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☆ These 3 metro regions still haven't recovered from the pandemic recession as Wall Street debates when the next downturn will strike
▼ + stars: | 2024-05-11 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

More than a quarter of US metros are still recovering from COVID-era job losses, the Federal Reserve Bank of New York reported. Today's job market amplifies fears of another recession, which some experts say could hit as soon as this year. AdvertisementAs analysts clash over when the next recession will befall the US, large swaths of the country are still bogged down in the previous downturn. The Federal Reserve Bank of New YorkBut this trend is especially distinct in the Northeast, a region that's home to particularly impacted metros. By this indicator, a recession started in October, confirmed further by accelerating job erosion, Danielle DiMartino Booth said.

Persons: —, Danielle DiMartino Booth, it's, Frances Donald, Donald, We're, Gary Schilling Organizations: Federal Reserve Bank of New, Service, US metros, QI, Bloomberg, Wall Street Locations: COVID, Federal Reserve Bank of New York, Rust Belt, California, Hawaii, New Orleans, Honolulu, San Francisco, Cleveland , Detroit, Pittsburgh, Northeast, New York City, New York

☆ New York tops the list of the 50 richest cities in the world
▼ + stars: | 2024-05-07 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

New York's millionaire population is now larger than the entire populations of Orlando or Pittsburgh. The Bay Area's millionaire population has surged by 82% over the past decade, to 305,700. The U.S. is home to 11 of top 50 richest cities, according to the report. "Notably, U.S. cities have significantly outperformed other western cities over the past decade when its comes to overall wealth and millionaire growth." Here is the full ranking of the world's richest cities, according to Henley & Partners and New World Wealth:1.

Persons: Andrew Amoils, Amoils, Juerg Steffen, Robert Frank Organizations: Henley & Partners, Area, Federal Reserve, Research, New, London, Sydney Locations: York, California, Orlando, Pittsburgh . New York, Brazil, Italy, Canada, San Francisco, U.S, Tokyo, London, China, Beijing, Singapore, Los Angeles, New York, Area, France, Hong Kong

☆ Columbia University protesters given midnight deadline on talks to dismantle encampment, president says
▼ + stars: | 2024-04-23 | by ( Ramishah Maruf | Samantha Delouya | ) edition.cnn.com time to read: +7 min

New York CNN —Columbia University student organizers were given a midnight deadline Tuesday to resolve talks with the university over dismantling the pro-Palestinian encampment that has cast its campus into days of turmoil and unease, the school’s president said. Though the outcome of the negotiations is still unclear, Columbia President Minouche Shafik said the university would consider “alternative options” if no agreement was reached by midnight. As of 12:10 a.m., the NYPD had not been asked by Columbia University to respond to the campus, a police spokesperson told CNN. Harvard University has closed Harvard Yard and officials at the university suspended a pro-Palestinian student organization for allegedly violating school policies. The encampment at Columbia University was lively early this week, with many students congregating in circles, eating and talking.

Persons: Minouche Shafik, Shafik, ” Shafik, Joe Biden, Mike Johnson, Barnard, Lisa Rosenbury, –, Eric Adams, Cameron Jones, “, Jacob Schmeltz, it’s, ”, Biden, Andrew Bates, Bates, Hakeem Jeffries, It’s, ” CNN’s Kate Sullivan, John Towfighi, Melanie Zanona, Taylor Romine, Omar Jimenez, Sara Smart, Matt Egan, Nic F, Anderson, Isabel Rosales Organizations: New, New York CNN — Columbia University, Columbia, New York Police Department, NYPD, Columbia University, CNN, Barnard College, New York University, NYU, Yale University, University of New, University of Minnesota’s, Massachusetts Institute of Technology, Emerson College, University of California, University of Michigan . Harvard University, Harvard, Columbia Columbia, New York City, Democratic Locations: New York, Columbia, United States, New Haven , Connecticut, Gaza, University of New Mexico, University of Minnesota’s Twin Cities, Berkeley, Israel

☆ I'm a tax lawyer who helps wealthy people move to lower their taxes — and prepare for residency audits
▼ + stars: | 2024-04-22 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

They can go where they want to go when they want to go, and it does save them a lot of money. You can live on one side of Lake Tahoe and pay no taxes versus the other side of Lake Tahoe and pay California taxes, which is around 12%. People with means absolutely find themselves going to Florida, but I don't think it's just for the money. We always tell people that being audited for residency is kind of like the tax version of a colonoscopy. Here in New York City, the top 1% of the taxpayers pay almost 50% of the New York City income tax.

