corporation to finance housing construction on state-owned land, inspired by the Mitchell-Lama program.
Introduction of a new developer tax break with stronger affordability protections than the previous 421a program.
Inclusion of "good cause eviction" legislation to restrict landlords' ability to evict tenants and justify rent hikes.
Push for more construction of larger residential buildings in Manhattan and legalization of basement units.
Requirement for condos and rentals built through the program to be affordable to middle-income households.
The proposal will be released as part of the One House budget bill, to incentivize significant new development while supporting landlords and tenants. However, its success hinges on gaining support from both houses of the Legislature and the governor, with details such as financial viability and inclusiveness of tenant protections remaining crucial factors.
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Housing Wire
Feb 27, 2024
HUD, VA announce $14.5M for veterans seeking permanent housing
AFFORDABLE HOUSING
TECHNOLOGY
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HOUSING MARKET
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) announced the allocation of over $14.5 million to public housing agencies (PHAs) nationwide to address veteran homelessness. An estimated distribution of more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers will be carr...
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Housing Wire
February 27, 2024
HUD, VA announce $14.5M for veterans seeking permanent housing
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) announced the allocation of over $14.5 million to public housing agencies (PHAs) nationwide to address veteran homelessness. An estimated distribution of more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers will be carried out nationwide. Some of the highest concentration of vouchers will go to Tucson, Arizona; Philadelphia; and Spokane, Washington. These vouchers combine rental assistance from HUD with support services, like case management and clinical services provided by VA. The vouchers have contributed to a 4% decrease in veteran homelessness since 2020 and has housed over 46,000 homeless veterans in 2023 alone.
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Newsweek
Feb 21, 2024
Black Homeownership is Set to Soar
AFFORDABLE HOUSING
TECHNOLOGY
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HOUSING MARKET
Homeownership among Black Americans has consistently trailed behind all others in the country, including by 28% compared to white homeowners. However, according to a new report by the National Association of Realtors (NAR), Black homeownership is expected rise in the future. How? As more Millennials and Gen Z enter into the home buying market, th...
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Newsweek
February 21, 2024
Black Homeownership is Set to Soar
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Homeownership among Black Americans has consistently trailed behind all others in the country, including by 28% compared to white homeowners. However, according to a new report by the National Association of Realtors (NAR), Black homeownership is expected rise in the future.
How? As more Millennials and Gen Z enter into the home buying market, there will be a rise in minority owners. This is because on average, this demographic is more racially and ethnically diverse.
Future predictions - 1.5 million Black households will turn the median homebuying age over the next 5 years. Female and millennial buyers have been driving growth in Black homeownership and will continue to do so. Besides Black households, 775,000 Asian households and 2.2 million Hispanic households will also turn the median homebuying age in the next 5 years.
Challenges remain - Barriers such as rental affordability, student debt, and mortgage denial rates persist, hindering Black Americans' ability to purchase homes and achieve equitable homeownership rates. Addressing these challenges will be crucial to fostering greater inclusivity in the housing market.
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NPR
Feb 17, 2024
The hottest trend in U.S. cities? Changing zoning rules to allow more housing
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The United States is grappling with a housing crisis characterized by a shortage of millions of units and soaring housing costs for renters and buyers alike. To address this, cities are revising zoning rules to allow for more housing development, focusing on measures such as permitting multifamily homes in diverse neighborhoods and streamlining con...
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NPR
February 17, 2024
The hottest trend in U.S. cities? Changing zoning rules to allow more housing
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The United States is grappling with a housing crisis characterized by a shortage of millions of units and soaring housing costs for renters and buyers alike. To address this, cities are revising zoning rules to allow for more housing development, focusing on measures such as permitting multifamily homes in diverse neighborhoods and streamlining construction processes.
Minneapolis is leading the way with its progressive zoning reforms, adding 12% to its housing stock in just a five-year period. The city has taken measures such as ending single-family zoning and promoting midsize apartment buildings with 20 or more units. In Houston, minimum lot sizes were reduced from 5,000 square feet to 1,400, allowing for more units to be constructed. Milwaukee, New York City and Columbus, Ohio, are other examples of cities undertaking reform of their codes.
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Housing Wire
Jan 30, 2024
How AI and a changing rental market will shape property management in 2024
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TECHNOLOGY
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HOUSING MARKET
In 2024, the rental market is poised for transformation with two key factors: the growing impact of artificial intelligence (AI) tools and heightened competition among the multifamily rental market. A survey by AppFolio indicates that nearly half of property management professionals either use AI or plan to adopt it. Property managers face the chal...
