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☆ Crypto stocks like Coinbase and MicroStrategy soar, mirroring rally in bitcoin
▼ + stars: | 2024-07-15 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +2 min

The Securities And Exchange Commission has filed a lawsuit against cryptocurrency exchange Coinbase for allegedly violating securities laws by acting as an exchange, a broker and a clearing agency without registering with the Securities and Exchange Commission. (Photo Illustration by Justin Sullivan/Getty Images)Coinbase , MicroStrategy and Riot Platforms surged Monday as investors piled into crypto companies following bitcoin's rally to a two-week high. Bitcoin is up about 6% in the past 24 hours, trading at around $63,500 as of early Monday afternoon. Bitcoin accounted for 33% of trading volume on the platform in the first quarter, by far the biggest amount for any cryptocurrency. On Thursday, the company announced a 10-for-1 stock split, in order "to make MicroStrategy's stock more accessible to investors and employees."

Persons: Justin Sullivan, Donald Trump, Trump, Bitcoin, bitcoin Organizations: Securities, Exchange, Securities and Exchange Commission, Republican, Marathon, Miners Locations: CALIFORNIA, San Anselmo , California, Nashville , Tennessee, U.S

☆ This senior housing stock could soar 25% as the population ages, says Bank of America
▼ + stars: | 2024-07-15 | by ( Michelle Fox | ) www.cnbc.com time to read: +2 min

Senior housing stocks are set to take off as the American population ages, according to Bank of America. Ventas' portfolio includes senior housing communities, medical office buildings and other health-care facilities. Bank of America sees "significant" senior housing operating margins upside ahead, driven by cyclical and secular growth. However, a nonrenewal and a conversion of the properties to Ventas' senior housing operating portfolio would provide an additional 1.2% boost to net operating income, he said. That said, Ventas is not the only senior housing REIT that Bank of America likes.

Persons: Joshua Dennerlein, Dennerlein, Brookdale, Ventas Organizations: Bank of America, . Census, Healthcare Locations: Brookdale

☆ This city has one of the worst inflation rates in the U.S.—it isn't in New York, California or Florida
▼ + stars: | 2024-07-14 | by ( Mike Winters | ) www.cnbc.com time to read: +1 min

Although the national year-over-year inflation rate has dropped to 3%, it has hovered around 5% in Dallas-Fort Worth in 2024, according to a new WalletHub report. Inflation in Dallas-Fort Worth has also risen steadily by 1% over the past two months — making it the nation's worst city for inflation, according to the study. Aside from Dallas-Fort Worth, Honolulu is the only other city in the study with year-over-year inflation that's 5% or higher. Below are WalletHub's rankings of metro areas with the worst inflation, from worst to best. The rankings are based on an index that's weighted equally between year-over-year inflation and inflation over the past two months as of June 2024.

Persons: That's, Cassandra Happe Organizations: New, Fort Worth, Dallas Morning Locations: Dallas, Fort Worth, Honolulu, New York City, Los Angeles, Fort Worth , Honolulu

☆ Trump's promise of tariffs and deportations could pop the stock market bubble if he wins a 2nd term, Capital Economics says
▼ + stars: | 2024-07-12 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

An AI-driven stock market bubble could burst early if Trump wins the 2024 election, according to Capital Economics. Trump's proposed policies on tariffs and immigration could slow economic growth and spark higher inflation, the firm said. Higher inflation would restrict the Federal Reserve's ability to cut interest rates. AdvertisementThe ongoing stock market bubble that has been inflated by a strong rally in AI stocks could pop prematurely if former President Donald Trump wins the 2024 election. A second Trump Presidency "could potentially result in the imposition of universal tariffs and reductions in immigration," Higgins said.

Persons: Trump's, —, Donald Trump, John Higgins, Higgins, Trump Organizations: Trump, Capital Economics, Service, Trump Presidency, Federal Reserve

☆ Buying the dip on a cheap stock? Don't do it 'just because the price has gone down,' says investing chief
▼ + stars: | 2024-07-12 | by ( Ryan Ermey | ) www.cnbc.com time to read: +6 min

"Buying because the stock price has gone down without knowing some of the underlying issues or without understanding some of the underlying activities, could be problematic," says Clark Bellin, president and chief investment officer at Bellwether Wealth. After all, a stock could take major losses and then soar to new heights à la Apple. But what about that same markdown in the price of that company's stock? You'll just have to figure some things out before you buy, says Sam Stovall, chief investment strategist at CFRA. Rather than scrambling to do research, he says, keep a watchlist of stocks you'd be interested in buying at the right price.

