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☆ People are fleeing California and New York. Here's where they're moving.
▼ + stars: | 2023-10-27 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

AdvertisementAdvertisementOver 8.2 million Americans moved to a different state between 2021 and 2022, 100,000 of whom moved from California to Texas. New US Census migration data reveals thousands of Americans are leaving California and New York in favor of Florida and Texas. The California to Texas move remained high for 2021-2022, but on the flip side, only 42,000 Texas residents moved to California. AdvertisementAdvertisementAs New York City become more expensive and elusive, Jersey City has attracted thousands of New Yorkers into new housing developments. Many moved to communities with easy access to New York City without paying city prices — and many have stayed remote.

Persons: —, Zillow Organizations: Service, Texas ., Sunshine State, New Locations: Texas, Arizona, Washington, New, Florida, California, Texas . New, New York, Nevada , Washington, Oregon, Arizona , Washington, Nevada, Yorkers, Georgia, Knoxville, Greenville, New Jersey, New York City, Jersey City, Connecticut, —, Tennessee , Utah, South Carolina

☆ The sure-fire way to save America’s cities? Do what Tokyo does.
▼ + stars: | 2023-10-04 | by ( Eliza Relman | ) www.businessinsider.com time to read: +12 min

But affordability isn't an issue in the world's biggest city, Tokyo. In collectivist Japan, housing policy is designed to benefit the most people possible. Earthquakes and small homesAnother feature of the Japanese housing market is purely situational: The country is a hotspot for earthquakes. Could the US import Japanese housing policy? Japan's housing policy "is now quite well understood" among American housing advocates and scholars, he says, "whereas it was not even three years ago."

Persons: metropolises, Eric Adams, Alan Durning, Durning, Jiro Yoshida, NIMBYism, Jenny Schuetz, Yoshida, Schuetz, André Sorensen, there's, Sorensen, Nolan Gray, Impermanence, Gray, tradeoffs, Eliza Relman Organizations: US, America it's, New York City, Sightline, Pennsylvania State University, Brookings Institution, University of Toronto, Earthquakes Locations: Los Angeles, Miami, New York, San Francisco, Tokyo, it's, America, Paris, Japan, inequity, Montana, California, United States, Vienna, Amsterdam, California , Oregon, Washington

☆ 10 things I wish I knew before I moved from New York to London
▼ + stars: | 2023-09-29 | by ( Kim Davis | ) edition.cnn.com time to read: +13 min

CNN —It’s been nearly 20 years since I moved from New York to London. I don’t drink alcohol, so, when I first moved to the UK, I avoided the pubs for about a year. To my great surprise, I discovered that British pubs were nothing like I had imagined! “Yeah?” “Yeah!!!!! According to the UK Tea and Infusions Association, Brits drink over 100 million cups daily and 36 billion cups per year!

Persons: CNN — It’s, Leicester, Kim Davis, breathlessly, I’m, “, ”, I’ve, mickey ”, Sheldon Cooper, don’t, Hershey, et Walker, Eliza Doolittle, Little, it’s, Ariel, ” Don’t, There’s, Parinya, Abbott, Costello “ Who’s, Tummy, Mason, You’ll Organizations: CNN, Brit, British, Harrods, LIPTON Locations: New York, London, United States, United Kingdom, Yorkshire, Britain, Europe, “, America, York, Darjeeling, Assam, Ceylon

☆ US housing market valuation climbs to record $52 trillion as construction 'powerhouse' drives the surge
▼ + stars: | 2023-09-26 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

The US housing market's total valuation has hit a record high $51.9 trillion, Zillow said. Florida surpassed New York as the state with the second most valuable housing market. AdvertisementAdvertisementThe US housing market's total valuation is nearly 50% more than what it was before the pandemic, and that's not because of climbing home prices, according to Zillow. US housing market valuation ZillowWith mortgage rates hovering around the highest level in two decades, many homeowners have decided to stay put and stick to their low-interest home loans. AdvertisementAdvertisementIn fact, Florida dethroned New York as the state with the second most valuable housing market, according to Zillow.

