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Read previewThe most competitive rental markets in the country are failing to add enough new housing. That's according to a new analysis of the country's 139 largest rental markets by RentCafe, which found that 17 of the 20 most competitive rental markets in the US are building less than the national average. Miami has the most competitive rental housing market in the country, the report found. Just 3.5% of Miami's rental apartments were vacant early this year — far below the five to eight percent vacancy rate that's considered healthy. Seven midwestern cities are among the top 20 most competitive markets in the US.
Persons: , RentCafe Organizations: Service, RentCafe, Oklahoma City, Silicon Valley , California —, Business, Income Housing Coalition, , Miami, Chicago . College towns —, University of Arkansas Locations: Oklahoma, Bridgeport, New Haven, Connecticut, Lansing, Ann Arbor , Michigan, Silicon Valley , California, Brooklyn , New York, San Diego, North New Jersey, Miami, Midwest, Milwaukee, North Jersey, Chicago, Fayetteville
Harris was nearby in Minnesota, making what is believed to be the first visit of a sitting president or vice president to a clinic that provides abortion services. “Big crowds in Fort Pierce, Florida, for the Biden induced Witch Hunt against his political opponent, ME!,” Trump said on his Truth Social platform. The president has been barnstorming key swing states since delivering a combative State of the Union address a week ago. The vice president, the first woman in her position, spoke frankly about the medical care provided at clinics like the one she visited. “I will never do anything that will jeopardize or hurt Social Security or Medicare,” Trump told the right-wing news outlet during a sitdown at Mar-a-Lago.
Persons: Joe Biden, Kamala Harris, , Donald Trump, Biden, Harris, Jack Smith, Aileen Cannon, Witch Hunt, ” Trump, Trump, Chuck Schumer, Benjamin Netanyahu, Israel “, , Netanyahu, Gaza –, Harris’s, ” Harris, Julie Chavez Rodriguez, Roe, Wade, they’ll, Breitbart, , we’re, pounced Organizations: CNN, Midwest, Trump, Democratic, Biden, White House, New York Democrat, MSNBC, Social Security, GOP, Security, CNBC Locations: Florida, Wisconsin, Michigan, Gaza, Minnesota, stoke, Fort Pierce , Florida, Palestinian American, Chicago, Pennsylvania, Georgia, New Hampshire, . Michigan, Saginaw County, Israel, Israel’s, Rafah, Minnesota’s Twin, Colorado, Arizona, Mar
WASHINGTON (AP) — President Joe Biden is coming out in opposition to the planned sale of U.S. Steel to Nippon Steel of Japan, saying in a statement to be released Thursday that the U.S. needs to "maintain strong American steel companies powered by American steel workers.”In a statement obtained in advance by The Associated Press, Biden adds: “U.S. Steel has been an iconic American steel company for more than a century, and it is vital for it to remain an American steel company that is domestically owned and operated." Thursday's announcement, coming as Biden is campaigning in the Midwest, could have ripples in his race against the GOP presumptive nominee, Donald Trump. Nippon Steel announced in December that it planned to buy the Pittsburgh-based steel producer for $14.1 billion in cash, raising concerns about what the transaction could mean for unionized workers, supply chains and U.S. national security. More than half the steel produced globally comes from China, according to the World Steel Association.
Persons: Joe Biden, Biden, Donald Trump, Trump, Fumio Kishida, Jill Colvin Organizations: WASHINGTON, Steel, Nippon Steel of, Associated Press, GOP, Democratic, AFL, Nippon Steel, Pittsburgh, Foreign Investment, Teamsters, U.S . Steel, Japan, Trump, Biden, United Steelworkers, Nippon, White, World Steel Association . India Locations: U.S, Nippon Steel of Japan, American, Midwest, United States, Saginaw , Michigan, Pennsylvania, Japan, Asia, China
"It's section 1250 in the tax code, and that tax rate is 25% at the federal level, regardless of whatever marginal income tax bracket you're in." In addition to owing capital gains tax on the $500,000 of appreciation they experience, they're also subject to depreciation recapture tax. As a DST investor, you essentially own fractions of the investment properties, typically high-grade institutional properties, owned by the trust. A step-up in basis can reduce or eliminate capital gains taxesA "step-up in basis" can help heirs reduce or even eliminate capital gains taxes. That means, if the surviving spouse wants to sell, they can save big on capital gains taxes.