Persons: Hodgson Russ LLP, Mark Klein, we'd, they've, that's, you've, they're Organizations: Service, Florida . Finance, TSA, I'm, Tri, Yorker, New Locations: Florida, New York City, Nevada, Texas, New York, Los Angeles, Lake Tahoe, California, Wyoming, Washington, Miami, Long, East Coast, Boca, Delray, Manhattan, York City

☆ Here are Thursday's biggest analyst calls: Tesla, Nvidia, Apple, Amazon, eBay, Zoom, JetBlue, BJ's & more
▼ + stars: | 2024-04-18 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

"We are initiating coverage of Samsara (IOT) with a Buy rating and $42 price target." Deutsche Bank adds a catalyst call buy on Estee Lauder Deutsche added a short-term buy rating on shares of the beauty giant. Bernstein reiterates Apple as market perform Bernstein said it's getting more "constructive" on Apple shares but is sticking with its market perform rating for now. "We are initiating coverage of AES with a Buy rating and $21PT. "We are initiating coverage on shares of Beacon Roofing Supply (BECN), a leading roofing products distributor in the United States, with a Buy rating and $135 PT."

Persons: Goldman Sachs, Goldman, Oppenheimer, JPMorgan, Lauder Deutsche, Mizuho, TD Cowen, Cowen, it's, Bernstein, Jefferies, Kite, Kite Realty Jefferies, GE Vernova, Tesla, Needham, Andy, BTIG, Davidson, Barnes, Morgan Stanley downgrades, Morgan Stanley, Etsy, Rosenblatt, Swift, Janney Organizations: Bank of America, Cisco Systems, Goldman Sachs, P, JPMorgan, JetBlue, Bancorp, SPT, Oracle, Deutsche Bank, Linde, Mizuho, LIN, Nvidia, Apple, Kite Realty, GE, Metro NY, SSS, Deutsche, Infrastructure, FTAI Infrastructure, BMO, New, AMC, Barnes Group, AES Corporation, AES, eBay, EBAY, UW, ZS, Comcast, CNBC, Benchmark, Beacon Locations: New York City, OW, United States

☆ How Trump’s Failures in New York Are Prelude to His Presidency and Trial - The New York Times
▼ + stars: | 2024-04-17 | by ( Elizabeth Spiers | ) www.nytimes.com time to read: +2 min

With jury selection underway in Donald Trump’s criminal trial in Lower Manhattan, the former president’s chickens have finally come home to roost. It feels uniquely appropriate that Mr. Trump will have to endure the scrutiny on his old home turf. He rose to fame here, but was never truly accepted by the old money elites he admired. Gossip columnists at his favored tabloids often received tips from Mr. Trump about himself, even about his own sexual escapades, under the pseudonym John Barron. Mr. Trump expressed interest in the presidency starting in the late 1980s, took steps in that direction in 2000 and considered it again in 2012 before being elected in 2016.

Persons: Donald Trump’s, Trump, ”, —, John Barron Organizations: Mr, Spy Locations: Lower Manhattan, New York City, New York, Queens

☆ Airbnb wants to help renters, and not just homeowners, share their space for cash
▼ + stars: | 2024-04-12 | by ( Catherine Thorbecke | ) edition.cnn.com time to read: +4 min

CNN —Airbnb wants more renters, and not just homeowners, to be able to become hosts on its short-term rental platform. New York City, for example, has argued that short-term rental platforms like Airbnb limit available housing supply, leading to overall higher rents, and that they can be disruptive to neighborhoods. “A lot of the early laws that were made limited short-term rental to homeownership,” Theo Yedinsky, the vice president of public policy at Airbnb, told CNN. These renters, however, will still have to get permission from their landlord to host on Airbnb (Airbnb has no involvement in individual lease agreements between property owners and tenants). And many major cities, including New York, are increasingly cracking down and heavily restricting the short-term rental market.

