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☆ 26-year-old won the NYC housing lottery, pays $881/month for a 1-bedroom apartment: How the process works
▼ + stars: | 2024-07-20 | by ( Celia Fernandez | ) www.cnbc.com time to read: +10 min

Nahjae Olin won the NYC housing lottery in 2023 and signed a lease on a one-bedroom apartment in the Bronx. She and five of her siblings grew up in a one-bedroom apartment just one block away from the place she now calls home. Molly Stromoski for NYC Department of Housing Preservation & DevelopmentThe New York City housing lottery program helps residents find affordable housing, including rent-stabilized apartments. NYC Housing ConnectThe average ratio for HPD's housing lottery is 50 applications for each available unit. Before winning her housing lottery apartment, Nkenge lived in a small one-bedroom in Harlem.

Persons: Nahjae Olin, Olin, Molly Stromoski, Emily Osgood, Osgood, you've, It's, she'd, . Olin, I'm, Development Olin, you'll, Nkenge, Mickey Todiwala, That's, I've Organizations: CNBC, NYC Department of Housing Preservation, New, of Housing Preservation, Development, Yorkers, AMI, Housing, . Locations: Bronx, Bronx , New York City, New York City, New York, housingconnect.nyc.gov, Brooklyn, Williamsbridge, U.S, Harlem, Manhattan, Nkenge's

☆ US-Mexico border security is stretching troops thin, placing demands 'not related to their military mission set,' National Guard chief says
▼ + stars: | 2024-07-19 | by ( Steve Beynon | ) www.businessinsider.com time to read: +7 min

For decades, the National Guard has had some level of presence on the southwest border. The border mission is mostly static security and surveillance, but troops typically are not allowed to interact directly with migrants or suspected smugglers. It also has been contributing to retention issues that have plagued the Army National Guard. The move sparked numerous questions on the ethics and legality of privately funding National Guard operations — and came as Noem was boosting her national profile. The National Guard has frequently been caught in the middle between state politicians and federal officials.

Persons: —, Daniel Hokanson, Military.com, Greg Abbott's, Chip Somodevilla, Hokanson, Herika Martinez, Christine Wormuth, JOSEPH PREZIOSO, Kristi Noem, megadonor Willis Johnson, Noem Organizations: Service, National Guard, Guard's, Business, Gov, Lone Star, Capitol Hill, US, Army National Guard, Army Guard, Guardsmen, Texas National Guard, AFP, Getty, Army, Guard, Massachusetts National Guard, South Dakota Republican Gov, Governors Locations: Mexico, Texas, Kuwait, Iraq, Afghanistan, Ukraine, Africa, AFP

☆ Elon Musk praises the first prime minister of Singapore as 'brilliant' in response to a glowing blog post about the country's airport
▼ + stars: | 2024-07-19 | by ( Aditi Bharade | ) www.businessinsider.com time to read: +5 min

Read previewElon Musk said that Singapore's first prime minister, touted as the country's founding father, was a "brilliant" man. Mack wrote about Lee's efforts in conceiving Singapore's Changi Airport, which has been named the world's best airport 12 times by London-based research firm Skytrax. Singapore's award-winning Changi Airport. John Seaton Callahan/Getty ImagesBefore Singapore's Changi Airport became operational in 1981, the island state had a small commercial airport located inland on the east side of Singapore, called Paya Lebar Airport. The country's largest public universities, National University of Singapore and Nanyang Technological University, ranked 8th and 15th, respectively, in the 2025 QS top universities rankings.