Persons: Clark Bellin, Sam Stovall, Bellin, Charles Rotblut, Stovall, It's, Raife Giovinazzo, Giovinazzo Organizations: Blockbuster, Nike, American Association of, Fuller, Thaler Asset Management, Nasdaq, Yahoo Finance, CNBC

☆ Stock market today: Tech drags indexes lower, small-caps soar after inflation data boosts rate-cut bets
▼ + stars: | 2024-07-11 | by ( Max Adams | ) www.businessinsider.com time to read: +3 min

Tech stocks tumbled Thursday, weighing on the broader market after the June CPI report. AdvertisementUS stocks slid on Thursday, weighed down by tech names like Nvidia and Microsoft as the Nasdaq tumbled 2%. Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday:Inflation clocked in at 3% last month, cooler than expected and marking the second month of encouraging data after a tough first quarter. AdvertisementCommentators were quick to call a September rate cut as all but assured, and the odds of a cut at this month's policy meeting crept up slightly as well. "A September rate cut should be a done deal at this point.

Persons: —, Russell, Ed Yardeni, Ron Temple Organizations: Service, Nvidia, Microsoft, Nasdaq, Federal Reserve, Lazard, Fed

☆ Welcome back to Wall Street earnings season
▼ + stars: | 2024-07-11 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +6 min

But for now, we're turning to Wall Street in our big story, as big banks gear up to report their earnings. The big storyEarnings to watchMomo Takahashi/BIJust like that, it's Wall Street earnings season once again. Wall Street banks have been waiting for M&A, IPOs, and other fee-generating corporate dealmaking to come roaring back for two years. In May, the CEO shocked Wall Street by saying he plans to step down in the next five years . Will banks start charging for everyday consumer products like checking accounts?

Persons: —, Joe Biden's, Sen, Peter Welch, Biden, Momo Takahashi, Wells, Goldman Sachs, Morgan Stanley, Kaja Whitehouse, Jamie Dimon's, Kaja, Jefferies, Jamie Dimon, Wall, Marianne Lake, We're, Larry Fink, Jenny Chang, Rodriguez, Neil Dutta, Tesla's, Elon Musk, Jeff Bezos, Rich Guy, Alyssa Powell, Andrei Cojocaru, David Zaslav, isn't, Joe, Zaslav, Jordan Parker Erb, Lisa Ryan, Joe Ciolli, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Democrat, Democratic, Hollywood, NATO, Business, showtime, JPMorgan, Citigroup, BlackRock, Bank of America, Getty, Warner Bros, Discovery, Air Lines, PepsiCo, Bureau of Labor Statistics Locations: New York, Chicago, London

☆ Number of millionaires to soar globally but plunge in the UK, research finds
▼ + stars: | 2024-07-10 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

LONDON — The number of global millionaires is set to keep rising over the next five years — with the U.K. a stark outlier, according to the 2024 Global Wealth Report from UBS. Gains will be led by tech powerhouse Taiwan, where the number of millionaires is set to jump 47% on the back of the booming microchip industry and a rise in immigration by wealthy foreigners. The two hubs in which the most global millionaires are based, the U.S. and mainland China, are set to see their figures rise 16% and 8% respectively. Another country where the number of dollar millionaires is forecast to decline was the Netherlands, which is estimated to see a 4% drop in such wealthy individuals. The report meanwhile sees the number of U.S. dollar millionaires in Russia growing by 21%.

Persons: Paul Donovan, Donovan Organizations: UBS, Taiwan, UBS Global Wealth Management, Russia, Labour Party, Conservative Locations: Turkey, Kazakhstan, Indonesia, Japan, U.S, China, France, Italy, London, Dubai, Singapore, Netherlands, Russia

☆ I was a single mom and learned how to grocery shop on a budget. I meal-plan on the fly based on sales and still afford occasional treats.
▼ + stars: | 2024-07-09 | by ( Ashley Archambault | ) www.businessinsider.com time to read: +5 min

As a single mom, I had to learn how to make my income work for my son and me. That's when I noticed that I still retain a knack for shopping smart, both in terms of health and our budget. While I now have a partner to split the costs of living with, our grocery bill has the potential to soar as food prices seem to rise weekly. Because I know I'm saving money, I also feel OK buying occasional treatsWhen I'm saving money overall, I can afford a few treats or higher-priced items. If something is cheap but we don't love it, then to me, that's just a waste of money.