Persons: CNN — Airbnb, ” Theo Yedinsky, Yedinsky, Airbnb, couldn’t, “, ”, Brian Chesky, Joe Gebbia, Glenn Youngkin, ” Yedinsky, Rahul Bhaskar, Bhaskar, ” Bhaskar Organizations: CNN, Gov Locations: New York City, San Francisco, Virginia, New York, India

☆ An expert who has seen 30 solar eclipses made my first experience with one breathtaking
▼ + stars: | 2024-04-08 | by ( Ellyn Lapointe | ) www.businessinsider.com time to read: +4 min

Read previewOn Monday, I witnessed my first-ever total solar eclipse. Espanak has been to 30 total solar eclipses and has seen one on all seven continents — including Antarctica. AdvertisementIn the weeks leading up to April 8, I reached out to him for advice on how to make the most of my first total solar eclipse experience. Keep an eye on the weatherThe weather can make or break your total solar eclipse experience. Espanak's tips made my first total eclipse experience unforgettable.

Persons: —, Ellyn Lapointe, Fred Espanak, Espanak, He's, Espenak Organizations: Service, Business, Eclipse, NASA Locations: Burlington , Vermont, Lake Champlain, Burlington, Burlington , VT, Antarctica, Brooklyn , New York . New York City, In Burlington, New York

☆ One of Wall Street's most powerful people is predicting that a 4-day workweek is coming
▼ + stars: | 2024-04-04 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at a Wall Street billionaire's prediction that the four-day workweek is coming . Billionaire hedge fund manager and New York Mets owner Steve Cohen said a four-day workweek is inevitable , Business Insider's Matthew Fox writes. Cohen put his money where his mouth is regarding the four-day workweek. As the newest four-day workweek fan club member, Cohen must be interested in implementing it at his hedge fund, Point72. Maybe the four-day workweek represents the olive branch companies can extend to get people back to their desks.

Persons: —, Jack, Dave Kotinsky, Rebecca Zisser, Steve Cohen, Matthew Fox, I'd, Cohen, Tech.co, Yuki Iwamura, Jerome Powell, Powell, Tesla, Brooks Kraft, OpenAI's, Logan Kilpatrick, Kilpatrick, Carl Godfrey, Bob Iger, Nelson Peltz, Iger, he's, he'll, Goldman Sachs, David Solomon, Joe Lewis, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, United Airlines, Boeing, Business, Lincoln Center, Billionaire, New York Mets, CNBC, Mets, Technologies, Workers, Federal, JPMorgan, Brooks, Brooks Kraft LLC, Getty, Services, Google, Bloomberg, BI, Reuters Locations: York, New York, London

☆ Disney board seat for Nelson Peltz hinges on Vanguard, State Street, institutional investors
▼ + stars: | 2024-04-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

In 2015, Nelson Peltz's Trian Partners was defeated in an activist campaign against chemical firm DuPont , largely because the top three institutional shareholders voted against his slate. Nearly a decade later, those same institutional investors — Vanguard, State Street and BlackRock — are the three largest shareholders in Disney . Former Marvel chairman Ike Perlmutter has entrusted Peltz with his 33 million Disney shares, the bulk of the activist's 1.8% stake. Vanguard is the largest holder with 8% of outstanding Disney shares. In 2021, for example, 63% of Disney shareholders voted their shares, according to data analyzed by 13D Monitor.

Persons: Nelson Peltz's Trian, Bob Iger, Rowe Price, CNBC they're, Trian, Ike Perlmutter, Peltz, Neuberger Berman, Jones, Ken Squire, Squire, Innisfree, King Organizations: Nelson Peltz's Trian Partners, DuPont, — Vanguard, State Street, BlackRock, Disney, Wall Street, CNBC, Vanguard, State, Marvel, Trian Partners, 13D, Okapi Partners Locations: BlackRock, New York, California

☆ The Boss Is Calling Late. Should the Law Let You Ignore It?
▼ + stars: | 2024-03-30 | by ( Heather Knight | ) www.nytimes.com time to read: +1 min

But a San Francisco lawmaker wants to help curb the constant ringing and pinging that his region helped create. Emails, texts and other work communication could also be put off until workers are back on the clock. Mr. Haney, a Democrat, got the idea from Australia’s new “right to disconnect” law, to be implemented later this year. It will allow workers to reject “unreasonable” professional communication outside of their regular workday. The idea originated in France and has spread in various forms to countries including Canada, Italy, Belgium and the Philippines.