Persons: —, Elon Musk, George Mack, Lee Kuan, Mack, d1C60XIvNA — Elon, Musk, Lee, Singapore's, John Seaton Callahan, Skytrax, Martin Puddy, Liu Thai Ker, Jon Hicks, it's Organizations: Service, SpaceX, Business, Changi, Changi Airport, Singapore's Changi, Airport, Changi Airport's, Business Times, The New York Times, Financial, Singapore Crowds, Getty, National University of Singapore, Nanyang Technological University, QS, Cornell, Princeton, Yale Locations: London, Singapore, Paya, Changi, Southeast Asia, Malaysia, Asia, Hong Kong, Singapore's Orchard

☆ White House Pushes Rent Cap, Reigniting Debate on Housing Policy
▼ + stars: | 2024-07-19 | by ( Talmon Joseph Smith | ) www.nytimes.com time to read: +1 min

When the Biden administration laid out a suite of plans this week to address housing affordability, it added a bold update to previous proposals — and sent the housing industry and the economics world buzzing. The White House called on Congress to pass legislation giving “corporate landlords” — defined by the White House as those with over 50 rental units — a choice to cap annual rent increases on existing units at 5 percent annually or lose federal tax breaks based on property depreciation. The proposal is expected to go largely unaddressed this year, with Congress in campaign mode. Tenant organizations and progressive leaders generally allied with the administration’s economic team cheered the news. Yet a range of economists, Wall Street analysts, real estate groups and landlord associations responded with forceful critiques, assailing the limits as counterproductive.

Persons: Biden, ” — Organizations: White, Wall Street

☆ I reread JD Vance's 'Hillbilly Elegy.' He hasn't transformed as much as you think.
▼ + stars: | 2024-07-18 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +11 min

To reread "Hillbilly Elegy" now, as I did this week, is to feel a sense of disorientation. JD Vance the author sounds a lot different than JD Vance the politician. Personally, I first read "Hillbilly Elegy" in college, in an earnest if somewhat contrived attempt to better understand communities unlike mine. On stage, he recounted a story that also appears in "Hillbilly Elegy," where Mamaw bluntly threatens violence against one of Vance's friends. There are hints of this in "Hillbilly Elegy" as well: He served as a public affairs Marine, where he was trained in the art of media relations, including "how stay on message."

Persons: JD Vance, It's, Vance, Donald Trump's, Trumper, Trump, I've, who's, Vance didn't, JD, Alex Wong, Mamaw, Mom, Brett Kavanaugh, there's, New York Times's Ross Douthat, There's, he's, Usha, Mike Johnson, Kamil Krzacynski, — Vance Organizations: Service, Republican, audience's, Democratic, Capitol Hill, Republican National Convention, Supreme, New, GOP, Marine, Yale Law School, Getty Locations: Ohio, Middletown , Ohio, Appalachia, Middletown, Washington, New York, Ukraine, AFP

☆ Here's why Abbott Labs stock is getting dinged after a strong earnings beat
▼ + stars: | 2024-07-18 | by ( Zev Fima | ) www.cnbc.com time to read: +9 min

As Abbott's organic sales growth continues to shine, the market will realize both concerns are overblown. The FreeStyle Libre itself, which had 20% organic growth in the quarter, also still has plenty of runway for further growth. Investors should focus instead on the upward revision to management's full-year outlook for both top-line organic growth and earnings. The combination of Thursday's strong results and immediate decline in share price is setting up a positive risk vs. reward setup. Within Diagnostics, a small miss in molecular was more than offset by strong results in core laboratory, point of care and rapid diagnostics.

Persons: Abbott, Edwards, Robert Ford, It's, Jim Cramer's, ABT, Jim Cramer, Jim, Robert B, Ford, Ethan Miller Organizations: Abbott Labs, Abbott Laboratories, NEC, Rio, Libre, Management, Diagnostics, Devices, CNBC, Getty Locations: Missouri, Rio —, United States, U.S, Vegas, Las Vegas , Nevada

☆ Ukraine: Germany to halve military aid despite possible Trump White House
▼ + stars: | 2024-07-18 | by ( Story Reuters | ) edition.cnn.com time to read: +4 min