Persons: I've, we're, that's Organizations: Service

☆ The names being floated as Kamala Harris' running mate if Biden drops out
▼ + stars: | 2024-07-09 | by ( Alice Tecotzky | ) www.businessinsider.com time to read: +3 min

Roy Cooper of North Carolina, Andy Beshear of Kentucky, and Josh Shapiro of Pennsylvania are emerging as potential candidates, the aides said. Before serving as governor, Cooper was the state's attorney general for nearly 16 years. He met Harris during that time, when she was the attorney general in California. As the governor of Kentucky, Beshear doesn't offer the same opportunity to turn a red state blue. Beshear also served as attorney general prior to his governorship, giving him an additional point of connection to Harris.

Persons: —, Kamala Harris, Biden, Harris, Govs, Roy Cooper of, Andy Beshear, Josh Shapiro, Cooper, Beshear, Shapiro Organizations: Service, Biden, New York Times, Business, Pennsylvania, North, North Carolina's Republican, White Locations: Roy Cooper of North Carolina, Kentucky, North Carolina's, California, North Carolina, Pennsylvania

☆ 3 reasons why bitcoin could soar to $100,000 this year, according to Anthony Scaramucci
▼ + stars: | 2024-07-09 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Bitcoin is still on track to see a major rally by the end of the year, Anthony Scaramucci said. Those catalysts include waning selling pressure, crypto repayments, and promising crypto legislation. Around 40%-50% of payouts could end up being reinvested in crypto, Scaramucci estimated, based on the loyalty many "hardcore" early bitcoin investors have. That's one promising sign bitcoin is becoming a more widely accepted storage of value, which is bullish for its long-term trajectory, Scaramucci said. Bitcoin's price has been depressed partly due to temporary selling pressure, Scaramucci said.

Persons: Bitcoin, Anthony Scaramucci, —, Scaramucci, That's Organizations: Service, Skyridge, bitcoin, CNBC, GOP, Intelligence Locations: bitcoin, United States

☆ Jefferies says shares of this lesser known global delivery firm are set to soar over 125%
▼ + stars: | 2024-07-08 | by ( Amala Balakrishner | In Amala-Balakrishner | ) www.cnbc.com time to read: +3 min

Shares of Dutch food delivery marketplace Just Eat Takeaway.com could more than double over the next 12 months, according to Jefferies analysts. Jefferies remains bullish on Just Eat, even as the company's U.S. business Grubhub has faced the pressures of government price controls imposed on restaurants since the Covid-19 pandemic. Just Eat expects a $100 million EBITDA impact from the amending of the fee caps, the Jefferies note reported. Shares of the delivery firm have also moved away from their high during the Covid pandemic, and are now down 18.1% year-to-date and 22.5% in the last 12 months. It also trades as an American Depository Receipt in the U.S. — CNBC's Michael Bloom contributed to this report.

Persons: Jefferies, Grubhub, Giles Throne, Throne, — CNBC's Michael Bloom Organizations: Jefferies, U.S ., TKWY, Euronext Amsterdam, London Stock Exchange, American Locations: U.S, New York, New York City

☆ As heat levels climb, so do power bills. Here’s how you can keep costs down
▼ + stars: | 2024-07-04 | by ( Erika Tulfo | ) edition.cnn.com time to read: +5 min

But on the tail of a record-breaking heatwave that swept the Midwest and Northeast, she’s finding it difficult to keep costs down. Americans’ power bills are expected to soar this summer, as heat waves have already begun baking parts of the country. But keeping your AC off when you’re not home may actually result in higher bills later on. In an aerial view, high voltage power lines run along the electrical power grid on May 16, 2024, in West Palm Beach, Florida. A higher rating indicates lower energy consumption levels and, in turn, lower costs of cooling.