Persons: , Austin Bowlin, they're, Bowlin, aren't Organizations: Service, Real, Business, IRS, Midwest, Investors Locations: Delaware, Texas, Arizona , California , Idaho , Louisiana , Nevada , New Mexico , Texas, Washington, Wisconsin
The stop by Ms. Harris at the Planned Parenthood clinic was believed to be the first official visit by a vice president to an abortion clinic. We have to be a nation that trusts women.”Image Ms. Harris visited a Planned Parenthood clinic in St. Paul, Minn., on Thursday. Nebraska, North Dakota and South Dakota were almost bare — all have restricted abortion access since the overturning of Roe. But the fall of Roe upended those politics, energizing a new generation of voters energized by their support for abortion rights. “Please do understand that when we talk about a clinic such as this, it is absolutely about health care and reproductive health care.
Persons: Kamala Harris, Minn, Harris, , , Jenn Ackerman, Roe, Wade, energizing, Biden, Lake, Biden’s, Donald J, Trump, Ms, Undem, Mr, Paul, Sarah Traxler, Tim Walz Organizations: Minn, ., The New York Times, Democrats, Democratic, Paul Health Center, Administration, Gov, The, of Family, State Legislature, Biden Locations: St, Paul, Minnesota, . Minnesota, Iowa . Nebraska , North Dakota, South Dakota, Gaza, KFF, Democratic, Vandalia, “ Minnesota, States
For Zillow Chief Economist Skylar Olsen, this means homes around the country that are relatively cheap should have tailwinds for appreciation in the years ahead. While cheaper homes in every market should outperform, Olsen also said that the affordability crisis means that lower-cost cities around the US are well-positioned for appreciation. In addition to mostly being cheap on an absolute basis, most of the cities are cheap on a relative basis. The eight cities Olsen listed are compiled below in no particular order. Median home price sale data (list price for Hartford) is included, as well as data from Olsen's affordability metric and average monthly mortgage payments.
Persons: Skylar Olsen, , Olsen Organizations: National Association of Realtors, Business, Hartford Locations: Hartford , Connecticut, Providence , Rhode Island, Boston, New York
Delta-8 THC, or delta-8 tetrahydrocannabinol, is one of more than 100 chemical compounds found in the cannabis sativa plant. That’s at least one or two students in every average-sized high school class who may be using delta-8. Most of the participants were about 17 years old, so the study may not fully represent how many younger teens are using delta-8. There has been a general concern that the number of students using delta-8 has been growing, according to an editorial published Tuesday alongside this study. Calls to America’s Poison Centers about delta-8 products spiked 82% from 2021 to 2022, the group said in a recent report, with 3,358 exposures managed in 2022.
Persons: , Adam Leventhal, “ Dr, Nora Volkow, ” Leventhal, Jennifer Whitehill, Kelly Dunn, Renee Johnson, Harlow et, Scientists don’t, Dr, Sanjay Gupta Organizations: CNN —, USC Institute for Addiction Science, Midwest, National Institute on Drug, University of Massachusetts Amherst, Johns Hopkins University, National Cannabis Industry Association, Scientists, Research, Get CNN, CNN Health, Centers
Creditnews Research, an independent research house, released its new ranking of the fastest-selling housing markets in the U.S. To do a pre-Covid versus 2024 comparison, the study used metrics from January 2020 to January 2024. Five of the top 10 fastest-selling metros were also among the top areas that lost the most per-capita housing inventory since the beginning of the pandemic. Florida had one of the strongest housing markets during the pandemic, according to CNBC's America's Top States for Business ranking, but not a single city in the state ranked in Creditnews Research's top 10. It's a signal that the housing market in the Sunshine State isn't what it used to be.