Reuters —Germany plans to halve its military aid to Ukraine next year, despite concerns that US support for Kyiv could potentially diminish if Republican candidate Donald Trump returns to the White House. German aid to Ukraine will be cut to €4 billion ($4.35 billion) in 2025 from around €8 billion in 2024, according to a draft of the 2025 budget seen by Reuters. Germany has faced criticism for repeatedly missing a NATO target of spending 2% of its economic output on defense. Days after Russia’s 2022 invasion of Ukraine, Chancellor Olaf Scholz announced a “Zeitenwende” – German for historic turning point - with a €100 billion special fund to bring the military up to speed. The defense budget is set to receive a meagre €1.3 billion more than in 2024, far below the €6.7 billion requested by Pistorius.

Persons: Donald Trump, Christian Lindner, Trump, JD Vance, Olaf Scholz, Kay Nietfeld, Chancellor Olaf Scholz, Boris Pistorius, Pistorius . Scholz, Zelensky, John MacDougall, “, ”, Ingo Gaedechens Organizations: Reuters, House, Group, German, Washington, Ukraine, Trump, NATO, Social Democrats, Greens, Defense, Getty, CDU Locations: Germany, Ukraine, €, Europe, United States, Russia, Irpin, Kyiv, Berlin

☆ Real estate pros agree that rental income isn't 'passive' and are turning to more hands-off strategies
▼ + stars: | 2024-07-18 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +7 min

It sounds simple enough — rent comes in and, ideally, it's greater than the rental expenses, resulting in positive cash flow — but real estate investors agree that rental income shouldn't be categorized as passive. "You hear that real estate investing is passive, and that's certainly not been my experience," New England-based investor Tess Waresmith, who owns five units, told Business Insider. But when I'm not actively buying, I don't spend much time on real estate." Real estate syndicationWith real estate syndication deals, a group of investors pool together their capital to purchase a single property managed by the syndicator. He recommends starting with an online search for "real estate syndicates" or "commercial real estate syndicates" if you're specifically interested in commercial deals.

Persons: —, that's, Tess Waresmith, Stephen Yin, I'm, Carl, Mindy Jensen, we've, Mindy, Erik Smolinski, Smolinski, hasn't Organizations: Service, Business Locations: New England, Los Angeles, Birmingham, Colorado

☆ Bissell recalls 3.2 million handheld steam cleaners after reports of burn injuries
▼ + stars: | 2024-07-18 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —Bissell has recalled about 3.2 million handheld Steam Shot cleaners, which are popular across social media, after more than 150 burn injury reports. The handheld steamers, which come in a variety of colors, are among the top search results for “steam cleaner” on TikTok. Bissell said it received 183 reports of hot water or steam escaping from the steamer, which includes 157 reports of minor burn injuries. The recall targets steam cleaners in the model series 39N7 and 2994. “STEAM SHOT” or “POWER STEAMER” is printed on the side of the affected product.

Persons: New York CNN — Bissell, Bissell Organizations: New, New York CNN, Consumer Product Safety, Target, Walmart, Bissell, Amazon Locations: New York, TikTok, Canada

☆ Ford to spend $3 billion to expand large truck production to a plant previously set for EVs
▼ + stars: | 2024-07-18 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – Ford Motor will expand production of its large Super Duty trucks to a Canadian plant that was previously set to be converted into an all-electric vehicle hub. The new plans include investing about $3 billion to expand Super Duty production, including $2.3 billion at Ford's Oakville Assembly Complex in Ontario, Canada, Ford said Thursday. The remaining investment will be used to increase production at supporting facilities in the U.S. and Canada, the company said. Ford currently produces Super Duty trucks – the larger siblings of the F-150 full-size pickup used largely by commercial and business customers – at plants in Ohio and Kentucky. Ford said the Canadian plant, which is expected to come online in 2026, will add capacity of roughly 100,000 units annually.