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Housing Wire
January 30, 2024
How AI and a changing rental market will shape property management in 2024
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In 2024, the rental market is poised for transformation with two key factors: the growing impact of artificial intelligence (AI) tools and heightened competition among the multifamily rental market. A survey by AppFolio indicates that nearly half of property management professionals either use AI or plan to adopt it. Property managers face the challenge of maintaining high occupancy rates amidst a competitive market, with delinquencies identified as a top threat. To thrive in this changing landscape, property managers are leveraging AI to enhance operational efficiency, streamline tasks, and improve employee satisfaction, while also focusing on understanding resident expectations and offering digital services to attract and retain modern renters. A strategic technology approach is crucial for success in 2024 and beyond.
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Multifamily Dive
Jan 29, 2024
Funding for proptech plummets 42%
AFFORDABLE HOUSING
TECHNOLOGY
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HOUSING MARKET
In 2021 and 2022, the commercial real estate sector experienced a surge in proptech adoption, leading to increased investment. However, a recent report from the Center for Real Estate Technology and Innovation highlights a slowdown in momentum during 2023, attributed to factors such as inflation and geopolitical uncertainty. Venture capital investm...
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Multifamily Dive
January 29, 2024
Funding for proptech plummets 42%
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In 2021 and 2022, the commercial real estate sector experienced a surge in proptech adoption, leading to increased investment. However, a recent report from the Center for Real Estate Technology and Innovation highlights a slowdown in momentum during 2023, attributed to factors such as inflation and geopolitical uncertainty. Venture capital investment in proptech witnessed a significant decline of 42% in 2023, amounting to $11.38 billion, compared to the previous year's total of $19.75 billion and the peak of $32 billion in 2021. Notably, the multifamily segment is being hailed as resilient, owing to continued robust activity in technologies targeting this space. What remains popular are technologies that help solve consumer problems, like reducing fraud.
Housing is now unaffordable for a record half of all U.S. renters, study finds
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Rising rents and reduced working hours during the COVID-19 pandemic have left many U.S. renters struggling to make ends meet, with a record 50% paying over 30% of their income on rent and utilities, per Harvard University's report. The unaffordability trend saw the most significant jump among households earning $30,000 to $74,999 annually, with a t...
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NPR
January 25, 2024
Housing is now unaffordable for a record half of all U.S. renters, study finds
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Rising rents and reduced working hours during the COVID-19 pandemic have left many U.S. renters struggling to make ends meet, with a record 50% paying over 30% of their income on rent and utilities, per Harvard University's report. The unaffordability trend saw the most significant jump among households earning $30,000 to $74,999 annually, with a third of full-time renters still being heavily cost-burdened. Even lower-income renters, already facing severe challenges, experienced a further increase to 83% being cost-burdened. The report attributes the homelessness surge to a severe housing shortage and rising rent costs, exacerbated by a lack of affordable housing options. Despite a cooling housing market, the cost of construction has hit record highs leading to the construction of predominantly high-end apartments. This is further contributing to a growing affordability gap, with median rents outpacing income growth since 2001. The situation has increased demand for federal housing subsidies, which remain underfunded and insufficient.
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Business Insider
Jan 14, 2024
Why the solution for cheap manufactured starter homes is failing
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Modular housing is seen as a solution to housing shortages, offering efficiency, and cost reduction, but many companies like Katerra and Veev have failed to achieve financial viability. What is ailing the manufactured homes market? Experts believe over-regulation by the Government in the form of restrictive zoning laws, hinders industry growth for ...
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Business Insider
January 14, 2024
Why the solution for cheap manufactured starter homes is failing
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Modular housing is seen as a solution to housing shortages, offering efficiency, and cost reduction, but many companies like Katerra and Veev have failed to achieve financial viability. What is ailing the manufactured homes market? Experts believe over-regulation by the Government in the form of restrictive zoning laws, hinders industry growth for these companies. They are unable to build at scale and therefore, unable to turn a profit. Perceptions of inferiority and a lack of consistent demand pose challenges as well. The Biden administration has proposed easing regulations but it's still a long road ahead for companies that are working in this space.
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Gothamist
Jan 13, 2024
NYC housing costs grew 68% in last decade, highest jump in U.S., report says
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
According to a new report by State Comptroller Tom DiNapoli, housing costs in and around New York City have surged by 68% between 2012 and 2022, outpacing other major U.S. metropolitan areas, The average household's housing expenses in New York City and Nassau, Suffolk, Rockland and Westchester counties rose from $18,000 to $30,300 during this peri...