Organizations: Research, U.S, Business, Creditnews, Sunshine State Locations: U.S, East Coast, Florida, America's, States
Gas prices have surged to four-month highs. Don’t panic
  + stars: | 2024-03-11 | by ( Matt Egan | ) edition.cnn.com   time to read: +5 min
A gas price spike might be the last thing President Joe Biden needs to convince skeptical voters about his economic agenda. But experts say there is no reason to panic about gas prices, at least not yet. Gas prices always rise at this time of the year. Of course, there’s always the potential for unexpected events that could spike gas prices. If anything, De Haan said the earlier-than-expected jump in gas prices this year could cause prices to peak sooner than usual.
Persons: it’s, That’s, Joe Biden, Bespoke’s Paul Hickey, ” Hickey, , , Patrick De Haan, Andy Lipow, Lipow, there’s, GasBuddy’s De Haan, De Haan Organizations: New, New York CNN, AAA, Federal, Investment, CNN, Whiting, BP Locations: New York, Indiana —, Michigan, Illinois, OPEC, Saudi Arabia, Russia, Saudi Aramco, Ukraine
The chain's sales are "way stronger" in Texas, Arizona and Florida than in midwestern states such as Indiana and Wisconsin, according to Osanloo. For more mature companies such as McDonald's , it means accelerating new restaurant growth in areas where it's now underrepresented. It isn't just restaurants looking to the Sun Belt for sales growth. In addition to well-known chains, Greider has also seen restaurants with chef-driven name recognition traveling south from New York and Chicago. The chain's sales are growing again, according to Brix Holdings CEO Sherif Mityas, making it an opportune time to expand Friendly's footprint.
Persons: Portillo's, Michael Osanloo, you've, Justin Greider, Macy's, Phillips, Manu Steijaert, Greider, they've, that's, Carbone, Friendly's, Sherif Mityas, Mityas, we're, Christine Barone Organizations: Beef, CNBC, Northeast, Sun, Airlines, Dallas, Phillips Edison & Company, JPMorgan, Grill, Major Food Group, Brix Holdings, Brix, Bros Locations: Kissimmee , Florida, Chicago, Texas, Texas , Arizona, Florida, Indiana, Wisconsin, U.S, Midwest, Charlotte, Phoenix, Houston, Dallas, Fort Worth, Atlanta, Florida , Texas , Arizona, Georgia, North Carolina, New York, Miami, Massachusetts, Mississippi, Minneapolis, Southern California, California, Virginia
People are aghast at a video of an NYC studio apartment with an open shower in the kitchen. The small apartment in downtown Manhattan had been on the market for two months at $3,495 a month. AdvertisementNew York City rents are no joke, but people are finding the monthly fees of a small Manhattan apartment with an open shower in the kitchen laughable. The camera pans over the shower, located steps from the door and the refrigerator of the open kitchen. In 2023, BI's Hana R. Alberts reported on a bidding war by prospective renters over a studio apartment without a bathroom listed for $2,350 a month because of its location in Manhattan's Greenwich Village.
Persons: isn't, , Elizabeth, it's, Alexander Spatari, wasn't, BI's Hana, Alberts, David Brand Organizations: Service Locations: NYC, Manhattan, York City, Soho, NYC's, Nolita, Midwest, Little Italy, NYC New York, York, Greenwich, it's
Ken Griffin gave $50 million to the Sylvester Comprehensive Cancer Center, part of the University of Miami's medical school, to help advance cancer research, according to a press release. AdvertisementA rendering of the Kenneth C. Griffin Cancer Research Building. Since moving to Miami, Griffin has been making his mark on the Sunshine State, including a slew of charitable gifts and big real-estate purchases. The new building, to be named the Kenneth C. Griffin Cancer Research Building, is set to be one of the largest stand-alone buildings for cancer research in Florida, the University of Miami's press release said. AdvertisementThe Sylvester Comprehensive Cancer Center in Miami University of Miami"The Ken Griffin name has become synonymous with philanthropic leadership that drives value in the communities in which he operates," Stuart A. Miller, the board chair of the University of Miami Health System, said.