Persons: Slack, Matt Haney, Haney Organizations: Democrat Locations: San Francisco, France, Canada, Italy, Belgium, Philippines, New York

☆ MTA Board passes final vote on congestion pricing plan
▼ + stars: | 2024-03-27 | by ( Mark Morales | ) edition.cnn.com time to read: +3 min

CNN —Congestion pricing is coming to New York soon with transit officials officially approving the toll structure at a hearing on Wednesday. New York City will soon join other cities such as London, Stockholm and Singapore, with the new congestion pricing plan. Passenger and commercial vehicles will now pay $15 once they enter the “congestion relief zone,” which is below 60th Street in Manhattan. “One of the biggest goals of this is to finally attack congestion but the other side of the equation is to invest more in transit,” Lieber said. Despite the approval and expected implementation of the tolling plan, multiple lawsuits, such as one spearheaded by New Jersey Gov.

Persons: Janno Lieber, ” Lieber, ”, Phil Murphy, “ Organizations: CNN, “, MTA, New York City Department of Education, Taxi, Limousine Commission, New Jersey Gov Locations: New York, . New York City, London, Stockholm, Singapore, Manhattan, York, United States, Long

☆ A couple bought a $2 million home in New York occupied by a squatter who found loopholes in the law and won't leave
▼ + stars: | 2024-03-16 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +7 min

The Landa family attempted to move in but couldn't because of a loophole in New York City's squatters' rights laws. The Landas told WABC 7 that they purchased the home because it's right next door to family members. Related storiesThe couple told WABC 7 that they've had five hearings, but the process keeps getting delayed. Advertisement"It makes me feel completely forgotten in this legal system, unfair, and not able to do anything," Joseph told WABC 7. Advertisement"A revelation will turn this narrative on its head," O'Sullivan told WABC 7.

Persons: Joseph, Susana Landa, hasn't, —, they'd, Susana Landa —, Brett Flores, Flores, It's, Bernard Fernandez, Fernandez, Landa, Joseph Russo, Alex, Susana, they've, Landas, they're, who've, Dennis O'Sullivan, Anthony Mordente, Flores —, Brett Fisher —, O'Sullivan, he'd, Flores hadn't Organizations: Service, Down, Google, Business, WABC, ABC, BI, Trust, The New York State Senate, New, New York Post, Daily Mail, Fox, Queens County Civil Locations: Queens , New York, New York, York City, Queens, New York City

☆ Uber and Lyft are threatening to leave Minneapolis over a ride-hailing proposal supporters say would guarantee drivers earn the city's minimum wage
▼ + stars: | 2024-03-13 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +10 min

The conversation around ride-hailing driver pay has been heating up across the country over the past year. AdvertisementLoren Balazs, a full-time driver in Minneapolis, told BI he's worried the city council's proposal would hurt his ride-hailing business. The study estimated that a minimum pay rate of $1.21 per mile and $0.49 per minute would guarantee drivers earned the city's minimum wage. AdvertisementThe debate over minimum pay for ride-hailing drivers has been building in Minneapolis for over a year. Tim Walz vetoed a bill that would have established minimum pay standards for Uber and Lyft drivers.