Persons: Zillow, — Organizations: Service, Builders, New, New York, Jacksonville Locations: Florida, New York, Los Angeles, San Francisco, Boston, Miami, Washington, New, Tampa , Miami, Cities, Orlando, North Port, Sarasota, Tampa

☆ Red Sox-Yankees postponed due to weather; twin bill set for Tuesday
▼ + stars: | 2023-09-12 | by ( Field Level Media | ) www.reuters.com time to read: +1 min

[1/4] Sep 11, 2023; Boston, Massachusetts, USA; A detailed view of the green monster scoreboard before a game between the New York Yankees and the Boston Red Sox at Fenway Park. Mandatory Credit: Brian Fluharty-USA TODAY Sports Acquire Licensing RightsSeptember 12 - Monday night's series opener between the host Boston Red Sox and New York Yankees was postponed due to inclement weather. Boston and New York will now open the four-game series with a day-night doubleheader on Tuesday. Red Sox right-hander Nick Pivetta (9-8, 4.54 ERA) is expected to face Yankees right-hander Randy Vasquez (2-2, 2.36) in the opener of the twin bill. The Red Sox (73-70) and Yankees (71-72) occupy the fourth and fifth spots in the American League East, respectively.

Persons: Brian Fluharty, Tuesday's, Nick Pivetta, Randy Vasquez, Kutter Crawford, Carlos Rodon Organizations: New York Yankees, Boston Red Sox, Fenway, Red Sox, Yankees, American League East, Boston, New, Thomson Locations: Boston , Massachusetts, USA, Boston, New York

☆ The top 10 cities around the world with the most ultra-wealthy people
▼ + stars: | 2023-09-10 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +2 min

Wealth-X examined the global population of ultra-high net worth people to find where they live. A big chunk of that group lives in just 10 cities around the world, congregating in global capitals. The Wealth-X 2023 World Ultra Wealth report analyzes the global population of ultra-high net worth individuals — people with net worths of more than $30 million. And 15% of this group lives in just 10 cities around the world. Advertisement Advertisement Watch: Take a look inside a $28.5 million NYC apartment on Billionaires' RowHere are the 10 cities across the world where ultra-high net worth people congregate, according to the report from Wealth-X, which researches high net worth people.

Persons: Hong Kong Organizations: Service, While New Locations: Wall, Silicon, Europe, Asia, While, While New York City, Hong

☆ Climate change turns US utilities grimly exciting
▼ + stars: | 2023-08-31 | by ( Robert Cyran | ) www.reuters.com time to read: +6 min

A hotter and stormier world is making life unpleasantly exciting for shareholders, as Hawaiian Electric Industries (HE.N) shows. Yet while European firms have buried power lines underground to avoid damage from storm and fires, American utilities have generally balked. The firm said a second fire began in the same area several hours later, after the utility had turned off local power lines. Separately, Hawaiian Electric Industries, the parent company of Hawaiian Electric, said on Aug. 24 it had suspended its dividend. The company said HEI had withdrawn $170 million and Hawaiian Electric had withdrawn $200 million from their existing revolving unsecured credit facilities to strengthen their balance sheets.

Persons: Joe Biden, Jill Biden, Josh Green, Jaime Green ,, Lady of, Kevin Lamarque, HEI, Fitch, Lawrence, Peter Thal Larsen, Sharon Lam, Aditya Sriwatsav Organizations: Hawaii, REUTERS, Reuters, Hawaiian Electric Industries, United, Utilities, Hurricanes, Lawrence Berkeley National, Edison International, Consolidated Edison, Dow, Maui, Hawaiian Electric, Electric, Thomson Locations: Lady of Hawaii, Lahaina, Maui, Hawaii, U.S, United States, Americas, Europe, Alaska, California, New York, Arkansas , Louisiana, Texas

☆ NYC rolls out plan to convert empty office buildings into 20,000 homes as remote working persists
▼ + stars: | 2023-08-22 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +4 min

NYC Mayor Eric Adams outlined a proposal to convert office buildings into affordable homes. Adams said the goal is to create as many as 20,000 homes to help solve the city's housing crisis. "It makes no sense to allow office buildings to sit empty while New Yorkers struggle to find housing. Empty office buildings are an issue across US cities including San Francisco and Chicago. A recent study by the National Bureau of Economic Research found that over 2,000 US office buildings could be transformed into as many as 400,000 apartment units.