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Gothamist
January 13, 2024
NYC housing costs grew 68% in last decade, highest jump in U.S., report says
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
According to a new report by State Comptroller Tom DiNapoli, housing costs in and around New York City have surged by 68% between 2012 and 2022, outpacing other major U.S. metropolitan areas, The average household's housing expenses in New York City and Nassau, Suffolk, Rockland and Westchester counties rose from $18,000 to $30,300 during this period. Across the nation, housing costs make up 34% of average household expenses, whereas for New Yorkers, this has reached a record high of 40%. Over half of New York households are now "rent-burdened," spending at least 30% of income on housing. According to Deputy Comptroller Rahul Jain, the deadly combination of too-little housing production and too-high rent is responsible for increased evictions and a high rate of homelessness. Although he believes that the government is making smart policy choices, he emphasizes on the need to speed up efforts.
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S&P Global
Dec 23, 2023
Distress in CRE loans on nonowner-occupied properties rises at US banks
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
In recent quarters, US bank loans backed by owner-occupied commercial real estate have outperformed those backed by nonowner-occupied properties. This shift began in 2020 when work-from-home policies impacted nonowner-occupied commercial real estate loans. The delinquency ratio for nonowner-occupied properties surpassed that of owner-occupied ones ...
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S&P Global
December 23, 2023
Distress in CRE loans on nonowner-occupied properties rises at US banks
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In recent quarters, US bank loans backed by owner-occupied commercial real estate have outperformed those backed by nonowner-occupied properties. This shift began in 2020 when work-from-home policies impacted nonowner-occupied commercial real estate loans. The delinquency ratio for nonowner-occupied properties surpassed that of owner-occupied ones in 2022 and continued to rise in 2023. The trend suggests that loans on owner-occupied properties carry less risk, reflecting property owners' likelihood to stay current on loans. However, the performance varies based on bank size, with larger banks experiencing worse delinquency ratios for nonowner-occupied loans. Notably, some major lenders like Morgan Stanley and Citigroup focus heavily on nonowner-occupied properties.
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Chicago Sun Times
Nov 29, 2023
Chicago wrongly limited affordable housing with aldermanic prerogative, HUD says
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TECHNOLOGY
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HOUSING MARKET
Chicago is facing criticism from federal investigators for hindering affordable housing by allowing City Council members to reject such developments in their wards, by using their aldermanic prerogative. The U.S. Department of Housing and Urban Development suggests that the aldermanic prerogative gives City Council members too much power to veto af...
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Chicago Sun Times
November 29, 2023
Chicago wrongly limited affordable housing with aldermanic prerogative, HUD says
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Chicago is facing criticism from federal investigators for hindering affordable housing by allowing City Council members to reject such developments in their wards, by using their aldermanic prerogative. The U.S. Department of Housing and Urban Development suggests that the aldermanic prerogative gives City Council members too much power to veto affordable housing proposals.
HUD's Lon Meltesen, regional director of HUD’s Office of Fair Housing and Equal Opportunity wrote, "the department’s investigation indicates that the city affords each of its 50 wards a local veto over proposals to build affordable housing and that many majority-white wards use the local veto to block, deter or downsize such proposals.” He further said that veto “disproportionately harms Black and Hispanic households who are far more likely than white households to need and qualify for affordable housing." The investigation was triggered in November 2018, when a complaint was filed to HUD by the Chicago Area Fair Housing Alliance and nine other advocacy groups, against the City Council members' use of the veto power.
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The Washington Post
Nov 24, 2023
Where we build homes helps explain America’s political divide
AFFORDABLE HOUSING
TECHNOLOGY
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HOUSING MARKET
The law of supply and demand doesn't seem to be working in the context of the U.S. housing market. As prices hit record highs, available homes remain at record lows. We had visualized the demand and supply gap in our Housing Count project, so you can check out the status of this gap in your own counties. The recent surge in housing development, pa...
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The Washington Post
November 24, 2023
Where we build homes helps explain America’s political divide
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The law of supply and demand doesn't seem to be working in the context of the U.S. housing market. As prices hit record highs, available homes remain at record lows. We had visualized the demand and supply gap in our Housing Count project, so you can check out the status of this gap in your own counties.