Persons: Ford, Jim Farley Organizations: DETROIT, Ford, Kentucky, Plant, Ford Pro Locations: Canadian, Oakville, Ontario, Canada, U.S, Ohio, Kentucky

☆ Can Boeing get back to its glory days?
▼ + stars: | 2024-07-18 | by ( Leslie Josephs | ) www.cnbc.com time to read: +17 min

Then on Jan. 5, about six minutes and 16,000 feet into a packed flight out of Portland, Oregon, a door plug blew out of a nearly new Boeing 737 Max 9. The Federal Aviation Administration barred Boeing from increasing output of its Max planes and stepped up hands-on inspections at production plants. The 737 was dubbed "Baby Boeing" and went on to become the company's bestseller, helping to make Boeing the largest U.S. exporter. Pilots in those Boeing planes fought against a flight-control system, the Maneuvering Characteristics Augmentation System, that pushed the nose of the planes downward repeatedly. Boeing has said it aims to increase rates to about 50 Max planes a month in the next few years.

Persons: Joshua Roberts, Max, AeroSystems, Sen, Richard Blumenthal, Conn, Dave Calhoun, Boeing hasn't, Brian West, Aengus Kelly, Bob Jordan, I'm, Antonoaldo Neves, Calhoun, Steve Mollenkopf, Pat Shanahan, Donald Trump, Barack Obama, AerCap's Kelly, Mulugeta Ayene, we've, NASA —, Scott Kirby, McDonnell Douglas, Rob Spingarn, Kirby, Spirit Aerosystems, William Campbell, it's, It's, Howard McKenzie, Kevin Lamarque, Goldman Sachs, Noah Poponak, Alex Krutz Organizations: American Airlines Boeing, Reagan National, FAA, Reuters Boeing, Wall, Boeing, Justice Department, Alaska Airlines, National Transportation Safety Board, NTSB, Via Reuters Industry, Farnborough, Federal Aviation Administration, Airbus, JPMorgan, Etihad Airways, General Electric, Blackstone, Qualcomm, Lion, Ethiopian Airlines, Pilots, Justice, Reuters, NASA, Lion Air, CNBC, Research, Max, Spirit, Corbis, Jefferies, DOJ, Senate Homeland Security, Governmental Affairs, Capitol, Patriot Industrial Partners Locations: Los Angeles, United States, Washington , U.S, Portland , Oregon, Alaska, U.S, Maldives, Wall, United Kingdom, Boeing's, Emirates, Southwest, United, Indonesia, Addis Ababa, Bishoftu, Debre Zeit, Ethiopia, BOZEMAN , MT, Wichita , Kansas, Bozeman, Bozeman , Montana, Seattle, Chicago, Arlington , Virginia, Wichita, South Carolina, Washington

☆ Sealed bottles of tattoo and permanent makeup ink test positive for millions of bacteria, FDA says
▼ + stars: | 2024-07-18 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +8 min

CNN —Sealed bottles of tattoo and permanent makeup ink, including some marked as sterile, contained millions of potentially dangerous bacteria, according to new research by the US Food and Drug Administration. Earlier studies have found high levels of bacterial contamination within sealed and sterile bottles of ink. Unfortunately, the study’s findings were not surprising, said John Swierk, an assistant professor of chemistry at Binghamton University, State University of New York, who has studied tattoo ink contamination. For example, using the same gloves to touch a client and the ink bottle is a hazard that can lead to tattoo ink contamination. “Tattoo inks are in the process of being regulated due to the Modernization of Cosmetics Regulation Act (of 2022) but much of that law dealing with tattoo inks has yet to be implemented,” Swierk said.