Persons: Eric Adams, Adams, Dan Garodnick, Maria Torres, Meta Organizations: Service, New York's Department of City, Housing Opportunity, New York City Department of Buildings, of Standard, Appeals, Springer, Colliers, New York Times, National Bureau of Economic Research Locations: Wall, Silicon, York City, Manhattan, New York, San Francisco, Hudson Yards, Chicago

☆ ‘Swifterature:’ Belgian university launches course to analyze Taylor Swift lyrics
▼ + stars: | 2023-08-15 | by ( Leah Dolan | ) edition.cnn.com time to read: +5 min

CNN —Poetry, prose and now songwriting: Ghent University in Belgium is launching a new literature course dedicated to the literary merit of Taylor Swift’s discography. “Highly prolific and autobiographical in her songwriting, Swift makes frequent allusions to canonical literary texts in her music,” the class syllabus explains. “Using Swift’s work as a springboard, we will explore, among other topics, literary feminism, ecocriticism, fan studies, and tropes such as the anti-hero. In 2016, the University of Texas launched an English Literature course unpacking Beyoncé’s visual album “Lemonade” and its relationship to Black feminism. “But if anyone can teach you a lesson in how to respond to trolls, it’s Taylor Swift,” she concluded.

Persons: Taylor, Elly McCausland, McCausland, Sylvia Plath, Charles Dickens, William Shakespeare —, Geoffrey Chaucer’s “, Criseyde, Charlotte Brontë’s “, Margaret Atwood, Simon Armitage, “, Swift, Taylor Swift, ” McCausland, ”, Sylvia Plath’s, —, I’ll, “ I’m, There’s, it’s Taylor Swift Organizations: CNN, Ghent University, Oxford University, University of York, University of Oslo, New York University, Arizona State University, Berklee College of Music, Rice University, University of Texas, University of Copenhagen Locations: Belgium, Charlotte Brontë’s “ Villette, ”, ’, United Kingdom, Norway, Europe, United States, Houston

☆ The top 10 most expensive states to live in based on living expenses — Hawaii is 50% above the national average
▼ + stars: | 2023-08-06 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

This amounts to 35% of the annual US household average income of $70,784. Hawaii residents, however, pay around 50% above this national average — forking out an average of $3,070 for their monthly expenses. Getty ImagesMonthly bill expense per household: $2,7274. Getty ImagesMonthly bill expense per household: $2,5696. Getty ImagesMonthly bill expense per household: $2,41310.

Persons: Justin Sullivan, Joseph Sohm, Barry Winiker Organizations: Service, Hawaii, Utilities, Swiet, Getty, ., Maryland, House of, New York New, Washington Housing, . Colorado Colorado, Alaska Locations: Hawaii, Doxo, Wall, Silicon, New York, California , New Jersey, Massachusetts, West Virginia , Mississippi , Arkansas , Oklahoma, Kentucky, Hawaii Lanai, California, San Francisco, . New Jersey Newark , New Jersey, . Massachusetts Pittsfield , Massachusetts, House of Annapolis , Maryland, . Connecticut, Hartford, Connecticut River , Connecticut, New York New York City, Seattle , Washington, . Colorado Colorado Springs , Colorado, Alaska Anchorage , Alaska

☆ Opinion | What’s the Matter With Miami?
▼ + stars: | 2023-08-03 | by ( Paul Krugman | ) www.nytimes.com time to read: +1 min

For a couple of years after the pandemic struck, there was considerable buzz to the effect that much of the financial industry might leave New York for Miami. With Covid disrupting normal urban life, it seemed as if much of the big money might focus on the financial advantages and leave the Big Apple. But the buzz around finance moving to Miami seems to have died down. In fact, the population of Miami-Dade County actually fell between 2019 and 2022. Its homicide rate is only half as high as Miami’s, while it has other advantages, such as an extensive mass transit system that Miami lacks.