The recent surge in housing development, particularly in states like Florida and Idaho, marks a notable departure from the housing crisis of 2007. This time around, the boom is characterized by a shift towards apartment buildings and condo complexes. Notably, South Dakota, Colorado, Florida, and Arizona are emerging as leaders in the production of multifamily housing units, with only D.C. surpassing them. Contrastingly, some of the traditional multifamily housing strongholds, including states like Pennsylvania, Illinois, and New York, are lagging behind in housing production. This shift in dynamics suggests a changing landscape in the housing market, with a move away from high-rise-heavy megalopoli towards a more decentralized approach to housing development.
Red counties are permitting more housing development than blue counties
Part of the reasoning for the above could be because these localities are able to build more cheaply and be more responsive to housing needs
Another reason could be more restrictive zoning, NIMBYism and environmental regulation in blue counties, which can deter housing growth, as we saw in the failure of the NYC Housing Compact case
Overall, the analysts didn't find any major correlations between a state’s politics and its housing production.
Here’s what you can expect from the 2024 housing market
AFFORDABLE HOUSING
TECHNOLOGY
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HOUSING MARKET
The housing market is undergoing significant challenges, with 2023 expected to see the lowest home sales since 2010. Despite an anticipated increase in activity in 2024, transactions are projected to remain below average. Mortgage rates, after reaching a two-decade high in 2023, are expected to decrease in 2024 but will likely settle between 6% and...
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Housing Wire
November 22, 2023
Here’s what you can expect from the 2024 housing market
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The housing market is undergoing significant challenges, with 2023 expected to see the lowest home sales since 2010. Despite an anticipated increase in activity in 2024, transactions are projected to remain below average. Mortgage rates, after reaching a two-decade high in 2023, are expected to decrease in 2024 but will likely settle between 6% and 6.5%. This shift may attract both buyers and sellers, reshaping market dynamics.
The trajectory of home prices is uncertain and hinges on the timing of buyer and seller reentry. If sellers enter first, early 2024 could witness modest and short-lived price drops. However, markets with affordability challenges, particularly major coastal areas, face higher risks of corrections. Conversely, a resurgence of buyers before sellers could lead to a competitive market with rising prices.
First-time buyers may initially favor the rental market due to attractive deals, but the strong desire for homeownership, especially among millennials, suggests potential shifts as rates drop and inventory increases in 2024. Demographic factors, including delayed home purchases by boomers and the pent-up demand from millennials, are expected to keep inventory low, supporting firm and growing home prices in 2024.
While there is optimism, potential wildcards, such as the threat of another coronavirus strain, geopolitical risks, economic recession, and political uncertainties, could impact consumer confidence and influence home buying and selling activity in unforeseen ways.
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The New York Times
Nov 21, 2023
New York City May Pay You to Build a ‘Granny Flat’ in Your Backyard
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
In a bold initiative to tackle New York's housing crisis, the city is adopting a novel approach: incentivizing homeowners to convert their garages and attics into additional living spaces by offering to pay them. NYCHPD Commissioner Adolfo Carrion Jr. announced on Nov 21, the launch of a new pilot program called “Plus One ADU”. The pilot program wi...
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The New York Times
November 21, 2023
New York City May Pay You to Build a ‘Granny Flat’ in Your Backyard
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In a bold initiative to tackle New York's housing crisis, the city is adopting a novel approach: incentivizing homeowners to convert their garages and attics into additional living spaces by offering to pay them. NYCHPD Commissioner Adolfo Carrion Jr. announced on Nov 21, the launch of a new pilot program called “Plus One ADU”. The pilot program will make available $395,000 in funding through HPD and $2.6 million in grant funding from New York State Homes and Community Renewal (HCR). Applications are now open for qualified homeowners to build “accessory dwelling units,” or ADUs, which have proven to be one of the most effective local solutions to tackle housing affordability and offer additional living space for multi-generational housing.
Currently, the program aims at offering 15 owners of single-family homes the funding needed to build detached units or retrofitting basements. Each owner will receive up to $400,000. The eligibility criteria is based on income, and a family of four will have a ceiling of $232,980, with lower-income households being prioritized. The rents in these ADUs will be capped at around $2,600 for a one-bedroom apartment.
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Forbes
Nov 3, 2023
Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The housing market in November 2023 is characterized by surging mortgage rates, high home prices, and limited inventory. Mortgage rates have reached a 23-year high of 7.79%, causing a decline in existing-home sales for the fourth consecutive month. The Federal Reserve has paused its rate hikes, but experts are more concerned about the Fed's future ...
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Forbes
November 3, 2023
Housing Market Predictions For 2023: When Will Home Prices Be Affordable Again?
