How finding a home in America became so absurdly expensive — Alvin Chang | The Guardian | 05/10/23
The Biden Administration’s regulatory onslaught continues, with almost no media coverage about the costs or consequences. A case in point is a new Department of Energy rule due to hit on May 31 that will make manufactured homes less affordable.
Some 22 million Americans live in manufactured homes, often called mobile homes, and their median household income is $35,000 a year. The average cost of a manufactured home ranges from $72,000 to $132,000, compared to $365,000 for a traditional house. Manufactured homes were about 9% of new single-family home starts in 2021, providing more than 100,000 affordable homes. Yet they are also the only single-residence housing entirely regulated by the federal government… How to Make Housing Less Affordable — The Editorial Board | WSJ | 05/08/23
The upshot: The most disastrous outcomes for U.S. households, like auto repossessions and home foreclosures, have begun to climb.
“As a result of the expiration of government stimulus and current [economic] headwinds, we have seen delinquencies ticking up in this space over the last several months,” said Margaret Rowe, a senior director at Fitch ratings group.
Car repossessions and home foreclosures rising; some Americans are living on a financial cliff
— Rob Wile, Rania Soetirto and Jasmine Cui | NBC News | 04/29/23
Block by Block: Backyard cottage program for homeless people boasts astonishing success rate
— Tobias Coughlin-Bogue | Real Change | 04/26/23
This 28-year-old pays $62 a month to live in a dumpster he built for $5,000 — Harrison Marshall | CNBC | 04/29/23
The Metropolis Where Rents Rise 60%, 75%, Even 100% — Feliz Solomon | WSJ | 04/28/23
New research via Remote Work and Household Formation suggests one reason it’s more expensive to rent: people got sick of living with each other. The Real Reason Rent Costs Are Sky High: People Left Their Roommates — James Rodriguez| Insider | 05/10/23
Fearing a flood of evictions after the end of key pandemic protections, Washington state lawmakers attempted to stem the tide with hundreds of millions of dollars in assistance and an array of new renter protections. So far, it appears those efforts have worked. But experts wonder: How long can the dam hold?
Fewer WA renters face eviction now than before COVID. Will that last? — Heidi Groover | The Seattle Times | 05/07/23
Pedersen Fails to Stifle Housing Development in the Guise of "Tree Protection" — Erica C. Barnett | PubliCola | 05/08/23
Think Seattle-area property taxes are rising fast? It’s no Bellingham — Alison Saldanha | The Seattle Times | 04/30/23
While potential buyers have been sidelined by daunting borrowing costs, sellers are also sitting out the spring season. The number of new listings in April was down 21% compared to last year and plunged 31% compared to 2019, according to Realtor.com.
New Home Listings Plunge 21% With Higher Mortgage Rates Hitting Sellers — Paulina Cachero | Bloomberg | 05/04/23
While the average home buyer—or seller—is struggling with high interest rates and a dearth of inventory, there’s a different reality in the luxury market. High-end home prices in New York’s Hamptons soared to record highs in the first quarter. On the other end of the wealth spectrum, a movement is gaining traction among renters to bolster tenant rights, including right to counsel laws for those facing eviction.
To address these disparities, three states and 15 cities have introduced laws and programs that provide tenants with a so-called right to counsel. New York City’s pioneering right to counsel law, passed in 2017, inspired Philadelphia, Seattle and Kansas City, Missouri to follow suit. At least 60 cities used federal funds during the pandemic to expand access to legal services for tenants. This year, the White House drafted a renters’ bill of rights that includes right to counsel policies as part of its principles to “promote fairness for Americans living in rental housing.”
In Housing Court, a Scramble for Eviction-Fighting Lawyers — Sarah Holder, Kriston Capps and Mackenzie Hawkins | Bloomberg | 04/27/23
"There are dangerous, blighted buildings all over Ohio that are nothing more than eyesores that restrict new development," Gov. Mike DeWine said in a 2021 statement announcing the Ohio Building Demolition and Site Revitalization Program. In 2022, when DeWine laid out the 2,275 buildings across 42 counties slated for the wrecking ball, he added, "We're not just tearing down dilapidated buildings, we're helping to make communities across the state better places to start a business, raise a family, and build a bright future."
An Ohio homeowner surrounded by 598 houses getting demolished said the teardowns have increased property values and improved his neighborhood — Alcynna Lloyd | Insider | 05/05/23
Why You Should Forget What You Think You Know About Housing in L.A. — Julie Lasky | NYT | May 05, 2023
LOL: …by the way, we have studios starting from a little over a million dollars, right? So it’s not only for the rich.”
Macklowe’s One Wall Street Is Largest NY Office Conversion — Adriane Quinlan | Curbed | May 05, 2023
Does the CRE firesale mean more office to residential conversions are coming?
A downtown San Francisco office building has reportedly sold for roughly 75% less than its previously estimated value, a bad omen for the sagging commercial real estate market.
Downtown SF office building sells for far below estimated value — Tessa McLean | SFGATE | May 08, 2023
Downtown San Francisco is experiencing its worst office vacancy crisis on record, with 31% of space available for lease or sublease. In the heart of the city, an astounding 18.4 million square feet of real estate is available — enough space to house 92,000 employees and the equivalent of 13 Salesforce Towers.
“This is the first time in over a decade where office tenants in San Francisco have had any leverage or negotiating power against landlords. This is an incredible opportunity for tenants to exploit a commercial real estate market that is experiencing a historically high vacancy rate,” said Cody Kollmann, founding principal at Lee & Associates.
Downtown S.F. has 18.4 million square feet of empty office space. We mapped every vacancy
— Roland Li and Sriharsha Devulapalli | San Francisco Chronicle | May 08, 2023