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☆ U.S. household net worth hits record in 2nd qtr, Fed says
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: 1 min

U.S. currency is seen in this picture illustration taken March 6, 2020. REUTERS/Mike Segar/Illustration/ Acquire Licensing RightsSept 8 (Reuters) - U.S. household wealth rose to a record of more than $154 trillion in the second quarter, fueled by rising stock market and property prices, the Federal Reserve said on Friday. Household net worth rose 3.7% to $154.28 trillion in the period from April through June from $148.79 trillion at the end of the first quarter, the Fed said in its quarterly snapshot of the balance sheets of households, businesses and federal, state and local governments. The value of holdings of equities increased $2.6 trillion, while real estate values rose by about $2.5 trillion. Reporting By Dan Burns; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

Persons: Mike Segar, Dan Burns, Chizu Organizations: REUTERS, Federal Reserve, Thomson

☆ Citigroup cuts 2023 euro area real GDP growth forecast to 0.4%
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +1 min

The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren/File Photo/File Photo/File Photo Acquire Licensing RightsSept 8 (Reuters) - Citigroup downgraded its 2023 economic growth forecast for the euro area to 0.4%, and said it expected the region's economy to shrink "gently" over the next three quarters. The Wall Street brokerage had earlier forecasted that the real gross domestic product (GDP) of the euro area, which includes Germany, France, Italy and Spain among others, to grow at 0.8%. They also expect the economy to shrink by 0.1% in 2024, compared to 0.8% growth expected earlier. Cyclical and structural headwinds to euro area growth are "too strong," Citigroup economists, led by Christian Schulz, said in a note dated Thursday.

Persons: Chris Helgren, Christian Schulz, Schulz, Roshan Abraham, Rashmi Organizations: Citigroup Inc, Citi, REUTERS, Citigroup, Thomson Locations: Toronto , Ontario, Canada, Germany, France, Italy, Spain, China, Bengaluru

☆ Stock market drives U.S. households to record wealth
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Mike Segar/Illustration/ Acquire Licensing RightsSept 8 (Reuters) - A surging stock market powered U.S. household wealth to a record high of more than $154 trillion in the second quarter, aided by a rebound in property values, Federal Reserve data out on Friday showed. The Standard & Poor's 500 total return index (.SPXTR), including reinvested dividends, delivered an 8.7% return in the second quarter, its largest gain since the final three months of 2021. Household wealth at the end of June exceeded the previous record high of $152.49 trillion set in the first quarter of 2022 by about $1.8 trillion, or 1.2%. Debt levels for households, businesses and governments kept rising in the second quarter, though the pace of increase varied widely by sector. Business debt growth, meanwhile, moderated substantially, climbing at just a 1.9% annualized rate in the second quarter, its slowest growth since the final three months of 2020.

Persons: Mike Segar, Biden, Dan Burns, Chizu Nomiyama, Frances Kerry Organizations: REUTERS, Federal, Fed, U.S . Treasury, Thomson Locations: Bank, U.S

☆ Analysis: China needs more than cheaper mortgages to revive spending
▼ + stars: | 2023-09-07 | by ( ) www.reuters.com time to read: +4 min

China said last week it would cut interest rates on existing mortgages and eased rules for first-time buyers in big cities, in what the central bank and financial regulators jointly said were moves "conducive to expanding consumption." But to prevent profit margins from shrinking further, state-owned banks have also lowered deposit rates by 10-25 basis points in a coordinated move. But they also warn that a 15 basis point cut in interest rates on Chinese households' 131.4 trillion yuan of deposits reduces interest income by 197 billion per year. Mortgage rates for first homes are around 4%, while one-year fixed deposit rates are roughly 1.5%. "People don't consume because they don't have money so cutting deposit rates cannot really work."