Persons: Emma Corrado, “, ”, Corrado, Annie Carforo, Carforo, Anthony Behar, SIPPL, Jamie McShane, Con Edison, ” Carforo, you’re, Mark Wolfe, Wolfe, Joe Raedle, ” McShane, Con, ” Wolfe Organizations: CNN, University of Wisconsin -, WE ACT, Environmental Justice, Costco, Department of Energy, National Energy Assistance, Association Locations: University of Wisconsin - Madison, Midwest, Madison , Wisconsin, York, Queens, New York City, NY, New York, acclimate, West Palm Beach , Florida, Bronx , Brooklyn, Manhattan, Westchester

☆ Summer heat: how to keep your food safe, stay hydrated and more
▼ + stars: | 2024-07-04 | by ( Katia Hetter | ) edition.cnn.com time to read: +7 min

California is likely to be especially hard hit, with highs passing 110 degrees Fahrenheit (43 degrees Celsius) in many areas. For instance, chicken should be cooked to an internal temperature of at least 165 degrees Fahrenheit, and ground beef should be cooked to at least 160 degrees Fahrenheit. That applies to cooked meat like hamburgers as well as perishable salads like potato salad and cole slaw. Not only can raw milk harbor bacteria, but it is also possible that raw milk can transmit the bird flu. It wasn’t advisable for people to drink raw milk or consume products made from raw milk prior to the bird flu outbreak, and it certainly is not advisable now.

Persons: Leana Wen, Wen, cole slaw, We’ve Organizations: CNN, George Washington University, CNN CNN, US Centers for Disease Control, US Department of Agriculture Locations: Southwest . California

Women's soccer is bringing private equity off the sidelines. While other major U.S. sports leagues – Major League Soccer, the National Basketball Association, Major League Baseball and the National Hockey League – have allowed private equity investors to take passive, minority stakes, only the National Women's Soccer League has allowed these firms to take majority control of the economics. Sixth Street was the first to own a team in building out the San Francisco women's team, Bay FC, last year. The second-ever such deal closed a few weeks ago, as Carlyle partnered with men's team, the Seattle Sounders FC, to buy that city's counterpart in the NWSL, the Reign FC. Popov said NWSL attendance, up more than 40% this year, is evidence of the momentum in the sport.

Persons: Jessica Berman, San Francisco women's, Carlyle, Adrian Hanauer, Alex Popov, Popov Organizations: – Major League Soccer, National Basketball Association, Major League Baseball, National Hockey League, National Women's Soccer League, CNBC, Sixth, San, Bay FC, men's, Seattle Sounders FC, FC, Sounders FC, Reign FC, NWSL Board

☆ Heat waves: Here’s why your AC can’t save you anymore
▼ + stars: | 2024-07-04 | by ( Laura Paddison | ) edition.cnn.com time to read: +8 min

Then came the heat wave. But it is also a lifeline against increasingly brutal heat, the deadliest type of extreme weather. It allows people to live in places where temperatures push close to the limits of survivability and where extreme heat persists even at night. And many electrical grids are being pushed to a breaking point due to increasingly frequent extreme weather and soaring demand for cooling. Heat can affect vital organs and cause heat exhaustion, heat stroke and even death.

Persons: Ida, ”, Jen Brady, Michael Webber, Webber, Brian Stone Jr, Hurricane Ida, Leah Millis, ” Webber, ” Stone, Stone, Kate Gallego, ” Gallego, it’s, Mario Tama, Central’s Brady, —, Ian, “ Organizations: CNN, Climate Central, Climate, University of Texas, Georgia Institute of Technology, “, Service, Authorities, Arizona Public Service, Babcock Locations: Louisiana, New Orleans, Austin, California, Pacific Northwest, Europe, Albania, Bosnia, Croatia, Montenegro, New Orleans , Louisiana, Hurricane, Atlanta, Detroit, Phoenix, Phoenix , Arizona, Florida

☆ Navajo Nation: As it gets hotter, 13,000 families in this pocket of America live without electricity
▼ + stars: | 2024-07-03 | by ( Ashley Killough | Ed Lavandera | ) edition.cnn.com time to read: +10 min

But Benally – like 13,000 families in roughly a third of Navajo Nation households – is still off the electrical grid. But while private companies tapped those resources in the 20th century to help electrify areas around the Southwest, the Navajo Nation reaped few benefits. Linemen work to install power lines to bring electricity to the Navajo Nation. Today, it costs the Navajo Nation $40,000 per family, largely due to the remote, desert land. William Lee Tom Jr. screws in a lightbulb at his Navajo Nation home.