Persons: —, Erin Hatton, Jacob Frey, Lyft, Lyft haven't, Uber, behemoths wouldn't, aren't, Axios, Alexandrea Ravenelle, Sergio Avedian, Guy, Austin, Avedian, Joe Pierce, he'd, Loren Balazs, Sheri Wegner, they'll, Mayor Frey, Tim Walz Organizations: Service, Business, University at Buffalo, Minneapolis City Council, Minneapolis, New, Seattle, Minnesota, University of North, Star Tribune, Minnesota Gov, Uber, Minneapolis City Locations: Minneapolis, Minneapolis ? Minnesota, New York City , Washington, California, Chicago and Massachusetts, Washington, Seattle, Minneapolis . Washington, Alexandrea, University of North Carolina, Minnesota, Twin Cities

☆ The Absurd Problem of New York City Trash
▼ + stars: | 2024-03-02 | by ( Emily Badger | Larry Buchanan | ) www.nytimes.com time to read: +30 min

In New York City, trash has no dedicated space all its own. The Absurd Problem of New York City Trash And the Trade-Offs Required to Fix ItConsider the ubiquitous New York trash bag. The prospect has prompted much snickering: New York’s big idea to clean up trash is to … put it in trash bins? New York City Municipal Archives1913: A century in the past, but the same problems as today. New York City Municipal ArchivesBut those cans overflowed to horrifying effect during the 10-day strike:When New York streets resembled landfills.

Persons: …, that’s, ” Anthony Crispino, “, ” Cole Stallard, Stallard, Gerard Koeppel, Oscar, Neal Boenzi, New York Times Garbage, Larry C, Morris, Meyer Liebowitz, Rudy Giuliani, ‘, ”, Norman Steisel, Eric Adams, Jessica Tisch, Tisch, Hiroko Masuike, Ms, there’s, It’s, ” Harry Nespoli, workarounds, Martin Melosi, Clare Miflin, Miflin, don’t, Benjamin Miller, Martin Robertson, ” Mr, Robertson Organizations: Sanitation Department, New York City Municipal, New York Times, York’s Sanitation Department, Department, York City Municipal, District of Columbia Department of Public, New York, New York Public, The New York Times, City Hall, Avenue, West 22nd, West, Eighth, 21st, West 21st, Bronx Manhattan Queens, Financial, Center, Zero Locations: New York City, stairwells, York, New York, York City, Amsterdam, Barcelona, Berlin, Washington, Houston, what’s, Chelsea, Erie, Manhattan, ”, New Yorkers, Staten Island, New, East, Bronx, Bronx Manhattan Queens Brooklyn Staten Island, European, Harlem, New York . New York, Relatedly, Brooklyn

☆ 3 signs the economy is thriving — and 3 red flags to monitor
▼ + stars: | 2024-02-15 | by ( Noah Sheidlower | Madison Hoff | ) www.businessinsider.com time to read: +10 min

Positive labor market data and GDP growth support this, but job opportunities in some sectors are down. Not all job data is positive, with job openings falling from their post-pandemic highs. Below are some of the signs the economy is thriving, as well as some warning signs. Labor market data is mostly positiveThe labor market is still stable despite gradually slowing, Kimbrough said during the forum. "I think the investment side of our economy is going to start to chip away a little bit at the discretionary consumption weight in our economy."

Persons: —, Marc Giannoni, LinkedIn's Karin Kimbrough, Charles Schwab's Liz Ann Sonders, Giannoni, Kimbrough, Jerome Powell, Powell, NerdWallet's Elizabeth Renter, Sonders, They're, there’s, there's, — Kimbrough, it’s Organizations: Federal, Service, Barclays, NYU Stern Economic, Labor, Conference, University of Michigan's, Market Committee, Health, New, New York City Housing Locations: York, New York City

ALBANY, N.Y. (AP) — New York’s bipartisan redistricting commission approved a new congressional map Thursday that makes modest changes to three competitive districts but does not substantially change the rest of the state's lines. New York's congressional redistricting process has been closely watched this year as suburban races in the state could have outsize influence on which party controls the House after the November elections. The redistricting commission was tasked with coming up with new districts after the state's highest court in December threw out the map used in the 2022 elections. The panel's new map plan leaves the most of the current congressional districts largely in place, a move that could help head off legal challenges against the proposal. The Independent Redistricting Commission was created under a constitutional amendment approved by voters in 2014.

