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NEW YORK (AP) — A Brooklyn woman who pleaded guilty to fraud in connection with various pandemic-era relief schemes was sentenced Thursday to three years of probation and $650,000 in penalties. Prosecutors said Chanette Lewis, 32, carried out some of the schemes by leveraging her job at a call center, part of a New York program meant to provide health care workers with isolation rooms in hotels. They said she provided free hotel rooms to people she knew weren’t eligible health care workers or COVID-19 patients, including herself. I thank New York City Emergency Management for reporting this matter," New York Department of Investigation Commissioner Jocelyn Strauber said in a statement. Lewis was sentenced to three years of probation and ordered to forfeit $290,000 and pay another $360,000 in penalties.

Persons: Prosecutors, Chanette Lewis, “, Jocelyn Strauber, Lewis Organizations: Brooklyn, New, New York City Emergency Management, New York Department of, U.S, Attorney, Southern, of, Facebook, Department, Associated Press Locations: York, New York City, U.S, New York, of New York

☆ Where Splitting the Rent Saves Couples the Most Money
▼ + stars: | 2024-02-08 | by ( Michael Kolomatsky | ) www.nytimes.com time to read: +1 min

When it comes to moving in together and splitting the rent, yes. Yes, you save the most when you split the rent in places that cost the most. Sharing a home can be stressful — many couples are vocal about needing to sleep in separate bedrooms (also good for post-argument cool-downs). Luckily, New York couples in two-bedrooms could still save $19,000 a year on a median-priced unit when splitting the rent. This week’s chart shows the 25 cities (among the 50 studied) where savings were greatest when sharing a median-priced one-bedroom compared to renting it alone.

Persons: what’s Organizations: ApartmentAdvisor, Las Vegas Locations: New York, , New York, Anchorage, Jacksonville, Fla

☆ Your next landlord may be a pro sports team
▼ + stars: | 2024-02-08 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +8 min

But team owners in recent years have turned to real estate development to bring in extra cash and drive up the asset values of their franchises. “It makes perfect sense for a team owner to play real estate,” said Propheter. “That means that team owners do have a lot of leverage,” he said. “Stadium subsidies transfer wealth from the general tax base to billionaire team owners, millionaire players, and the wealthy cohort of fans” who regularly attend games. “Generally speaking, the people who come off well are the team owners and the developers,” Zimbalist said.

Persons: ”, Geoffrey Propheter, Daniel Slim, “, Andrew Zimbalist, Louis, Harry Cabluck, Bruce Ratner, Stan Kroenke, Matthew Grimes Jr, Steve Cohen, Mark Cuban’s, Adelson, “ I’m, ” Zimbalist Organizations: New, New York CNN, Professional, Billionaire, University of Colorado Denver, Sofi, Getty, Washington Wizards, Capitals, Sweet, Smith College, Riverfront, Busch, Baltimore Orioles, Camden, Barclays Center, Nets, Los Angeles Rams, “ Battery, Atlanta Braves, Golden State Warriors ’ Chase Center, Texas Rangers, Globe, Arlington, New York Mets, Hard, Citi Field . Dallas Mavericks, Vegas Sands Corp, Management Locations: New York, North America, Inglewood , California, AFP, Washington, Alexandria , Virginia, Cincinnati, St, Pittsburgh, Brooklyn, New Jersey, ”, “ Battery Atlanta ”, Truist, Atlanta, San Francisco, “, City, Arlington , Texas, ” Cuban

☆ New York City’s Housing Crunch Is the Worst It Has Been in Over 50 Years
▼ + stars: | 2024-02-08 | by ( Mihir Zaveri | ) www.nytimes.com time to read: +1 min

New York City’s housing crunch is the worst it has been in more than 50 years. It was the lowest vacancy rate since 1968 and shows just how drastically home construction lags behind the demand from people who want to live in the city. Housing experts often consider a “healthy” vacancy rate to be somewhere around 5 to 8 percent. A higher vacancy rate typically means it is easier for people to find apartments when they want to move. The data suggests New York City’s housing crisis is only getting worse, especially during the economic rebound from the coronavirus pandemic.

Persons: Eric Adams, ” Organizations: New Locations: York, New York

BEIJING (AP) — China replaced the head of its market watchdog Wednesday in an apparent attempt to restore confidence in financial markets following a prolonged downturn. Official media said Wu Qing, a former chairman of the Shanghai Stock Exchange, would replace Yi Huiman as chairman and Communist Party chief of the China Securities Regulatory Commission. Chinese stocks have been trading near 5-year lows despite various measures to stabilize the markets. Earlier this week, the CSRC said it was cracking down on insider trading, market manipulation and other crimes and would protect small investors. The appointment came during a week that has seen wild swings in share prices and despair among investors who have seen their investments evaporate.