Persons: Simon, Yu, government's, Ting Lu, Zhaopeng Xing, Li Xiao, Li, Guo, Nancy Yang, Yang, Jason Xue, Samuel Shen, Winni Zhou, Gao, Ellen Zhang, Ziyi Tang, Joe Cash, Marius Zaharia, Jacqueline Wong Organizations: Nomura, ANZ, HIT, Thomson Locations: SHANGHAI, BEIJING, Shanghai, Beijing, China, Guangdong, Wuhan

In seeking the rematch with James in the suburban district north of Detroit, Marlinga is hoping to extend his party's recent winning streak in Michigan. A former Macomb County judge and prosecutor, Marlinga beat out four other Democrats last year to win the party's nomination. The Democratic Congressional Campaign Committee, the campaign arm of House Democrats, has said the district is one of 31 GOP-held seats they will “aggressively target” in 2024. Last year, Democrats swept statewide races, flipped the state House and Senate and won three of four U.S. House races that were expected to be competitive. James lost U.S. Senate races in 2018 and 2020 before narrowly winning the House race while holding significant advantages in name recognition and fundraising.

Persons: Carl Marlinga, he'll, John James, James, Marlinga, Diane Young, Sen, Mallory McMorrow, Elissa Slotkin, Donald Trump, Joe Biden Organizations: Democrats, Republican U.S . Rep, Congressional, Associated Press, Democrat, Legislature, National Democrats, GOP, U.S . House, Republicans, Republican, Democratic Congressional, Committee, U.S . Senate, Senate, ., Michigan Republicans, Republican Party, U.S Locations: LANSING, Mich, Michigan, Michigan's, Detroit, Marlinga, Macomb County, U.S

☆ US funding fight, Ukraine’s wartime symphonies and how to teach with AI
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: 1 min

Follow on Apple, Google or Spotify. The clock starts ticking to prevent a partial government shutdown as Congress returns. Teachers tackle the advance of AI in the classroom. The Ukrainian orchestra vowing to keep on playing as missiles rain down. Plus, 22 years in jail for the former leader of the Proud Boys group, Washington warning to North Korea and Spain sacks the coach of its World Cup winning women’s soccer team.

Persons: Enrique Tarrio Organizations: Apple, Google, Reuters, Reading, Boys, Thomson Locations: Ukrainian, Washington, North Korea, Spain, Ukraine

☆ UK's Barratt flags tough housing market conditions after annual profit fall
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +2 min

A company logo is seen on a banner outside a Barratt Homes housing development in Warrington, Britain, August 23, 2023. REUTERS/Phil Noble/File Photo Acquire Licensing RightsSept 6 (Reuters) - Britain's largest homebuilder Barratt Developments (BDEV.L) flagged difficult trading conditions over the coming months after it posted a fall in annual profit on Wednesday, as high mortgage rates and a cost-of-living squeeze pummel demand. Affordability concerns stoked by high mortgage rates and a prolonged cost-of-living crisis have weighed on the UK housing market, with indicators on everything from mortgage demand to construction rates and prices sliding in recent months. Barratt said the UK housing market remained difficult and the outlook uncertain, adding that it expected average sales sites to reduce by around 6% in the current fiscal year. British house prices in August were 5.3% lower than a year earlier, their biggest annual decline since July 2009, mortgage lender Nationwide said on Friday.

Persons: Phil Noble, Barratt, David Thomas, Aby Jose Koilparambil, Suban Abdulla, Subhranshu Sahu, Christopher Cushing Organizations: Barratt Homes, REUTERS, FTSE, Nationwide, Credit Suisse, Thomson Locations: Warrington, Britain, Bengaluru, London

☆ George Santos' ex-spokeswoman says she was 'one of the most ridiculed communications staffers on the Hill'
▼ + stars: | 2023-09-06 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Naysa Woomer served as Rep. George Santos' communications director until she resigned in May. She said that she was "ridiculed" in her job and opened up about the day Santos was arraigned. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. "I was one of the most ridiculed communications staffers on the Hill," said Woomer, referring to Capitol Hill. Santos, who has struggled to attract legislative allies due to his poor reputation and fabrications about his past, has continued to mount a re-election campaign.

Persons: Naysa Woomer, George Santos, Santos, Johanna Maska, —, Woomer, Nicki Minaj, Kevin McCarthy Organizations: Service, Republican Rep Locations: Wall, Silicon, George Santos of New York, New York

☆ Fed's Collins says policymakers can 'proceed cautiously' on future rate hikes
▼ + stars: | 2023-09-06 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

Boston Federal Reserve President Susan Collins on Wednesday advocated a patient approach to policymaking while saying she needs more evidence to convince her that inflation has been tamed. In remarks that aligned with sentiment from other key central bankers, Collins said the Fed may be "near or even at the peak" for interest rates. Both also supported the patient approach while cautioning that they view recent positive developments on inflation with caution and are ready to approve additional rate hikes if needed. Collins also spoke on the lags with which Fed policy is thought to work. Generally, economists believe it takes a year to a year and a half for rate hikes to seep through the economy.