Persons: , Ken Griffin, Griffin, I'm, Kenneth C, He's, It's, Stuart, Miller Organizations: Service, Citadel, Cancer Center, University of, Business, Harvard, Faculty of Arts and Sciences, Harvard Crimson, Griffin Cancer Research, University of Miami, Miami —, Sunshine, Citadel Securities, Forbes, University of Miami's, Miami University of Miami, University of Miami Health Locations: Florida, Chicago, Miami, New York
Austin Bowlin, a CPA and partner at Real Estate Transition Solutions, is finding this out among his investor clients. "But a 1031 exchange in and of itself isn't the sole answer because now they have to figure out, 'What would I exchange into?'" If they buy another investment property, they're back where they started: actively managing a different property. And, thanks to a 2004 ruling by the IRS, DSTs are 1031 exchange eligible. That said, "most of those risks are what the owners are accustomed to, having owned and managed investment real estate.
Persons: , It's, Austin Bowlin, they're, He'll Organizations: Service, Business, CPA, Real, Delaware Statutory Trust, IRS, SEC Locations: California, Delaware, Texas, Florida, Washington, Nevada
A onetime commodities backwater, congestion trading has become a growing business in recent years as the demand for electricity and volatility on the power grid in the US has soared. The financial category, which includes specialized power-trading companies, banks, hedge funds, and large proprietary trading firms, dominates the market, in part because the physical power firms typically operate in only one or two regions. He launched three congestion trading teams for the firm, including in California and Texas after those states introduced congestion trading in 2008 and 2010, respectively. Citadel, along with Susquehanna International Group and Tower Research, has been involved in FTR trading since the market's infancy. Volatility has been increasing on the power grid, in part because of changing weather patterns, Jeev added.
Persons: Kumar Jeev, Jane Street, Richard Roseblade, who's, There's, Roseblade, Bill Clark, Jeev, DC Energy's Tyler Kuhn, DRW, California Al Seib, Brevan Howard, Jane, Stephanie Staska, Staska, couldn't, Joe Biden's, It's, Meredith Angwin, Angwin Organizations: Business, Capital, Midwest, Citadel, Tower Research, Yes Energy, Energy, Anadolu, Getty, Federal Energy Regulatory Commission, FERC, Nasdaq, York Stock Exchange, Nvidia, Johns Hopkins University, DC Energy, Wayfair, Squarepoint, Appian, Boston Energy, Susquehanna International Group, DC, Bloomberg, Commodities, Traders, Wall Street, Workers, GreenHat Energy, JPMorgan, Hill Energy Resource & Services, P, Grid, & $ Locations: Wall, East Coast, DRW, Susquehanna, FTRs, New York, Canada, Texas, Virginia, California, Berlin, Chicago, Oregon, California Al, Ukraine, Russian, Uri, Northern Virginia
The American Dream is under siege
  + stars: | 2024-03-02 | by ( Matt Egan | ) edition.cnn.com   time to read: +15 min
Parents of young children are making difficult choices to afford child care — or they’re opting to evade it by dropping out of the workforce altogether. Even as the inflation rate has cooled across the US economy, child care remains a sore spot for many families. The weekly price of day care for a toddler surged 9% in 2023, according to Care.com, a marketplace for child care. Of course, Allison is hardly alone in feeling like the American Dream has been more difficult — and expensive — to attain than imagined. “The American dream is being taken away from the younger generation by the housing affordability challenges,” said Lawrence Yun, chief economist at the National Association of Realtors.