Persons: New Mexico CNN — Katherine Benally, Benally, “, ”, Bryan English, Dave Lock, Franklin Roosevelt’s, Ashley Killough, Bennett, Deenise Becenti, who’ve, Arlene Henry, Arlene Henry doesn't, Arlene Henry's, CNN “, ” Henry, Henry, ” Henry clutched, William Lee Tom Jr, He’s, Tom, it’s, Joel De La Rosa Organizations: New Mexico CNN, Navajo, Navajo Nation, Trico Electric Cooperative, ”, Canyon, Electric Cooperative Association, US Energy Department, CNN, Navajo Tribal Utility Authority, American Public Power Association, National Rural Electric Cooperative Association, Workers Locations: New Mexico, United States, American, America, Arizona, Benally’s, West Virginia, Navajo, Crystal , New Mexico, Rock , Arizona

☆ The big winners of the AI boom are the most boring companies imaginable
▼ + stars: | 2024-07-01 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +7 min

Some of the main winners of the AI boom will be stocks currently sliding under the radar. Across the road, ground has been broken on another data center. This specifically means data centers, which will be increasingly key for storing information as AI becomes more mainstream. On a single-stock basis, Digital Realty Trust — the only data center real estate investment trust listed on the New York Stock Exchange — has jumped 38% over the last year, while the Global X Data Center & Digital Infrastructure ETF has climbed 12%. Mortonson says it's difficult for software companies to build around AI.

Persons: —, Ted Mortonson, Baird, we're, Goldman Sachs, hasn't, That's, Travis Miller, Miller, Mortonson, There's Organizations: Nvidia, Service, Goldman, Digital Realty Trust, New York Stock Exchange, X Data, Digital Infrastructure ETF, Bank of America, JPMorgan, Morningstar, Business, Software, Utilities Locations: US, Korea, India, Europe

☆ Stock market today: Indexes rise and bond yields soar as 2nd half of the year kicks off
▼ + stars: | 2024-07-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

The 10-year Treasury yield spiked 13 basis points to 4.479%. AdvertisementUS stocks ended higher on Monday to start the second half of the year, rising even as bond yields soared during the session. Meanwhile, shifting outlooks on the US election have added uncertainty to the bond market, and yields on the 10-year Treasury surgedon Monday. The 10-year Treasury yield spiked 12 basis points to 4.469%. Among individual stock movers on Monday, Chewy whiplashed after meme-trading legend Keith Gill disclosed a $245 million stake in the company.

Persons: —, Stocks, surgedon, Joe Biden, Donald Trump, Goldman Sachs, Jerome Powell, John Williams, Chewy, Keith Gill Organizations: Treasury, Service, Nasdaq, Federal Reserve, Trump, Traders, Federal Locations: France

☆ Boston Celtics' majority owner puts team up for sale weeks after NBA championship
▼ + stars: | 2024-07-01 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

A "Believe in Boston" flag flies during the duck boat parade celebrating the Boston Celtics' 18th NBA championship. The Boston Celtics' ownership group announced Monday that it plans to sell the team, according to a statement posted to the Celtics' account on social media site X. The controlling family of the ownership group, Boston Basketball Partners LLC, said it intends to sell all of its shares in the team "for estate and family planning consideration." As sports franchise valuations soar, the Celtics could fetch a particularly high price. The team is among the most successful and most widely followed in U.S. professional sports, and won its NBA record 18th championship last month.

Organizations: Boston Celtics, NBA, Basketball Association, Celtics, Boston Basketball Partners, Phoenix Suns Locations: Boston

☆ Solar panel insurance costs soar as development expands into regions with extreme weather
▼ + stars: | 2024-07-01 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSolar panel insurance costs soar as development expands into regions with extreme weatherCNBC's Pippa Stevens reports on the rising costs of insurance for solar developers, as they try to build in regions with severe weather.

Persons: Pippa Stevens

☆ These retail traders lost big in the first meme stock episode. Here's why they won't stop betting on GameStop.
▼ + stars: | 2024-06-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

GameStop stock is still the fascination of day traders, even after many saw big losses in 2021. The allure of striking it rich on the meme stock is too great to ignore, traders told BI. Business Insider spoke with retail traders, who asked to use only their first name for privacy, about how past losses are impacting their decision to go long GameStop again. Still, he couldn't help himself from scooping up more GameStop shares when the stock rocketed higher this year. Advertisement"I dabbled a little bit with this current uptrend, certainly nowhere near the levels I was putting in before.