Persons: Susan Collins, Collins, Jerome Powell, Christopher Waller, Waller, it's Organizations: Reserve Bank of Boston, Kansas City Fed, Boston Federal, Wednesday, CNBC, Market, Group Locations: Jackson, Wyoming, Boston

Violent storms have pounded parts of Bulgaria, Greece and Turkey with extreme amounts of rain, causing floods that killed at least 13 people, ravaged roads and prompted evacuations. In Greece, where record rainfall has swamped the country’s central region this week, the death toll stood at three, after the authorities on Wednesday recovered two more bodies. In Turkey, seven people were killed by flooding in the northwest late on Tuesday, according to the interior minister. And Bulgarian officials said on Wednesday that three people had died in floodwaters on that country’s Black Sea coast. Greece’s fire service said Wednesday that it had received more than 2,000 calls for help in 24 hours.

Locations: Bulgaria, Greece, Turkey, Volos

"Most Districts reported price growth slowed overall," the Fed said in its latest "Beige Book" summary of surveys and interviews conducted across its 12 districts through Aug. 28. It added that "nearly all districts indicated businesses renewed their previously unfulfilled expectations that wage growth will slow broadly in the near term." Data since the last Fed rate hike six weeks ago has tended to support that view, with the economy adding an average of 150,000 jobs per month over the last three months, down sharply from the prior three months. Earlier on Wednesday, Boston Fed President Susan Collins also said the central bank has the space to be patient, while acknowledging that inflation pressures, though easing, still remain too high. Home building was picking up, the Fed said, but building affordable properties is being strained by high financing costs and rising insurance premiums.

Persons: Christopher Waller, Susan Collins, Collins, Ann Saphir, Andrea Ricci, Paul Simao Organizations: Federal, Boston, New, New York Fed, San Francisco Fed, Fed, Thomson Locations: U.S, New York

☆ Turn to these stocks for high dividend growth and free cash flow yield, Wolfe says
▼ + stars: | 2023-09-06 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

As the economy slows down, investors will want to play defense with dividend strategies, according to Wolfe Research. "In a later cycle environment, dividend growth becomes scarce and investors tend to pay up for companies with high dividend growth," analyst Chris Senyek wrote in a note last week. Therefore, the strategy is to look for names with both high dividend growth and a high free cash flow yield, since investors look to cash flow to support further dividend growth, he said. Comcast has an average analyst rating of overweight and has nearly 10% upside to the average price target, according to FactSet. Lennar is also well-liked by analysts, with an average rating of overweight and about 20% upside to the average price target, per FactSet.

Persons: Chris Senyek, Senyek, Peacock, Morgan Stanley, Benjamin Swinburne, Lennar, Raymond James, Buck Horne, UnitedHealth, Bernstein, Lance Wilkes, — CNBC's Michael Bloom Organizations: Wolfe Research, Comcast, Media, CNBC

NASHVILLE, Tenn. (AP) — Tennessee state Rep. Gloria Johnson, a Democrat who shot to national fame after surviving a Republican-led expulsion effort for participating in a pro-gun control demonstration, on Tuesday formally announced that she's running for U.S. Senate. Shortly after the expulsion vote, Johnson quickly noted that likely she avoided expulsion because she was white. Blackburn first won the Tennessee Senate seat in 2018, defeating Democratic former Gov. In the Democratic primary for the Senate seat, Johnson will face off against community activist and organizer Marquita Bradshaw. Bradshaw won the Democratic Senate nomination in 2020, and lost the general election to Republican Bill Hagerty by 27 percentage points.