Persons: ”, Peter, Kim, Linda Katz, ” Katz, Katz, John Swierk, Swierk, Selina Medina, ” Medina, Robert Schooley, “, ’ ”, Schooley, Medina, miodrag ignjatovic, ” Swierk Organizations: CNN, US Food and Drug Administration, National, for Toxicological Research, Cosmetics, US Centers for Disease Control, Binghamton University, State University of New, Alliance, Professional, Manufacturers, FDA, CFU, University of California, Center, Therapeutics, Artists Locations: Jefferson , Arkansas, State University of New York, United States, San Diego, Medina

☆ We Mapped Heat in 3 U.S. Cities. Some Sidewalks Were Over 130 Degrees.
▼ + stars: | 2024-07-17 | by ( Raymond Zhong | Mira Rojanasakul | ) www.nytimes.com time to read: +9 min

Just consider this image, captured recently by satellite, of surface temperatures across Phoenix. On the city’s desert fringes, in territory governed by Native American nations, the land was even hotter, 150 degrees or more. Surface temperatures are just one of many factors that cities are thinking about as they try to protect residents from extreme heat, said Ladd Keith, an associate professor in the School of Landscape Architecture and Planning at the University of Arizona. Sacramento July 11, 2024 LAND SURFACE TEMPERATURES 120˚F 130˚F 140˚F 150˚F Sacramento July 11, 2024 LAND SURFACE TEMPERATURES 120˚F 130˚F 140˚F 150˚F Sacramento July 11, 2024 LAND SURFACE TEMPERATURES 120˚F 130˚F 140˚F 150˚F Sacramento, Calif. July 11, 2024 LAND SURFACE TEMPERATURES 120˚F 130˚F 140˚F 150˚FCitrus Heights AIRPORT North Highlands AIRPORT Aden-Arcade Rancho Cordova Sacramento AIRPORT AIRPORT Florin 2 miles Citrus Heights AIRPORT North Highlands AIRPORT Rancho Cordova Sacramento AIRPORT AIRPORT 2 miles AIRPORT Citrus Heights North Highlands AIRPORT Rancho Cordova Sacramento AIRPORT AIRPORT 2 miles Florin AIRPORT Citrus Heights AIRPORT Rancho Cordova Sacramento AIRPORT AIRPORT 2 miles AIRPORT AIRPORT Sacramento AIRPORT AIRPORT 2 miles Sacramento 2 miles Sacramento 2 miles Sources: U.S.G.S. In Portland, Ore., tree-filled areas like Forest Park, on the city’s west side, provided oases of cool last week.

Persons: Kevin Foster, Ladd Keith, Keith, ” Dr, ”, Victoria Vasquez, Vasquez, Vivek Shandas, Shandas, “ Organizations: U.S . Cities, Phoenix, Arizona Burn, of Landscape Architecture, University of Arizona, Sacramento, Arcade, Cordova Sacramento, AIRPORT Florin, Sacramento AIRPORT, Florin, AIRPORT, United States Forest Service, Park, Park Gresham, Portland State University Locations: U.S, Phoenix, MCDOWELL YAVAPAI, MARICOPA, Glendale, FORT MCDOWELL YAVAPAI, Maricopa County, Sacramento, Calif, Citrus, Aden, Citrus Heights, California, Portland, Ore, Vancouver, Wash, Park Portland, Gresham, Powell, Park Lake Oswego, Park Gresham Portland, Beaverton Lake Oswego, Gresham Beaverton, Oswego Vancouver, Gresham Beaverton Lake Oswego, Forest Park Portland, Multnomah County, Oregon, Washington

Learn moreAs far as Prime Day deals go, this is easily the best one I've seen this year. Apple has since phased out the original Lightning port version, and given the new ones get discounted regularly, we haven't missed them. I have the Lightning port version, and I'm very tempted, even with a Pro 3 model likely coming toward the end of the year. The perfect Prime Day AirPods Pro dealLowest Price Apple AirPods Pro (2nd Gen) with USB-C $168.99 $249.00 Save 32% The AirPods Pro 2 are a big upgrade from their predecessors, with improved noise cancellation and battery life, new touch controls for volume, and a redesigned case with a built-in speaker and pinpoint location tracking. If you want to see what else is on offer and a longer list of headphones and Apple products, check out our roundup of the best Prime Day deals.