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The housing market in November 2023 is characterized by surging mortgage rates, high home prices, and limited inventory. Mortgage rates have reached a 23-year high of 7.79%, causing a decline in existing-home sales for the fourth consecutive month. The Federal Reserve has paused its rate hikes, but experts are more concerned about the Fed's future plans for rates. A potential government shutdown could further impact housing market activity, particularly if Fannie Mae and Freddie Mac can't participate in the mortgage market. Housing affordability remains a significant challenge, and first-time buyers are finding it increasingly difficult to enter the market. While a housing market crash is unlikely, some areas may see price declines. Foreclosures are not expected to surge in 2023. Experts advise prospective buyers to focus on their own financial readiness rather than trying to time the market. For sellers, proper pricing, preparation, and online listings are crucial strategies.
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CNBC
Nov 2, 2023
National Association of Realtors CEO quits earlier than expected after federal lawsuit loss
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The National Association of Realtors is facing significant changes as CEO Bob Goldberg resigns earlier than expected, amid ongoing challenges. The association recently lost a federal lawsuit, being held liable for conspiring to artificially inflate commissions in the real estate market, resulting in a $1.78 billion damages award. This verdict may i...
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CNBC
November 2, 2023
National Association of Realtors CEO quits earlier than expected after federal lawsuit loss
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The National Association of Realtors is facing significant changes as CEO Bob Goldberg resigns earlier than expected, amid ongoing challenges. The association recently lost a federal lawsuit, being held liable for conspiring to artificially inflate commissions in the real estate market, resulting in a $1.78 billion damages award. This verdict may impact real estate agent practices in an environment of rising home prices. The association plans to appeal and seek reduced damages. Additionally, the NAR faced criticism in August when its president, Kenny Parcell, resigned due to sexual harassment claims. Nykia Wright will serve as interim CEO while the association searches for a permanent replacement. Goldberg will continue to offer his expertise as an executive consultant during the transition.
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HUD Press Release
Nov 2, 2023
FHA changes appraisal requirements for certain manufactured homes to enhance financing flexibility for borrowers
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The Federal Housing Administration (FHA) has announced updated appraisal requirements for the valuation of manufactured homes certified under Fannie Mae's MH AdvantageTM and Freddie Mac's CHOICEHome® programs. These updates, unveiled by Federal Housing Commissioner Julia Gordon at a conference in Chicago, align FHA appraisal requirements with indus...
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HUD Press Release
November 2, 2023
FHA changes appraisal requirements for certain manufactured homes to enhance financing flexibility for borrowers
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The Federal Housing Administration (FHA) has announced updated appraisal requirements for the valuation of manufactured homes certified under Fannie Mae's MH AdvantageTM and Freddie Mac's CHOICEHome® programs. These updates, unveiled by Federal Housing Commissioner Julia Gordon at a conference in Chicago, align FHA appraisal requirements with industry standards, aiming to enhance the valuation of these homes for borrowers seeking FHA-insured mortgages. The changes support the Biden-Harris Administration's Housing Supply Action Plan and its goal of increasing the availability and affordability of manufactured housing. The updated policy allows appraisers to use appropriate site-built-home comparable sales when there are insufficient comparable sales for certified manufactured homes, removing a roadblock to the effectiveness of FHA programs in serving buyers of these energy-efficient and affordable homes.
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The Hill
Oct 16, 2023
To build an affordable housing future, we must look to the past
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The United States faces a severe housing shortage, and while some state and local leaders are trying to address it through new construction, the article argues that rehabilitating and reusing older and historic buildings should be a crucial part of the solution. Approximately 40% of America's building stock is at least 50 years old, and many such s...
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The Hill
October 16, 2023
To build an affordable housing future, we must look to the past
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The United States faces a severe housing shortage, and while some state and local leaders are trying to address it through new construction, the article argues that rehabilitating and reusing older and historic buildings should be a crucial part of the solution. Approximately 40% of America's building stock is at least 50 years old, and many such structures are in need of upgrades and repairs. Rehabbing these older buildings for housing is often more cost-effective and environmentally friendly than new construction. The Advisory Council on Historic Preservation is considering a policy that encourages such rehabilitation and adaptation, and it could guide federal, state, local, nonprofit, and individual actions. The aim is to increase affordable housing and align with the Biden administration's housing goals.
To Fix a Housing Crisis, New York Leaders Seek to Revive a 1950s Idea
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Leaders in New York’s State Senate are set to propose sweeping legislation to counter the growing housing crisis in the state of New York. The proposed legislation by leaders in New York’s State Senate aims to address the housing crisis through several key points: - Creation of a new public benefit corporation to finance housing construction on st...