Persons: Gloria Johnson, Johnson, Sen, Marsha Blackburn, “ Gloria, ”, Justin Pearson, Justin Jones, ” Pearson, Jones, Pearson, Phil Bredesen, Blackburn, Donald Trump, Trump, Marquita Bradshaw, Bradshaw, Bill Hagerty, “ It’s, Abigail Sigler, Joe Biden, Chuck Schumer, ” Blackburn Organizations: Republican, Tuesday, U.S . Senate, Republican U.S, Democratic, Tennessee, Republicans, Blackburn, Tennessee Senate, Gov, Tennessee voters, Senate, “, Democrat Locations: Tenn, Tennessee, Washington

☆ US Senate races ahead of House on spending bills, aims to avoid gov't shutdown
▼ + stars: | 2023-09-05 | by ( Richard Cowan | ) www.reuters.com time to read: +6 min

Democrats and Republicans in the Senate Appropriations Committee have backed the 12 separate spending bills that would finance most government operations for fiscal 2024, while their House Appropriations Committee has been producing bills with only Republican support. Some hardline House Republicans have dismissed the risks of a government shutdown, saying it could be a cudgel for achieving deeper spending cuts to address the $31.4 trillion national debt. 'A PRETTY BIG MESS'Top Senate Republican Mitch McConnell has voted for every one of the 12 fiscal 2024 bills advanced by the Senate Appropriations Committee, as have nearly all of his fellow committee Republicans. Meanwhile, as some hardline House Republicans push for defense spending cuts instead of a buildup, there is pushback within their 222-member caucus. He was referring to a special House-Senate negotiating team that likely would be tasked with ironing out differences between House and Senate defense appropriations bills.

Persons: Kevin Wurm, Joe Biden's, Biden, Republican Kevin McCarthy, Chuck Schumer, McCarthy, Andrew Bates, William Hoagland, Senate Republican Mitch McConnell, McConnell, Tom Cole, we'll, Richard Cowan, Trevor Hunnicutt, Scott Malone, William Maclean Organizations: U.S, Capitol, REUTERS, Rights, Democrats, Senate, Republicans, Democratic, Republican, White, Center, Senate Republican, House Republicans, Thomson Locations: Washington , U.S, U.S, Ukraine, Kentucky

"There is a significant risk in the short term of financial crisis or other degree of economic crisis that would carry very substantial social and political costs for the Chinese government. By the time the global financial crisis hit in 2008-09, it had already met most of its investment needs for its level of development, economists say. To keep growth high, China in the 2010s doubled down on infrastructure and property investment, at the expense of household consumption. China has since backed away from major financial market liberalisation while plans to rein in state behemoths and introduce universal social welfare never quite materialised. "But at the same time there's a great fear of the short-term political and social risk, especially of provoking an economic crisis."

Persons: Xi Jinping's, William Hurst, Chong Hua, there's, Max Zenglein, We're, Logan Wright, Alicia Garcia Herrero, Hurst, Liangping Gao, Kevin Yao, Kripa Jayaram, Marius Zaharia, Sam Holmes Organizations: Development, University of Cambridge, International Monetary Fund, Asia Pacific, China's, Reuters Graphics, Thomson Locations: BEIJING, China, Japan, Beijing, Natixis

☆ More remote workers are willing to move in order to find affordable housing
▼ + stars: | 2023-09-03 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Continuing remote and hybrid work, at levels remarkably unchanged from two years ago, is enabling people to move toward housing affordability, the study found. At the beginning of the year, 22% of remote and hybrid workers said they would be willing to relocate to a different region or increase their commute. The research showed that among remote workers, all age and income groups have grown more willing to relocate or live farther away from their workplace since 2021. This is good news for remote workers during a time of crushingly low levels of home affordability. The researchers say the change to the housing market brought about by remote workers holds broader implications for the link between housing and the labor market.

Persons: Fannie Mae, Fannie, ’, “, ” Organizations: DC CNN, Housing, Housing Survey, Workers Locations: Washington, ’

☆ Ukraine arrested the oligarch who owns the TV station that aired Volodymyr Zelenskyy's show before he became president
▼ + stars: | 2023-09-03 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Ukraine has detained Ihor Kolomoisky, a prominent oligarch, as part of an anti-corruption drive. Kolomoisky owns the TV station that showed Volodymyr Zelenskyy's "Servant of the People." The country's security service said on its Telegram channel that oligarch Ihor Kolomoisky would be held in custody for two months on fraud and money laundering charges. AdvertisementAdvertisementUkrainian oligarch Ihor Kolomoisky appeared in court on Saturday. Kolomoisky owns the TV station 1+1 that broadcast "Servant of the People," in which Zelenskyy played a comedian who becomes president.