Persons: Hana Husković, Price, Hana, Michelle, they'll, ” Hana, , It’s, they’ll, ’ Allison Powell, Liam Kelly, ” Allison, Allison Powell, Corinne ., , Allison, I’ll, homebuyers, Lotfi Karoui, Goldman Sachs, Lawrence Yun, Yun, Priscilla Almodovar, Fannie Mae, ” Almodovar, that’s, Almodovar, they’d, Homebuilding, Mark Zandi, Biden, ” Lael Brainard, Brainard, ” Brainard, , Rachael Gambino, Garrett Mazzeo, Rachael, Deborah Brunswick, John General, ” Rachael, won’t, they’ve, Organizations: New, New York CNN, Bureau of Labor Statistics, Wall, CNN, Federal, Intercontinental Exchange, ICE, Bloomberg, Getty, Rust Belt, National Association of Realtors, North, NAR, That’s, Baby Boomers, Homeowners, Federal Reserve, Moody’s Analytics, White, National Economic Council, American, Target, Starbucks, Facebook Locations: New York, United States, Atlanta, Peachtree Corners , Georgia, Decatur, Decatur , Georgia, Carolina, Yugoslavia, Italy, Mexico, Oakland , California, Livermore, San Francisco, California, Los Angeles, San Diego, Francisco, Miami, Honolulu, Rust, Des Moines , Iowa, Dayton , Ohio, Cleveland , Ohio, Scranton , Pennsylvania, Los Angeles , California, North America, America, States, Lansdale , Pennsylvania, Philadelphia
CNN —Large employers did not make many changes to their abortion coverage after the Supreme Court’s 2022 decision that allowed states to ban or severely restrict abortion, according to a new analysis from KFF. Some 12% of large firms whose biggest plan covers abortion under most or all circumstances added or expanded abortion coverage after the ruling, found KFF, a nonpartisan health policy research organization. Large public employers, such as state and local governments, were less likely to provide abortion coverage than private for profit or nonprofit firms. The prevalence of abortion coverage also depends on where large employers are headquartered. Among very large employers with 5,000 or more workers, the share is 19%.
Persons: that’s Organizations: CNN, Survey, Meta, JPMorgan Chase, Starbucks
I am from Milwaukee, Wisconsin, and I love going to both Culver's and Kopp's. Kopp's has always been my favorite for frozen custard, but the sandwiches can be hit or miss. AdvertisementAs someone born and raised in the Midwest, I take my frozen custard, burgers, and fries seriously. It's an iconic combination of food that's perfect for any season around here, and where I live in Milwaukee, Wisconsin, Culver's and Kopp's are the top two places to go for it. This story is available exclusively to Business Insider subscribers.
Persons: Kopp's, Organizations: Service, Business Locations: Milwaukee , Wisconsin, Midwest, Culver's
They sent the bank’s already pressured shares into another nosedive, down more than 20 percent in after-hours trading. The ugly developments were the last thing NYCB needed after weeks of trying to assuage investors’ concerns about its financial health. Despite its name, the bank has a national presence, partly because of its acquisition of much of Signature Bank, which collapsed during last year’s banking crisis. Based on Long Island, NYCB operates more than 400 branches under brands including Flagstar Bank across the Midwest and elsewhere. Flagstar is one of the nation’s largest residential mortgage servicers, making the bank particularly at risk to any weakness in the housing market in an era of persistently elevated interest rates.
Persons: NYCB Organizations: York Community Bank, Signature Bank, Flagstar Bank Locations: Long, NYCB, Midwest
The US residential market added $2.4 trillion in value last year, listings site Redfin said. AdvertisementThe housing market in the US added $2.4 trillion last year, jumping to $47.5 trillion. Though housing demand has been dampened by stubbornly high mortgage rates, the total value of the market climbed by 5.3% from December 2022, preliminary data released by Redfin on Wednesday showed. Pandemic-era mortgage rates fell below 3%, driving a frenzy of buying in 2020 and 2021. The combination of elevated mortgage rates, high home prices and a limited pool of homes for sale means homeownership is about as unaffordable as ever.
Persons: Redfin, , aren't, Chen Zhao Organizations: Service Locations: Redfin, New York City, New Jersey, Midwest, Milwaukee, Grand Rapids, New York, Honolulu , Riverside, Denver
Still, all real estate is relative, and some apartment markets are hotter than others. A new report from RentCafe, another apartment search site, ranks the most competitive rental markets, with Miami topping the list for 2024. They have 14 prospective renters for each unit compared with the national average of seven, and the city's occupancy rate is 96.5%, compared with 93% nationally. The option of remote work has also sent more people to the region, but the supply of apartments there is dwindling, making it more competitive. While rental supply is rising, demand is sustaining thanks to the short supply of homes for sale in today's market and rising mortgage rates.