Organizations: Miami, Taxation, Economic, Big Apple Locations: New York, Florida, New York City, Miami, Dade County

☆ Why Americans making over $200,000 are flocking to Idaho and Montana
▼ + stars: | 2023-07-27 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +4 min

Those states saw high net migration among those earning above $200,000, meaning more are moving in than out. Florida is one of just nine states without an income tax, and the weather and business opportunities have been major pulls for Americans. Idaho has seen a particularly accelerated rate of high-earners moving to cities such as Boise and Meridian. Texas had the second-highest total net migration with around 9,000, followed by North Carolina at over 5,400. California had a net migration loss of over 27,300 high-earners, while New York had a loss of nearly 20,000.

Persons: Thursday's Organizations: Service, California . Idaho and, Meridian . Idaho, US, Economic Innovation Group Locations: Idaho , Montana, Florida, . California, New York, Wall, Silicon, California . Idaho, California . Idaho and Montana, . Idaho, Boise, Meridian, Texas, North Carolina, South Carolina , Tennessee, Georgia, California, Illinois , Massachusetts, New Jersey, Washington, Thursday's —, Bozeman, Billings

☆ The 10 best U.S. cities for digital nomads—New York and Los Angeles didn't make the cut
▼ + stars: | 2023-07-02 | by ( Morgan Smith | ) www.cnbc.com time to read: +2 min

Columbus, Ohio was named the top city for digital nomads in the United States, while Fort Lauderdale ranked last. Portland, Houston and Chicago have topped several lists highlighting the best cities for digital nomads, namely for having low housing costs and a high share of remote jobs that pay $100,000 per year or more. New York and Los Angeles, meanwhile, didn't even crack the top 20 best cities for digital nomads. 24, while New York City ranks No. The remote job market is shrinking in some cities, but flourishing in others.

Persons: Zumper, Louis, Covid — Organizations: Fort Lauderdale, Columbus , Ohio Portland , Oregon Kansas City , Missouri Houston St, Louis Chicago Cincinnati San, Louis Chicago Cincinnati San Antonio Detroit Denver Analysts, New York City, U.S . National Bureau of Economic Research, San Francisco Locations: U.S, California, Florida, Midwest, Zumper, Columbus , Ohio, United States, Columbus , Ohio Portland , Oregon Kansas City , Missouri Houston, Louis Chicago Cincinnati San Antonio, Kansas City, Cincinnati, St, Portland, Houston, Chicago, New York, Los Angeles, Washington, San Francisco, York

☆ Credit-card crackdown will net limited rewards
▼ + stars: | 2023-06-22 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 22 (Reuters Breakingviews) - With more than two open accounts for every American, credit cards are practically part of the family. The point of credit cards is to make spending easier, yet in practice their complexity rivals the edgiest financial derivatives. At Capital One, late fees account for a little less than $2 billion of revenue, or roughly 5%, a year. If late fees have raised hackles among U.S. lenders, they’re only a taste of what could lie in store. Currently, issuers can charge $30 for a first late payment and $41 for late payments thereafter if they happen within the following six billing cycles.