NEWS ARTICLE SUMMARY
The New York Times
March 11, 2024
To Fix a Housing Crisis, New York Leaders Seek to Revive a 1950s Idea
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Leaders in New York’s State Senate are set to propose sweeping legislation to counter the growing housing crisis in the state of New York. The proposed legislation by leaders in New York’s State Senate aims to address the housing crisis through several key points:
Creation of a new public benefit corporation to finance housing construction on state-owned land, inspired by the Mitchell-Lama program.
Introduction of a new developer tax break with stronger affordability protections than the previous 421a program.
Inclusion of "good cause eviction" legislation to restrict landlords' ability to evict tenants and justify rent hikes.
Push for more construction of larger residential buildings in Manhattan and legalization of basement units.
Requirement for condos and rentals built through the program to be affordable to middle-income households.
The proposal will be released as part of the One House budget bill, to incentivize significant new development while supporting landlords and tenants. However, its success hinges on gaining support from both houses of the Legislature and the governor, with details such as financial viability and inclusiveness of tenant protections remaining crucial factors.
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Housing Wire
Feb 27, 2024
HUD, VA announce $14.5M for veterans seeking permanent housing
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) announced the allocation of over $14.5 million to public housing agencies (PHAs) nationwide to address veteran homelessness. An estimated distribution of more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers will be carr...
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Housing Wire
February 27, 2024
HUD, VA announce $14.5M for veterans seeking permanent housing
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The U.S. Department of Housing and Urban Development (HUD) and the U.S. Department of Veterans Affairs (VA) announced the allocation of over $14.5 million to public housing agencies (PHAs) nationwide to address veteran homelessness. An estimated distribution of more than 1,400 HUD-Veterans Affairs Supportive Housing (HUD-VASH) vouchers will be carried out nationwide. Some of the highest concentration of vouchers will go to Tucson, Arizona; Philadelphia; and Spokane, Washington. These vouchers combine rental assistance from HUD with support services, like case management and clinical services provided by VA. The vouchers have contributed to a 4% decrease in veteran homelessness since 2020 and has housed over 46,000 homeless veterans in 2023 alone.
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Newsweek
Feb 21, 2024
Black Homeownership is Set to Soar
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Homeownership among Black Americans has consistently trailed behind all others in the country, including by 28% compared to white homeowners. However, according to a new report by the National Association of Realtors (NAR), Black homeownership is expected rise in the future. How? As more Millennials and Gen Z enter into the home buying market, th...
NEWS ARTICLE SUMMARY
Newsweek
February 21, 2024
Black Homeownership is Set to Soar
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Homeownership among Black Americans has consistently trailed behind all others in the country, including by 28% compared to white homeowners. However, according to a new report by the National Association of Realtors (NAR), Black homeownership is expected rise in the future.
How? As more Millennials and Gen Z enter into the home buying market, there will be a rise in minority owners. This is because on average, this demographic is more racially and ethnically diverse.
Future predictions - 1.5 million Black households will turn the median homebuying age over the next 5 years. Female and millennial buyers have been driving growth in Black homeownership and will continue to do so. Besides Black households, 775,000 Asian households and 2.2 million Hispanic households will also turn the median homebuying age in the next 5 years.
Challenges remain - Barriers such as rental affordability, student debt, and mortgage denial rates persist, hindering Black Americans' ability to purchase homes and achieve equitable homeownership rates. Addressing these challenges will be crucial to fostering greater inclusivity in the housing market.
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NPR
Feb 17, 2024
The hottest trend in U.S. cities? Changing zoning rules to allow more housing
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The United States is grappling with a housing crisis characterized by a shortage of millions of units and soaring housing costs for renters and buyers alike. To address this, cities are revising zoning rules to allow for more housing development, focusing on measures such as permitting multifamily homes in diverse neighborhoods and streamlining con...
NEWS ARTICLE SUMMARY
NPR
February 17, 2024
The hottest trend in U.S. cities? Changing zoning rules to allow more housing
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The United States is grappling with a housing crisis characterized by a shortage of millions of units and soaring housing costs for renters and buyers alike. To address this, cities are revising zoning rules to allow for more housing development, focusing on measures such as permitting multifamily homes in diverse neighborhoods and streamlining construction processes.
Minneapolis is leading the way with its progressive zoning reforms, adding 12% to its housing stock in just a five-year period. The city has taken measures such as ending single-family zoning and promoting midsize apartment buildings with 20 or more units. In Houston, minimum lot sizes were reduced from 5,000 square feet to 1,400, allowing for more units to be constructed. Milwaukee, New York City and Columbus, Ohio, are other examples of cities undertaking reform of their codes.