Persons: I'm, haven't, Sony's, I've, Kevin Costner's, — they're Organizations: Business, Apple, Air, Samsung Locations: Yellowstone

☆ AMD's AI head explains how it's tackling Nvidia's 'lock-in' and the AI chip shortage
▼ + stars: | 2024-07-17 | by ( Helen Li | ) www.businessinsider.com time to read: +1 min

An AMD executive said the firm embraces open source to tackle GPU shortages and challenge Nvidia. Nvidia controls over 70% of the AI chip market, leveraging its closed CUDA software. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAn AMD executive said his company is taking an open-source approach as it challenges Nvidia in the chip wars.

Persons: —, Ramine Roane Organizations: AMD, Nvidia, Meta, Microsoft, Service, Momentum, Mizuho Securities, Google, Business Locations: San Jose , California

☆ Work from home could lead to more homes in vacant offices
▼ + stars: | 2024-07-17 | by ( Samantha Delouya | ) edition.cnn.com time to read: +7 min

At first glance, The Crosby, an apartment building that opened in 2020 in Los Angeles’ Koreatown neighborhood, seems like a typical luxury high-rise. And most office buildings have central air conditioning, so the system needs to be replaced with individual cooling and heating systems for each unit. “Only about 15% of office buildings here in the markets that we’re based in are potentially good candidates for office-to-housing conversions,” Sherman said. While that may initially seem like a positive, apartment units need to have access to windows facing the exterior. Local governments aren’t only pushing for office building conversions, though.

Persons: CBRE, Crosby, West, ”, Jaime Lee, “, we’ve, ” Lee, Chris Sherman, ” Sherman, Sherman, you’re, Jason Ward, Ward, Eric Adams, John Watson, ” Watson, Watson, Kelly Wilkinson Organizations: CNN, Moody’s, Texaco, Jamison Group, ”, Jamison, Sherman Associates, “, Local, RAND, Housing, Homelessness, New York City, Pfizer, Indianapolis Star Locations: United States, Los Angeles, Koreatown, West Coast, Minneapolis, New York, New, Indianapolis, “, Indiana University's

☆ Morgan Stanley hikes price targets for Asian stocks it says will benefit from greater iPhone demand
▼ + stars: | 2024-07-17 | by ( Weizhen Tan | ) www.cnbc.com time to read: +3 min

Increased shipments of Apple's iPhones will be a key "volume driver" for the supply chain, according to Morgan Stanley. But the situation is set to change, with Apple Intelligence predicted to be a "key iPhone replacement driver." It raised its price targets for several stocks in the Apple supply chain. Largan reported first-quarter revenue that was below expectations but Morgan Stanley believes that was the trough. Morgan Stanley said Genius has a "good chance" of making a breakthrough in the periscope high-end lens segment in the second half of this year.

Persons: Morgan Stanley, Hon Hai, Hai, Luxshare's, Max, Morgan, Largan, Genius, CNBC's Michael Bloom Organizations: Apple Intelligence, Apple, Max, AAC Locations: Asia, Taiwan, India, Zhengzhou, China

☆ These are America's 10 best states for buying and selling a home in 2024, with a big caveat at No. 1
▼ + stars: | 2024-07-16 | by ( Scott Cohn | ) www.cnbc.com time to read: +8 min

CNBC considers the housing market as part of the Economy category in America's Top States for Business, the annual rankings of all 50 states. We consider price appreciation and seller gains, as well as affordability, inventory, and housing starts. Still, price appreciation remains healthy. That price appreciation may be bringing more construction activity, which is one reason inventory levels are rising. 1 (Top States Grade: A+) Appreciation: 6.85% Inventory (July): 4 months Affordability score: 0.44 Effective property tax rate: 0.76% Median sales price: $420,100