Persons: Ihor Kolomoisky, Kolomoisky, Volodymyr Zelenskyy's, Volodymyr Zelenskyy, Forbes, Vladyslav Musiienko, Reuters Zelensky, Zelenskyy, they'd, oligarch, Petro Poroshenko Organizations: Reuters, BBC News, Kyiv International Institute of Sociology Locations: Ukraine, Russia, Kolomoisky

☆ The 20 most attractive US cities for homebuyers and investors seeking affordability in growing economies, according to Realtor.com — 5 of which have median prices below $300,000
▼ + stars: | 2023-09-02 | by ( Laila Maidan | ) www.businessinsider.com time to read: +5 min

Danielle Hale says one of the biggest issues in the housing market right now is affordability. Housing supply remains low. As of Friday, the average 30-year fixed mortgage rate was at 6.79%. Between mortgage rates and property appreciation, buying a home takes up a more significant chunk of household budgets than it has over the last several years. And that context is important for the housing market because housing is such an interest rate-sensitive sector of the economy, she added.

Persons: Danielle Hale, Hale Organizations: Trading Economics, Federal Reserve Economic, Wall Street

☆ British home prices to fall 4% in 2023 as borrowing costs bite: Reuters poll
▼ + stars: | 2023-09-01 | by ( Jonathan Cable | ) www.reuters.com time to read: +4 min

The most pessimistic forecast was for a 10% fall, despite consumer prices expected to rise 7.5% this year, according to a separate Reuters poll. They were expected to flatline in 2024 and rise a little over 3% the year after, little changed from the previous poll. "The London housing market ebbs and flows, yet is there really such a thing as a 'London property market' nowadays?" RENTAL STRESSThose unable or unwilling to make it onto the property ladder will feel the pinch from surging rental costs. Private rental prices paid by tenants in Britain rose 5.3% in the 12 months to July, according to the Office for National Statistics.

Persons: Stefan Wermuth, BoE, Michael McGill, Zoopla, Russell Quirk, Aneisha Beveridge, Jonathan Cable, Mumal Rathore, Rahul Trivedi, Purujit, Mark Potter Organizations: REUTERS, Bank of England, Office, National Statistics, Thomson Locations: London, Britain, Kensington, Mayfair, Barking, Dagenham

☆ From holidays to mortgage waivers, UK homebuilders dish out freebies to revive sales
▼ + stars: | 2023-09-01 | by ( Ajose Koilparambil | ) www.reuters.com time to read: +4 min

If they have a 5% deposit, then deposit boost works well where we give an additional 5% so that they can secure a 90% loan-to-value mortgage," said a sales director with Persimmon. Some homebuyers are opting for exchange options, where the builder purchases the buyer's existing property and the payment helps fund the new-home purchase. "Mortgage holidays", offered by Persimmon and other builders, are also popular among homebuyers with builders contributing towards home-loan payment during a specific period. Reuters GraphicsKNOCK ON MARGINSThe incentives, while aimed at boosting demand, come at a cost for homebuilders struggling to keep costs low. Persimmon said last month sales incentives and marketing costs shaved off 2.1% from its half-year gross margins.

Persons: Toby Melville, Barratt, Persimmon, Aynsley Lammin, Peel Hunt, Sam Cullen, Cullen, Taylor, Aby Jose Koilparambil, Sweta Singh, Saumyadeb Organizations: REUTERS, British, Reuters Graphics, Bank of England, Reuters, Peel, Thomson Locations: Bristol, Britain, British, Bengaluru

☆ Home builder stocks shine as prospective buyers turn to new construction
▼ + stars: | 2023-09-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —Home builder stocks are on a tear, boosted by a jump in demand as some Americans shun the historically tight and unaffordable market for existing housing. The Federal Reserve’s bid to bring down inflation by raising interest rates has sent US mortgage rates soaring over the past year. That’s been a boon to home builder stocks. That helped lift some home builder stocks, though many still slipped in August along with the broader market. Labor Day weekend gas prices are near all-time highsDrivers hitting the road this Labor Day weekend will be greeted by historically high gas prices for this time of the year.