Persons: nix, Brandon Williams, Marc Molinaro, Pat Ryan, George Santos, Tom Suozzi, ”, Charles Nesbitt, ___ Izaguirre, Michael Hill Organizations: Democrat, Republicans, Republican Rep, New, Independent, Democrats, Associated Press Locations: ALBANY, N.Y, Syracuse, Auburn, Cortland, Woodstock, Molinaro's, Albany, New York City, Long, York, Lindenhurst , New York

☆ The 10 big US cities with the worst 'singles tax' on renters living alone
▼ + stars: | 2024-02-14 | by ( Juliana Kaplan | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The "singles tax" for solo renters has increased to an annual average of $7,110. New York City has the highest singles tax among major cities analyzed in a recent Zillow analysis. Zillow crunched the numbers on what's called the "singles tax," or how much more singles are paying to live alone without a partner or a roommate. AdvertisementZillow published what the singles tax looks like in several major cities. As seen in the table below, some of the places with high singles tax are also places where it's already costly to live.

Persons: Emily McDonald, —, valentine, Zillow, what's, McDonald, it's, haven't, It's Organizations: New, Service, New York, San Francisco Locations: New York City, York

☆ A Slushy, Snowy, Icy Mix
▼ + stars: | 2024-02-13 | by ( ) www.nytimes.com time to read: 1 min

A nor’easter disrupted daily life across the Northeast on Tuesday, upending school and work commutes, as rain turned to a slushy mix and then to snow in many regions. Some parts of New England were braced for more snow than they were likely to get as the storm rerouted itself. New York City was expecting up to 8 inches. In all, the weather was good news for small children and dogs, who quickly found their ways to parks and sledding hills — but was less pleasant for delivery workers on bikes and scooters.

Locations: New England, New York City

☆ 10 cities where high-income Americans are moving
▼ + stars: | 2024-02-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Spokane Valley, Washington is seeing the fastest growth in high-income households making at least $200,000 annually. The analysis found that just one Southern city made the top 10 for cities adding high-income households at the fastest rate between 2021 and 2022, while four cities in the northeast ranked in the top eight. The report notes that high-income households often have large impacts on local economies, which could impact housing markets in the long term. Spokane Valley, located in the eastern part of Washington, had an over 183% increase in high-income households, amounting to over 1,500 between 2021 and 2022. Evansville, Indiana increased by 150% during the time period, adding 816 high-income households.

Persons: — Organizations: Business, Allentown, U.S . News, Southwest, Bank of America, Massachusetts, Connecticut, Santa Clara, New Locations: Spokane Valley , Washington, Southern, Spokane Valley, Washington, California, Texas, Allentown , Pennsylvania, Philadelphia, Evansville , Indiana, South, Killeen , Texas, San Tan Valley , Arizona, Jackson , Mississippi, Palmdale , California, Southwest, West Coast, New England, Springfield , Massachusetts, New Haven , Connecticut, Manchester , New Hampshire, Sunnyvale, Santa, New York City

☆ I volunteered to help New York City track its homeless population. Here's what I learned.
▼ + stars: | 2024-02-04 | by ( Katie Balevic | ) www.businessinsider.com time to read: +6 min

New York City recently conducted its annual survey of the unsheltered homeless. Mayor Eric Adams, flanked by officials from the Departments of Social Services and Homeless Services, kicked off the city's annual Homeless Outreach Population Estimate. The city was about to send 1,500 volunteers to all five boroughs to collect data on the unsheltered homeless. New York City has been keeping count this way since 2005. How New York counts its homeless populationMayor Eric Adams, flanked by city officials and volunteers at the city's 2024 Homeless Outreach Population Estimate.

Persons: —, Eric Adams, Adams, Katie Balevic, wouldn't, we've, Wasow, we're Organizations: Business, Service, of Social Services, Homeless Services, womens Locations: York City, New York, Manhattan, New York City, Gramercy, Kips, Queens, Bronx

☆ The office apocalypse will see a wave of buildings demolished or converted to residential, New York City real estate exec says
▼ + stars: | 2024-01-28 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

The New York City property exec and veteran real estate broker pointed to potential trouble heading for the US office space, thanks to the plunging demand for office buildings since the pandemic, and poor lending conditions across the commercial real estate sector. AdvertisementExperts have been warning of trouble in the commercial real estate sector for the last year as credit conditions in the economy tighten. Many commercial real estate mortgages are financed at interest rates around 3.5%-4%. New York City alone has around 100 million square feet of empty office space, Knakal estimated. Office buildings, meanwhile, could soon double the price decline they saw in 2023, the real estate firm Cohen & Steers estimated.