Persons: Indiana homebuyers, Elijah Nouvelage, Tennessee Cynthia Holzapfel, Cynthia Holzapfel, Kevin Wurm, Roger Kisby, Allison Joyce, Sellers, Sam Wolfe, Jakub Porzycki Organizations: CNBC, Business, Istock, Getty, Indiana, Hoosier State, Bloomberg, Washington Post, Volunteer State, Southern Highlands, ., State, North Carolina Workers, Arizona, South Carolina Homes, Palmetto State, Nurphoto Locations: States, Delaware, Brookside Delaware, Indiana, Midwest, USA, Georgia, Atlanta , Georgia, U.S, Peach, Summertown , Tennessee, Nevada, Las Vegas , Nevada, . New Jersey New Jersey, Barnegat, , New Jersey, Illinois, Lillington , North Carolina, Alabama, Yuma , Arizona, Summerville , South Carolina, Palmetto, Florida, Duval, Key West, United States

☆ Amazon cracks down on 'coffee badging' employees by tracking individual hours spent in the office
▼ + stars: | 2024-07-16 | by ( Eugene Kim | ) www.businessinsider.com time to read: +5 min

Read previewAmazon is now monitoring the hours corporate employees spend in the office. This move is intended to crack down on people who are trying to skirt the company's return-to-office policy, Business Insider has learned. Coffee badging refers to employees who badge in, get coffee, and leave the office shortly to satisfy their return-to-office mandate. 'Like high school students'Many Amazon employees shared their frustrations with the new mandate, the Slack messages showed. One person wrote that people will act like high-school students "if you treat employees like high school students."

Persons: —, Slack, Andy Jassy, Margaret Callahan, haven't, Callahan, we're, Mike Blake, It's Organizations: Service, BI, Business, Amazon, Reuters, Owl Labs, WFH Research, Foods

☆ Biden announces plan to cap rent increases at 5% for half of American rental households
▼ + stars: | 2024-07-16 | by ( Eliza Relman | Dan Latu | ) www.businessinsider.com time to read: +5 min

Read previewPresident Joe Biden on Tuesday rolled out a plan offering landlords a choice: cap annual rent increases at 5% for the next two years or risk losing valuable tax credits. These landlords control more than half the national rental market, according to senior White House officials. Corporate landlords who increase rent by more than 5% would lose the valuable tax benefit known as depreciation deductions. AdvertisementA focus on housing affordabilityAs president, Biden has pushed a series of pro-housing policies and generally favored more federal participation in housing policy. Tuesday's move is part of a series of recent housing policy announcements from the administration.

Persons: —, Joe Biden, Lael Brainard, Biden, Donald Trump, alledgedly colluding, Kamala Harris, Janet Yellen Organizations: Service, White House, Business, Harvard Joint Center for Housing Studies, Harvard, Tax, Republicans, Union Locations: Nevada, Clark County, Henderson , Nevada, State

☆ Biden unveils plan to cap rent hikes
▼ + stars: | 2024-07-16 | by ( Samantha Delouya | ) edition.cnn.com time to read: +5 min

That’s aimed at incentivizing new rental property construction to increase supply of apartments and homes for rent. “While the prior administration gave special tax breaks to corporate landlords, I’m working to lower housing costs for families,” Biden said in a statement. Some federal lands could be repurposed for housingBiden announced two additional efforts aimed at reining in high housing costs on Tuesday. During CNN’s presidential debate in June, Biden hinted at his new plan to address rent increases. There are currently 1.6 million units under construction in the US as of May, according to Federal Reserve data.

