Home ownership is getting less affordable.
Landlords and tenants are going to battle across America.
The housing slowdown is having knock-on effects for municipalities that operate homeless shelters.
‘It’s legal, there’s just no precedent’: the first US town to demand a rent decrease — Wilfred Chan | The Guardian | 03/08/23
Skagit and other counties may close homeless shelters due to drop in mortgage fees — Scott Greenstone | KNKX Public Radio | 03/05/23
Housing affordability is at the lowest level in over a decade — Megan Henney | FOX Business | 03/06/23
I’ve lived in New York for 13 years and earn $64,000. Why am I being evicted now? — Joe Kloc | The Guardian | 03/08/23
Just how much new construction is necessary to meet our region’s housing shortage? King County would need to see nearly 17,000 new homes built every year for the next two decades to keep up with demand, according to new state projections.
And clearing the way for private developers to build thousands more market-rate homes will not be enough to meet that need. More than half of the new homes need to be affordable to people making less than 50% of area median income, or $45,300 for a single person in King County, the state Department of Commerce said Thursday.
The need for new housing spans the entire state. All told, Washington will need 1.1 million new homes over the next 20 years, or about 55,000 per year, according to the projections.
That’s a higher level of building than the state has seen in recent years. In the last decade, Census data shows Washington has added an average of about 35,000 housing units per year. In 2021, the state added about 43,000 units.
King Co. needs 17K new homes every year to address housing shortage — Heidi Groover | Seattle Times | 03/03/23
King County's goal to convert hotels into housing for homeless falls short — Michelle Esteban | KOMO News | 03/07/23
Real-estate investors shy away from the now-risky 'BRRRR' method — AJ LaTrace | Business Insider | 03/05/23
Why Aren’t Housing Prices Crashing? — Ben Carson | A Wealth of Common Sense | 03/03/23
Housing rebound: Home prices will enter growth cycle akin to 1980s-90s — Filip De Mott | Markets Insider | 03/03/23
The median age for first-time homebuyers in the US is now the highest on record, and housing prices are at their least affordable in four decades. This dynamic may push would-be buyers into new construction, since existing homeowners have few incentives to give up their low-rate mortgages. On the commercial front, the work-from-home revolution has helped land major office landlords in default, raising fears of more to come as the pandemic reshapes offices, city centers and your commute.
‘I can’t afford to sell because I don’t want to lose that rate’: 3% mortgage rates will loom large... — Alena Botros | Fortune | 03/02/23
More than 40% of all US mortgages were originated in 2020 or 2021, when the first years of the pandemic drove borrowing costs to historic lows and triggered a refinancing boom. That’s good news for all the homeowners who locked in cheap loans—but not so great for the Fed as it seeks to cool the economy. — David Rovella | Bloomberg Evening Briefing | 03/03/23
— Victoria Cavaliere & Ian Fisher | Bloomberg Weekend Reading | 03/04/23
What would you pay for a sustainable home? — Zoe Dare Hall | Financial Times | 03/10/23
Seattle is now building more ADUs than single houses — Daniel Beekman | Seattle Times | 03/08/23
Seattle 2022 ADU Annual Report
What’s love got to do with it? More Gen Z couples are shacking up, with the need to save money and fight inflation increasingly proving the tipping point—as well as love. More than 11% of Americans aged 18 to 24 live with a romantic partner who’s not a spouse. That’s about 3.2 million people, roughly 650,000 more than before the pandemic.
Gen Z Couples Are Shacking Up at Record Rates — Augusta Saraiva and Paulina Cachero | Bloomberg | 03/15/23
New apartments in 2022 measured 887 square feet on average across the country, a 30-square-foot drop from a year earlier, according to a new report from RentCafe. — Sami Sparber and Kavya Beheraj | Axios | 03/14/23
Housing costs 'dominant factor' in Feb. inflation data as rents show signs of cooling — Dani Romero | Yahoo! Money | 03/14/23
Supersize Apartments Are Back in Demand (06/29/21) >>> National Apartment Size Shrinking (03/03/23)
New apartment construction to match 50-year high — Jacob Knutson | Axios | 08/22/22
What you should know about heat pumps in the Pacific Northwest — Hal Burnton | Seattle Times | 03/06/23
Getting a heat pump? Check out these financial incentives — Hal Burnton | Seattle Times | 03/06/23
What Is a Heat Pump and Why Does Elon Musk Want to Put One in Your Home? — Olivia Rudgard | Bloomberg | 03/03/23
Study shows payback times for heat pumps could plunge by 2030 — Beatriz Santos | PV Magazine | 03/03/23
Look at all that rejected (unused) energy! 65.4 Quads (67% of produced energy). Lawrence Livermore National Laboratory (LLNL)
With Heat From Heat Pumps, US Energy Requirements Could Plummet By 50% — Michael Barnard | CleanTechnica | 03/14/23
A sweeping new climate law in New York City aims to cut greenhouse gas emissions from large buildings 40 percent by 2030 and 80 percent by 2050. Starting next year, buildings that exceed emissions limits will face steadily escalating fines.
The law was designed to propel buildings to swap gas and oil for cleaner electric heating. But the costs and logistics of that shift can be extremely challenging. And that has turned New York City into a laboratory of sorts, forcing change and innovation as property owners scramble to avoid huge penalties. A Huge City Polluter? Buildings. Here's a Surprising Fix [hint: carbon capture] — Brad Plumber | NYT | 03/10/23
As Millions of Solar Panels Age Out, Recyclers Hope to Cash In — Jon Hurdle | Yale Environment 360 | 02/28/23
Going to “Zero” Is Expen$ive
Emitting greenhouse gases in WA? Here’s who will need to pay up to pollute — Isabella Breda | Seattle Times | 02/26/23
Lawsuit seeks to block state building code requirements for heat pumps — Hal Bernton | Seattle Times | 03/02/23
Craig Hart is troubled by a multimillion-dollar puzzle: How to get his condo building to conform with the city’s sweeping new climate law before potentially steep penalties begin next year.
“I’ve been looking at every option I can think of, and I don’t know what to do,” said Mr. Hart…
Now, months before compliance begins, a mix of real estate interest groups are lobbying to delay the process or carve out exemptions, claiming that the requirements are too burdensome for residential boards with limited funding. But environmental groups warn that weakening the law could imperil its goals at a time when climate change is already endangering the city.
Mr. Hart, for one, is not sure where he will find the money to get his century-old condo into compliance. Should he add solar panels and heat pumps to a roof already due for a $650,000 replacement? Install an updated fossil-fuel-burning boiler system that will still fall short as requirements become stricter in coming years? What about a laundry list of other costly repairs and renovations?...
In May, a group of residential property owners, including Mr. Friedrich, sued the city to prevent the enforcement of Local Law 97, claiming that the penalties are too burdensome and target the wrong buildings, among other arguments. The case is ongoing.
What’s Holding Up New York’s Climate Progress? Apartment Buildings
— Stefanos Chen and Winston Choi-Schagrin | NYT | 03/10/23