Persons: That’s, Pultegroup, DR Horton, Lennar, Warren Buffett, Berkshire Hathaway, DR, NVR, Anna Rathbun, Ethan Allen, Read Organizations: CNN Business, Bell, CNN —, Federal, Toll, Bank of America, Berkshire, CBIZ Investment Advisory Services, Labor, CNN, AAA, government’s National Bureau of Statistics Locations: China, Beijing, —

Seoul, South Korea CNN —As South Korea struggles to get young people interested in marriage and kids, authorities are trying a new tack: importing foreign workers to carry some of the household burden. The plan will expand the number of industries and companies eligible to employ foreign workers, as South Korea faces an aging population, shrinking workforce and labor shortages in various sectors. South Korea has long struggled with chronic labor shortages in the manufacturing and agricultural sectors, Reuters reported. Some politicians have previously urged the government to import foreign workers to help alleviate the burdens on young couples and parents. Singapore’s migrant worker system is just as controversial for employing cheap foreign labor to sustain one of the world’s richest countries.

Persons: ”, They’ll, Seoul’s, –, Housekeepers, Indonesia – Organizations: South Korea CNN, Authorities, Reuters, Ministry, Employment, Labor, Hong Locations: Seoul, South Korea, South, Korea, Hong Kong, Singapore, birthrate, Korean, “, Philippines, Indonesia

☆ Some Old-Fashioned Home-Design Manuals Are Worth Revisiting
▼ + stars: | 2023-08-31 | by ( Alexandra Lange | ) www.nytimes.com time to read: +1 min

This article is part of our Design special section about new interpretations of antique design styles. In 1868, the designer Charles Eastlake published “Hints on Household Taste,” a popular guide to outfitting the home in good taste, from the street front to the china cupboard and all the rooms in between. In his introduction, rather than taking a supportive tone, he chastises the reader. “When did people first adopt the monstrous notion that the ‘last pattern out’ must be the best? Every season brings out more manuals of household taste, from glossy-page inspirational books suitable for coffee-table display to chart-heavy how-to guides, with diagrams of immaculate closets and formulas for D.I.Y.

Persons: Charles Eastlake, ”, Jennifer Kaufmann, Buhler, Kaufmann, “ Organizations: American Office, Purdue University

☆ Who Profits After Natural Disasters Like Hurricanes and Wildfires
▼ + stars: | 2023-08-31 | by ( Anthony Dimauro | ) www.businessinsider.com time to read: +13 min

After Hurricane Michael struck Florida in 2018, home sales rose significantly, allowing disaster investors to reap the rewards. This venture has the potential to be even more rewarding given the increasing frequency of natural disasters in the US. But federal disaster relief is painfully slow to respond and often doesn't cover most of the costs. And while moratoriums on damaged land sales aren't a long-term, legally tenable solution, there are ways state officials might be able to deter disaster investors. As the threat of natural disasters increases, so will disaster profiteers.

Persons: Josh Green, Ian, Hurricane Michael, Hurricane, Joe Raedle, Hurricane Maria, Congress —, Hurricane Sandy, it's, Anthony DiMauro Organizations: Nashville Metro Council, FEMA, Hurricane, Centers for Environmental, Federal Reserve's Survey, Consumer Finances, Emergency Managment Agency, Small Business Administration, Urban Institute, Office, Congress, of Housing, Urban, Bloomberg, Newsweek, L.A Locations: Hawaii, Maui, Hawaii's, Tennessee, Nashville, Florida, Wilsey, New Orleans, California, Puerto Rico, Lahaina, New York

The government, rights activists say, has prioritized building private apartments and student accommodations, which are more profitable than public housing. “People are occupying these buildings because there’s nowhere else where they can access the inner city,” said Khululiwe Bhengu, a senior attorney with the Socio-Economic Rights Institute of South Africa, a nonprofit. The government, rights activists say, has prioritized the building of private rental units and student accommodations, which are more profitable than the public housing for which poor residents fill long waiting lists. These buildings have slowly filled up with those who could not afford to live elsewhere, she said, as poorer residents found makeshift solutions the government was not providing. “There’s a lack of political will to keep poor people in the inner city,” she said.

Persons: ”, Khululiwe Bhengu, Thami Hukwe, Bhengu Organizations: Economic Rights Institute of Locations: Johannesburg, Economic Rights Institute of South Africa, “, Africa, ”, Gauteng Province

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