Persons: Joe Biden, That’s, ” Biden, Biden, Adrianne Todman, We’re, ” Organizations: CNN, Republicans, Joint Center for Housing Studies, Harvard University, Land Management, US Postal Service, Housing, Urban, NATO Summit, Housing Solutions Coalition, Mortgage Bankers Association, Federal Reserve Locations: Nevada, ”, Challanooga, Houston, Miami, Las Vegas , Syracuse, Trenton , New Jersey, Huntsville , Alabama, United States

☆ A 36-year-old who built a seven-figure net worth shares how she invested her money and her current portfolio
▼ + stars: | 2024-07-16 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +10 min

Courtesy of Tess WaresmithHer current portfolio: real estate, index funds, individual stocks, crypto, and cashWaresmith has continued to diversify her portfolio over the years. "But then there are other ways to diversify within the stock market and also outside the stock market. "I think there's a misconception around real estate investing that you have to have 300 units to be successful," she said. In her case, the first deal she did was "a total game changer and allowed me to invest more in the stock market. The stock market: index funds and individual stocksWaresmith prefers index funds because "it's such an easy way to get exposure to the whole stock market," but a small portion of her portfolio, less than 5%, is in individual stocks.

Persons: —, Tess Waresmith, Waresmith, Tess, Waresmith's, I've, she's, I'm, It's Organizations: Service, Boston University, Fortune, Business, BU, America Locations: New England, America, Tampa , Florida, Salem , Massachusetts, Tampa, Massachusetts

☆ Here are 6 buying categories cheaper today than they were before the pandemic
▼ + stars: | 2024-07-16 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +3 min

So when worldwide events like the Covid-19 pandemic push inflation well above that 2% target, it can be a real shock to consumers. There are a handful of retail categories, dominated by consumer electronics, that buck the trend and are actually cheaper now than they were before the pandemic, based on a CNBC review of CPI categories in June 2024 compared with June 2019. Same price, better valueEven when annual inflation was at its peak, prices for consumer electronics consistently showed signs of deflation. Such hedonic adjustments — the term BLS uses to describe it's adjustments for changes in item quality — span the whole consumer price index and include categories from men's underwear to home computers to refrigerators. Why televisions continue to be cheapBut hedonic adjustments can't account for everything when the CPI is registering drops in prices.

Persons: it's, Andrew Csicsila, That's, Csicsila Organizations: U.S . Federal Reserve, U.S . Bureau of Labor Statistics, CNBC, CPI, Bureau of Labor Statistics Locations: Americas

☆ A big European asset manager trims Nvidia shares after huge rally
▼ + stars: | 2024-07-15 | by ( Yun Li | ) www.cnbc.com time to read: +1 min

DNB Asset Management, a Nordic fund giant managing nearly $90 billion as of the end of 2023, dumped a sizable portion of its Nvidia stake after the chipmaker's stunning 2024 run, according to a new regulatory filing. The sale came after Nvidia's jaw-dropping rally that pushed its market valuation above $3 trillion. Still, the rally in Nvidia has recently shown has signs of exhaustion as 2024's bull run broadened out to the unloved pockets of the market. DNB, with about 100 investment funds, had around $88 billion in assets under management as of 2023, according to the firm's website. The European giant had most of its top 10 holdings in the so-called Magnificent Seven stocks, including Microsoft , Alphabet , Nvidia, Amazon , Apple and Meta Platforms.

Persons: Jensen Huang Organizations: Nvidia, U.S . Securities, Exchange Commission, Microsoft, Apple

For Nvidia CEO Jensen Huang, being almost the only game in town for AI chips isn't enough. AdvertisementThe company also runs Nvidia Inception, an incubator and venture network that counts more than 20,000 early-stage companies among its membership. "I think it's crazy," said another founder whose company received investment from NVentures, who spoke on condition of anonymity. Any company trying to do anything major in AI has spent the past two years buying them by the truckload. AdvertisementHe says he's received personal calls from Huang in which the Nvidia CEO weighs in on company decisions or expresses disapproval of his public statements.

Persons: Jensen Huang, Chris Brown, Brown, Huang, Vishal Bhagwati, Sid Siddeek, Jensen, Umesh, Padval, Uber, Nvidia's, Lisa Su, he's, there's Organizations: Service, Nvidia, Business, Corporate, Cohere's, Google, AMD Locations: Silicon Valley, New York, NVentures, OpenAI

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