Persons: Joe Biden’s, Biden, Banks, don’t, Goldman Sachs, Rohit Chopra, Michael Barr, that’s, There’s, Chase, they’re, –, Joe Biden, Jeffrey Goldfarb, Oliver Taslic Organizations: YORK, Reuters, JPMorgan, Consumer Financial, Bureau, American Bankers Association, Citigroup, Federal Reserve, Securities and Exchange Commission, Discover Financial Services, Bank of America, One, Fed, Biden, University of Michigan, Apple, Chase Sapphire, American Express, Capital, U.S, Consumer Financial Protection Bureau, New York Fed, Thomson Locations: U.S, United Kingdom

On multiple occasions, White House officials told the mayor’s staff that they hoped to continue talking about the issues privately and emphasized the need to move forward as a partnership. Mr. Biden introduced legislation that would overhaul the immigration system, increasing funding for border security and providing citizenship to 11 million undocumented immigrants. While New York City has long prided itself on being a haven for migrants, more than 67,000 have traveled there in the past year. The Adams administration even asked an owner of the mostly vacant Flatiron Building if there was room there. Homeland Security officials in the Biden administration also privately expressed concerns last year about how cities would handle the influx of migrants from Texas and Florida.

The S&P Regional Banking Index fell approximately 25% during the quarter as a run on deposits sank Silicon Valley Bank and Signature Bank in March, both of which were at the time the largest banking failures since the Great Financial Crisis. The S&P Regional Banking index is now down 36% for the year to date. Famed "Big Short" investor Michael Burry's Scion Asset Management, meanwhile, added a number of new positions in regional banks, including stakes in First Republic, PacWest (PACW.O) and Western Alliance Bancorp (WAL.N). Shares of regional banks have remained volatile in recent weeks, with some investors wary of more tumult to come in the sector. London-based Marshall Wace sold 51,300 shares of First Republic in the first quarter, closing its position in the bank.

NEW YORK, May 15 (Reuters) - Billionaire investor Jim Simons' Renaissance Technologies LLC was among the prominent funds that took positions in embattled regional bank First Republic Bank (FRCB.PK) during the first quarter ahead of the firm's May 1 collapse, according to securities filings released on Monday. Renaissance Technologies LLC, which has more than $100 billion in assets under management, bought approximately 7.1 million shares of First Republic during the first quarter and held them as of March 31, when they closed at $13.99 per share. Boston-based Adage Capital Partners, meanwhile, added a new position of approximately 185,000 shares of First Republic during the quarter, while New York-based Alpine Global Management LP added a new position of approximately 1.7 million shares in the company, filings showed. Renaissance Technologies, Adage Capital and Alpine Global did not respond to requests to comment for this story. Reporting by David Randall; Editing by Ira Iosebashvili and Marguerita ChoyOur Standards: The Thomson Reuters Trust Principles.

In midsized metros Metros with 250,000 to one million residents. An Emerging Divide Mobility has risen for college-educated workers, even as it has fallen for workers without a degree. College-educated workers leaving the most expensive parts of the country are also not spreading out equally everywhere — or even going to parts of the country that are struggling. Net migration among college graduates Loss Gain Among the 12 most expensive metros, net college migration has generally declined or turned negative. “Consumer cities,” as she puts it, are increasingly replacing “producer cities” as the places where college graduates want to live.

☆ The 10 big cities where young people are getting hired like crazy, and what your new income will buy you
▼ + stars: | 2023-05-11 | by ( Madison Hoff | ) www.businessinsider.com time to read: +3 min

Amid graduation season, Gusto analyzed city data to see where young job seekers can get the biggest value. It ranked adjusted salaries for big cities that had the highest hiring rates for full-time young workers. 1, while New York City ranked No. To do this, Gusto looked at the 50 largest metro areas and what full-time hiring rates look like for young workers, including both college grads and non-grads. The following are large cities with high full-time hiring rates for young workers where the class of 2023 and young job seekers can get the biggest bang for their buck, per Gusto's analysis.