Organizations: Miami, CNBC PRO Locations: RentCafe, Miami, Milwaukee, Chicago, Grand Rapids , Michigan, Midwest
Many of these new residents are single Gen Zers, millennials, and students. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . For some, that's meant flocking to the Midwest, and its promises of cheaper living, more space, and friendly neighbors. While the initial pandemic bump in Midwest residents has slowed a little, its population level is still above pre-pandemic highs. Gen Zers, the oldest of whom are 27, make up the greatest percentage of movers, followed by millennials, topping out at age 43.
Persons: , Gen Zers, millennials, Zers, Gen Xers, Gen Alpha, haven't, Redfin, Texans —, James McClure, Alcynna Lloyd, McClure, Lloyd Organizations: Service, Gen, Census, Midwest, Texans Locations: Midwest, California , Florida, Texas, East Coast, New York, Massachusetts, Wisconsin, Minnesota, Austin
Margie and Ed Imo opened their first tiny pizzeria in 1964 in St. Louis' historic The Hill neighborhood. AdvertisementSt. Louis West is the most quintessential Imo's location, in my opinionThe Imo's location on Hampton Avenue is right by Forest Park in St. Louis. Holly FannI stopped in for a bite at Imo's St. Louis West location on Hampton Avenue because I think it rises above the others in the city. The St. Louis West location has custom iron chairs and fun decor. AdvertisementToasted ravioli is another St. Louis delicacyYou'll find toasted ravioli on menus across St. Louis.
Persons: Louis, Margie, Ed Imo, it's, Louis West, St . Louis, Holly Fann, Holly Organizations: Business, Imo's St Locations: Midwest, Missouri, St, Missouri , Illinois, Kansas, provolone, Hampton, St ., Imo's, Forest, New York
My husband and I decided that the American dream was not for us. Growing up in Kansas, the American dream was simple: Graduate from college, find a good job, get married, buy a house, and start a family. AdvertisementBut the best part about raising a family in Spain is the safety and the active social life. Here in Spain, that's impossible. Jessica Smith said the best part about raising a family in Spain is the safety and the active social life.
Persons: we'd, Smith, Spain Jessica Smith, Jessica Smith, There's, I'm Organizations: Business, Netflix Locations: Spain, La Rioja, Madrid, Kansas, Logroño
Donald J. Trump lapped Nikki Haley in the Midwest. And now he has trounced the former two-term governor in her home state of South Carolina. The race was called the moment the polls closed, and within minutes an ebullient Mr. Trump took the stage, avoiding a mistake he made in New Hampshire when Ms. Haley spoke first and, even in defeat, gave a rousing speech that had irked him. “It’s an early evening,” Mr. Trump beamed. But Ms. Haley, the former United Nations ambassador, is still vowing to plow on, warning her party that sticking with Mr. Trump and the distractions of his four criminal indictments is a pathway to defeat in November.
Persons: Donald J, Trump, Nikki Haley, Haley’s, Haley, “ It’s, ” Mr Organizations: United Nations Locations: South Carolina, New Hampshire
The core of the unseasonable warmth spreads east on Tuesday to encompass much of the Great Lakes and Ohio Valley. A storm forecast to develop near the Great Lakes late Tuesday could unload rain and thunderstorms on much of the East into Thursday. Across the Midwest and Great Lakes, snowfall is a few feet below what’s normal by this point. Ice is also almost nowhere to be found on the Great Lakes. Close to 40% of the Great Lakes are typically covered in ice by late February, but total ice coverage was near a record-low 6% Thursday.
Persons: Louis, Dallas, Paul Organizations: CNN, CNN Weather Omaha, Triple, ., Ohio Locations: Dallas, Minneapolis, Philadelphia, Gulf of Mexico, St, Chicago, CNN Weather Omaha , Nebraska, Texas, Mexico, Lakes, Ohio, Cleveland, Coast, . Philadelphia, New York City, Gulf, Midwest, Northeast, Great, Syracuse , New York, Erie , Pennsylvania
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