Persons: —, Bob Knakal, Knakal, Banks, Cohen, Steers Organizations: Service, Business, New, CNBC, National Association of Realtors . New Locations: New York City, National Association of Realtors . New York City

☆ Time Out reveals world’s best cities for 2024
▼ + stars: | 2024-01-23 | by ( Francesca Street | ) edition.cnn.com time to read: +3 min

Perhaps it’s no wonder, then, that media company Time Out has named New York City as its best city for 2024. Time Out surveyed some 20,000 city-dwellers across the world, alongside its network of global writers and editors, to compile its latest round-up of the best cities in the globe. Smaller cities in the top 10 include Liverpool, UK (number 7) and Porto, Portugal (number 10). New York City, USA2. Cape Town, South Africa3.

Persons: CNN —, Katy Scott, Scott, ”, “, ” Scott, Grace Beard Organizations: CNN, New, Cape, Theatre, . New Locations: New York City, ”, York, Cape Town , South Africa, Cape Town, France, South Africa, Cape, Robben, Berlin, Germany, London, Madrid, Spain, Liverpool, Porto, Portugal, . New York City, USA, Mexico City, Mexico, Tokyo, Japan, Rome, Italy

☆ Nyasia Casey's first investment property was a cash-flowing 'slam dunk' in Baltimore. She explains how she landed it, and how she's setting herself up to retire early.
▼ + stars: | 2024-01-18 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

Ultimately, that attribute led the 44-year-old to a career she never imagined: a real-estate agent and investor. Until she started her first job as a paralegal at one of the biggest law firms in New York City, that is. Becoming a real-estate agent satisfied both of those criteria. Casey started bringing in $2,350 a month, which the government covered for her tenant. "To get $1,100 right now in gross cash flow on your first deal in a low market is really, really good, especially in Baltimore where the average is $300."

Persons: Nyasia Casey, Casey, Casey didn't, I've, that's, doesn't, Casey Casey, Charles Blair, she'd, Blair, it's, It's Organizations: Business, SUNY Albany, Amazon FBA, YouTube, Housing Authority Locations: New York City, Florida, New York, Baltimore, Maryland's, Baltimore City

☆ Millennials Are Being Forced Out of Cities and Into Suburbs
▼ + stars: | 2024-01-08 | by ( Eliza Relman | ) www.businessinsider.com time to read: +12 min

Millennial homebuyers aren't just leaving the urban core — they're moving to the farthest reaches of the suburbs. The 'youthification' of cities and far-flung suburbsFor nearly two decades millennials morphed dense, amenity-rich urban neighborhoods across America into exclusive playgrounds for the young and childless. Compared with Gen Xers and baby boomers, a much larger share of millennials moved to cities in their young adulthood — and stayed for longer. The pandemic only steepened a trend that's been ousting millennials from cities for years: rising housing costs in cities. Millennials could help transform suburban sprawl into town-like communities or small cities with more third places and a stronger sense of community, Panova says.

Persons: Jandra Sutton, Sutton, they're, pricey, they'll, Gen Xers, millennials, —, Millennials, — it's, Zers, Allison Levine, Tiffany Stuart, — Stuart, Stuart, Hyojung Lee, Lee, who's, John Natale, Rafay Qamar, didn't, Qamar, We've, Paul Stout, Stout, Tayana, Panova, Levine, Eliza Reman Organizations: bodega, Suburban Jungle, Harvard's, for Housing Studies, Seoul National University, New York City, Suburban, Business Insider's Locations: Tennessee, Nashville, America, San Francisco, Boston, Salt Lake City, Seattle, Austin, Denver, New York City, New Jersey, Flatbush, Wall Township , New Jersey, exurbs, New York, Chicago, Black, walkable, Sutton's

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