Persons: they're, —, Keith Gill —, Dan, couldn't, Brian, I've Organizations: GameStop, Service, Business, lotto Locations: Reddit, Gill's, California

☆ Record summer travel is starting. What it means for airline fares and flight delays
▼ + stars: | 2024-06-28 | by ( Kaya Ginsky | ) www.cnbc.com time to read: +8 min

Mario Tama | Getty ImagesSummer air travel is expected to soar in the United States. Last summer, a record-breaking summer for airports, there were air traffic jams and near collisions amid challenges in flight coordination. Based on air traffic patterns and airport density, New York City and Florida are subject to the highest risk of backups. "There is still a shortage of air traffic controllers, but it hasn't led to the worst outcomes that we were expecting when we were talking about the shortage of air traffic control workers even a year ago." With production delays, airlines pay billions to fly less fuel-efficient and more costly and aged jets.

Persons: DAL AAL, Mario Tama, —, Ed Bastian, CNBC's, Robert Isom, Guy, Clint Henderson, Henderson, They've, hasn't Organizations: Los Angeles International Airport, Getty, Transportation Security Administration, TSA, Boeing, weren't, Delta Air, American, Federal Aviation Administration, Atmospheric Administration, Midwest, Goods, United Airlines, American Airlines, ATC, Independence, Customs, Flyers, FAA, Airbus, Labor, Southwest Airlines Locations: Los Angeles , California, United States, East Coast, U.S, New York City, Florida

☆ Here's where U.S. rents are rising — and falling — the fastest
▼ + stars: | 2024-06-26 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Zumper analyzed median asking rents for apartment listings in the largest 100 U.S. cities by population. Rents have also risen by at least 10% for both one- and two-bedroom apartments in other major metros: Lincoln, Nebraska; Chicago; Buffalo, New York; Madison, Wisconsin; Rochester, New York; and New York City, according to Zumper. What causes rent inflationAt a high level, rent inflation is guided by supply-and-demand dynamics, said Crystal Chen, an analyst who authored the Zumper analysis. Basically, areas with fast-growing rents are seeing demand outstrip the supply of available apartments, while those with falling rents have seen their apartment inventories growing. Rent inflation has fallen substantiallyRent inflation plummeted in the early days of the Covid-19 pandemic.

Persons: Jamie Kelter Davis, Zumper, Crystal Chen, Eric Adams, Fitch, Chen Organizations: Bloomberg, Getty, New, New York City Department of Housing Preservation, Development, Finance, York City Locations: Chicago, U.S, Syracuse , New York, Lincoln , Nebraska, Buffalo , New York, Madison , Wisconsin, Rochester , New York, New York City, Oakland , California, Memphis, Chattanooga , Tennessee, Cincinnati , Ohio, Colorado Springs , Colorado, Irving , Texas, Jacksonville , Florida, Raleigh, Greensboro, Durham , North Carolina, New York, Akron , Ohio, Wichita , Kansas, York

☆ NYC shuttered 80% of its Airbnbs in an attempt to make housing more affordable. All that's done so far is make hotels more expensive.
▼ + stars: | 2024-06-26 | by ( Eliza Relman | Dan Latu | ) www.businessinsider.com time to read: +8 min

Read previewLast September, New York City began enforcing its strict new regulations on short-term rentals. Since then, the number of legal short-term rentals listed on Airbnb and other platforms has plummeted. Impacts of the near-banLL18 was motivated by the city's housing affordability crisis, caused in large part by a severe housing shortage. Short-term rentals, including Airbnbs, can take homes that would otherwise be lived in full-time off the market, potentially exacerbating the housing shortage. But there's some evidence, including from Irvine, California, that restricting short-term rentals can reduce rents.

Persons: —, it's, Jamie Lane, Lane, hasn't, Klossner, LL18, Eric Adams, TIMOTHY A, CLARY, Scott Stringer, Airbnb, It's, Nathan Rotman Organizations: Service, Business, Mayor's, Criminal, Special, York City, Hotel, Former, Big Apple, New Locations: New York City, New, York, Irvine , California, New York

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