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Housing Wire
Jan 30, 2024
How AI and a changing rental market will shape property management in 2024
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
In 2024, the rental market is poised for transformation with two key factors: the growing impact of artificial intelligence (AI) tools and heightened competition among the multifamily rental market. A survey by AppFolio indicates that nearly half of property management professionals either use AI or plan to adopt it. Property managers face the chal...
NEWS ARTICLE SUMMARY
Housing Wire
January 30, 2024
How AI and a changing rental market will shape property management in 2024
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In 2024, the rental market is poised for transformation with two key factors: the growing impact of artificial intelligence (AI) tools and heightened competition among the multifamily rental market. A survey by AppFolio indicates that nearly half of property management professionals either use AI or plan to adopt it. Property managers face the challenge of maintaining high occupancy rates amidst a competitive market, with delinquencies identified as a top threat. To thrive in this changing landscape, property managers are leveraging AI to enhance operational efficiency, streamline tasks, and improve employee satisfaction, while also focusing on understanding resident expectations and offering digital services to attract and retain modern renters. A strategic technology approach is crucial for success in 2024 and beyond.
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Multifamily Dive
Jan 29, 2024
Funding for proptech plummets 42%
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
In 2021 and 2022, the commercial real estate sector experienced a surge in proptech adoption, leading to increased investment. However, a recent report from the Center for Real Estate Technology and Innovation highlights a slowdown in momentum during 2023, attributed to factors such as inflation and geopolitical uncertainty. Venture capital investm...
NEWS ARTICLE SUMMARY
Multifamily Dive
January 29, 2024
Funding for proptech plummets 42%
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
In 2021 and 2022, the commercial real estate sector experienced a surge in proptech adoption, leading to increased investment. However, a recent report from the Center for Real Estate Technology and Innovation highlights a slowdown in momentum during 2023, attributed to factors such as inflation and geopolitical uncertainty. Venture capital investment in proptech witnessed a significant decline of 42% in 2023, amounting to $11.38 billion, compared to the previous year's total of $19.75 billion and the peak of $32 billion in 2021. Notably, the multifamily segment is being hailed as resilient, owing to continued robust activity in technologies targeting this space. What remains popular are technologies that help solve consumer problems, like reducing fraud.
New York Nears a Housing Deal to Confront Affordability Crisis
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
After Kathy Hochul's failed New York Housing Compact plan last year, New York State is trying again to tackle its severe housing crisis. According to anonymous sources close to the deal, New York state leaders have reportedly reached a tentative agreement on a legislative plan to tackle the crisis and will be presented to the full Senate and Assemb...
NEWS ARTICLE SUMMARY
The New York Times
April 15, 2024
New York Nears a Housing Deal to Confront Affordability Crisis
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
After Kathy Hochul's failed New York Housing Compact plan last year, New York State is trying again to tackle its severe housing crisis. According to anonymous sources close to the deal, New York state leaders have reportedly reached a tentative agreement on a legislative plan to tackle the crisis and will be presented to the full Senate and Assembly on Monday. The framework of the deal offers incentives for both developers and tenants. Developers would receive significant tax breaks to develop more affordable units, while tenants would benefit from enhanced protections against eviction in certain cases. Additionally, the agreement would allow landlords of rent-stabilized apartments to raise rents for renovation costs and eliminate size restrictions on new Manhattan apartment buildings, fulfilling long-standing desires of city officials.
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Newsweek
Apr 15, 2024
California's Housing Market Is Getting Worse for Buyers
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
The housing market for buyers in California is becoming increasingly challenging. Prices are soaring while the inventory remains limited. Statistics reveal a stark reality: home prices have surged 9.7% over the past year, with the median home price now at $813,980. Meanwhile, inventory levels have plummeted by 48.3%, exacerbating the affordability ...
NEWS ARTICLE SUMMARY
Newsweek
April 15, 2024
California's Housing Market Is Getting Worse for Buyers
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
The housing market for buyers in California is becoming increasingly challenging. Prices are soaring while the inventory remains limited. Statistics reveal a stark reality: home prices have surged 9.7% over the past year, with the median home price now at $813,980. Meanwhile, inventory levels have plummeted by 48.3%, exacerbating the affordability crisis. Despite historically low mortgage rates, competition remains fierce, leading to bidding wars and further price escalation. Experts suggest that while the market may stabilize in the long term, immediate relief for buyers appears unlikely.