Spot gold was unchanged at $2,032.86 per ounce, as of 0201 GMT. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Worries over the global economy and demand-supply outlook may also support the commodity in the near future," Hareesh added. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

☆ Gold holds steady ahead of U.S. inflation print
▼ + stars: | 2023-05-10 | by ( ) www.cnbc.com time to read: +2 min

Gold bars are displayed at a bullion merchant's, Baird & Co., in London, U.K., on Friday, March 14, 2008. Gold prices were flat on Wednesday, as traders positioned themselves for key U.S inflation data due later in the day, which could impact the Federal Reserve's policy stance. Although gold is considered a hedge against inflation, rising interest rates dull non-yielding bullion's appeal. "The outlook of a weak U.S. currency and yields reignite the safe haven status of gold. Spot silver fell 0.1% at $25.58 per ounce, platinum edged 0.1% higher to $1,105.82, and palladium gained 0.1% at $1,571.23.

☆ Hurricanes of Data: The Tiny Craft Mapping Superstorms at Sea
▼ + stars: | 2023-05-09 | by ( Porter Fox | ) www.nytimes.com time to read: +35 min

The Tiny Craft Mapping Superstorms at Sea Shortly after dawn on Sept. 30, 2021, Richard Jenkins watched a Category 4 hurricane overrun his life’s work. That August, a sister ship, SD 1031, successfully entered Tropical Storm Henri, but only in its early stages. Hurricane research, modeling and forecasting requires many terabytes of data for every square mile the storm passes through, including vitally important sea-level data from inside a storm. The next day, the depression was upgraded to a tropical storm and officially given the name Sam. And four months later, Tropical Storm Megi killed more than 150, wiped out several villages with landslides and displaced more than a million people.

☆ Gold gains as traders gear up for US inflation data
▼ + stars: | 2023-04-12 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

SummarySummary Companies All eyes on CPI data due at 1230 GMTA soft inflation print could send gold above $2,032 - analystApril 12 (Reuters) - Gold prices gained on Wednesday as investors keenly await key U.S. inflation data for signs of how close interest rates are to peaking. Gold is considered an inflation hedge, but rising interest rates reduce the appeal of non-yielding bullion. Gold could continue to drift higher "as early birds place their bets on a soft inflation report," said Matt Simpson, senior market analyst at City Index. "A soft inflation print could send gold prices above $2,032 to mark a fresh YTD high, given the inverted yield curve, talks of soft growth and rise of geopolitical tensions across parts of Asia." A "weaker U.S. dollar and returning investment flows have been holding (gold) prices, ANZ said in a note.

☆ Gold gains as traders gear up for U.S. inflation data
▼ + stars: | 2023-04-12 | by ( ) www.cnbc.com time to read: +2 min

Gold prices gained on Wednesday as investors keenly await key U.S. inflation data for signs of how close interest rates are to peaking. Gold could continue to drift higher "as early birds place their bets on a soft inflation report," said Matt Simpson, senior market analyst at City Index. "A soft inflation print could send gold prices above $2,032 to mark a fresh YTD high, given the inverted yield curve, talks of soft growth and rise of geopolitical tensions across parts of Asia." Philadelphia Fed Bank President Patrick Harker on Tuesday said he feels the Fed may soon be done raising rates, while New York Fed President John Williams said the Fed's policy path will depend on incoming data. A "weaker U.S. dollar and returning investment flows have been holding (gold) prices," ANZ said in a note.

SummarySummary Companies February PCE growth slowsVirgin Orbit announces layoff plans, shares tankFutures up: Dow 0.37%, S&P 0.28%, Nasdaq 0.14%March 31 (Reuters) - Wall Street's main indexes were set to open higher on Friday after data showed inflation slowed in February, supporting hopes of a softer monetary policy approach from the Federal Reserve. Traders' bets of a 25-basis-point rate hike in May stand at 55.5%, with odds of a pause at 44.5%, according to CME Group's Fedwatch tool. "But in terms of the Fed's calculus, they'll have to have more confirmation that disinflation is really taking hold beyond just a few data points here and there." U.S. 10-year Treasury yields fell to a session low of 3.534% after the data. The KBW Regional banking index (.KRX) and the S&P 500 banks index (.SPXBK), which houses major banks, have lost 19% and 14%, respectively, so far during the quarter.

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