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The Daily Progress
Apr 14, 2024
Homebuyers’ quandary: to wait or not to wait for lower mortgage rates
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Currently, the average rate for a 30-year mortgage stands at around 6.9%, a significant decrease from late October when it peaked at nearly 8%. Despite expectations of rates declining later in the year, some buyers are opting to act now due to fears of increased competition. The combination of high mortgage rates and soaring home prices has made af...
NEWS ARTICLE SUMMARY
The Daily Progress
April 14, 2024
Homebuyers’ quandary: to wait or not to wait for lower mortgage rates
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Currently, the average rate for a 30-year mortgage stands at around 6.9%, a significant decrease from late October when it peaked at nearly 8%. Despite expectations of rates declining later in the year, some buyers are opting to act now due to fears of increased competition. The combination of high mortgage rates and soaring home prices has made affordability a major concern, with many households earning less than what's needed to afford a median-priced home. While economists anticipate mortgage rates easing, uncertainty remains.
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Housing Wire
Mar 28, 2024
Bipartisan housing policy efforts are gaining traction, but challenges remain
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
There are ongoing bipartisan efforts at various levels of government to address housing supply and pricing challenges in the United States. The importance of local action in addressing these issues, particularly through measures such as accessory dwelling units (ADUs), changes in zoning rules, and reduction of lot sizes, is increasingly becoming ev...
NEWS ARTICLE SUMMARY
Housing Wire
March 28, 2024
Bipartisan housing policy efforts are gaining traction, but challenges remain
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
There are ongoing bipartisan efforts at various levels of government to address housing supply and pricing challenges in the United States. The importance of local action in addressing these issues, particularly through measures such as accessory dwelling units (ADUs), changes in zoning rules, and reduction of lot sizes, is increasingly becoming evident. Despite political differences, lawmakers in some states are collaborating on bipartisan housing legislation. However, challenges such as NIMBYism hinder progress at the local level, prompting calls for state-level intervention to overcome resistance to housing reforms.
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The New York Times
Mar 25, 2024
The Mayor of Los Angeles Wants to Prove Homelessness Can Be Solved
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
Los Angeles Mayor Karen Bass took office in 2022 and since then, has been making a big push to address homelessness, particularly in Venice Beach. Mayor Bass initiated the Inside Safe program to provide motel rooms for homeless residents, resulting in cleaner sidewalks and parks in Venice Beach. However, challenges persist, including budgetary cons...
NEWS ARTICLE SUMMARY
The New York Times
March 25, 2024
The Mayor of Los Angeles Wants to Prove Homelessness Can Be Solved
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
Los Angeles Mayor Karen Bass took office in 2022 and since then, has been making a big push to address homelessness, particularly in Venice Beach. Mayor Bass initiated the Inside Safe program to provide motel rooms for homeless residents, resulting in cleaner sidewalks and parks in Venice Beach. However, challenges persist, including budgetary constraints and the need for permanent housing solutions. Critics accuse Bass of prioritizing aesthetics over long-term solutions, while supporters applaud her urgency in tackling the crisis. Despite progress, concerns remain about the sustainability and effectiveness of current efforts, highlighting the complex nature of addressing homelessness in Los Angeles.
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National Mortgage News
Mar 20, 2024
What makes mortgage professionals embrace, or balk at, AI use
AFFORDABLE HOUSING
TECHNOLOGY
POLICY
HOUSING MARKET
According to a recent market study report by Arizent, where the company surveyed professionals across different financial segments such as banking, insurance, mortgage, technology etc, there is a range of different opinions about AI. Most respondents have concerns over job displacement and ethical considerations persist, especially regarding genera...
NEWS ARTICLE SUMMARY
National Mortgage News
March 20, 2024
What makes mortgage professionals embrace, or balk at, AI use
TECHNOLOGY
affordable housing
POLICY
HOUSING MARKET
According to a recent market study report by Arizent, where the company surveyed professionals across different financial segments such as banking, insurance, mortgage, technology etc, there is a range of different opinions about AI. Most respondents have concerns over job displacement and ethical considerations persist, especially regarding generative AI's accuracy and fairness. The general attitude among mortgage professionals is to be hyper cautious towards adopting generative AI, and they citied uncertainty and budget constraints as top considerations. Some of the main concerns of industry professionals regarding the adoption of AI includes loss of personalized customer interactions and job security. Despite apprehensions, there's acknowledgment of AI's potential to enhance efficiency and job performance, with expectations of AI handling a significant portion of tasks within the next five years. While efficiency gains are anticipated across various industries, banking professionals foresee AI primarily bolstering fraud protection.