Persons: Wu Qing, Yi Huiman, Wu, “, Butcher ”, Swissquote, ” Ozkardeskaya, Yi, monthslong Organizations: BEIJING, Shanghai Stock Exchange, Communist Party, China Securities Regulatory Commission, Xinhua News Agency Locations: China, Shanghai, Shenzhen, Beijing

☆ Why Bulgari and Armani are building designer homes in Dubai
▼ + stars: | 2024-02-05 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +9 min

CNN —Armani… Bulgari… Versace…The list reads like the directory of a designer shopping mall. It has more luxury branded residences than anywhere else in the world, knocking South Florida, the sector’s longstanding leader, off the top spot last year. On average, branded residences command a 30% premium compared to similar-quality properties in the same location. The deposits for off-plan purchases can often amount to more than $1 million for prime real estate. “There is a big appetite from both buyers as well as the developers, to continue with branded residences,” said Piro.

Persons: CNN — Armani, Bulgari … Versace, Savills, ”, Patricia Viel, ” ACPV, Bulgari, Viel, Faisal Durrani, Knight Frank Middle, Knight Frank’s, Knight Frank, it’s, Durrani, Rosa Piro, Tadao Ando, Arada, Piro, Armani, Giorgio Armani, Arada Durrani Organizations: CNN, Villa, ACPV, Neverending, Bulgari, Michelin, Resorts, Knight, United Arab, “, Armani, Jumeirah Locations: Dubai, South Florida, Milan, there’s, Aspen, Miami, Algarve, Bahamas, United Arab Emirates

Nearly half of all flash flood deaths are vehicle-related, experts say, which is why you should never drive into a flooded street. Here’s what to do in advance — and in the moment — to get through a flash flood safely. A “flash flood warning” means a flash flood is imminent or already occurring, and you should immediately move to higher ground if you’re outside or in a basement apartment. The most dire alert is a “flash flood emergency,” which indicates that not only is flooding occurring, but it’s posing a severe threat to human life. “People need to realize that most people who lose their footing in a flash flood don’t get out,” she said.

Persons: there’s, ”, Bonnie Schneider, Schneider, it’s, Hurricane Ida, You’ll, Ready.gov, David Markenson, ‘ It’s, Sabine Marx, I’m, Julie Munger, Munger, “, Dr, Markenson, you’re, don’t, they’re, Ms, Lynn Burttschell, Burttschell, Eugene Resnick, ’, ” Susan Shain Organizations: National Weather Service, Federal Emergency Management Agency, Cross Training Services, Columbia University’s National Center for Disaster Preparedness, Sierra Rescue, FEMA, Wimberley, Metropolitan Transportation Authority, New York Times Locations: United States, New York City, New York, Madison, Wis

☆ The Five Brooklyn Roommates Who Merged Two Households Into One
▼ + stars: | 2024-02-05 | by ( Samantha Maldonado | ) www.nytimes.com time to read: 1 min

You have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load. rentersThe Five Brooklyn Roommates Who Merged Two Households Into OneIn Bushwick, the neighborly ‘hello’ in the hallway led to hanging out in each other’s apartments, and spirited theater-karaoke nights singing show tunes. The five roommates first bonded over their creative pursuits and became close during the pandemic. Credit... Katherine Marks for The New York Times

Persons: Liu, Emily Zaboski, Sam Jaffe, Matt Scaptura, Katherine Marks Organizations: Brooklyn, Bushwick, The New York Locations: Bushwick

☆ The key to happiness might be living within walking distance of a coffee shop
▼ + stars: | 2024-02-04 | by ( Eliza Relman | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. More people living closer together is necessary to create more affordable and inclusive neighborhoods, housing advocates say. The research, which involved surveying almost 1,900 people living in 15 municipalities in the Vancouver region of British Columbia, found no evidence that higher-density living is associated with decreased happiness, social connection, or well-being. AdvertisementWell-designed density — think pedestrian-friendly streets with easy access to transit and amenities like shops, restaurants, and parks — was positively correlated with well-being and happiness. These findings are important for city planners and builders to understand, so they can incorporate design elements that promote well-being.

Persons: —, Tristan Cleveland, Cleveland, Madeleine Hebert, North America aren't, They're, Hebert Organizations: Service, Business, Happy Cities Locations: North America, Cities, Cleveland, Vancouver, British Columbia, walkable, —, townhomes

☆ Real-estate investors who are cash-flowing thousands of dollars share 3 strategies they use to find profitable rental properties: 'Look for the ugly houses'
▼ + stars: | 2024-02-04 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +5 min

Business Insider has spoken with a handful of real-estate investors who own profitable properties and asked what they look for in the acquisition phase. Go for multi-family propertiesA multi-family is a single building divided to house more than one family living separately and ranges from duplexes to triplexes and fourplexes. The idea is that your tenant's rent will cover some (or all) of your housing costs. Note that not all markets have an abundance of multi-family properties. "When you're looking for an investment property, you're looking for something really under market that you can renovate."

Persons: Dana Bull, Bull, Nyasia Casey, she'll, Casey Organizations: Business, Agents Locations: New England, Baltimore

☆ Four Secret Service agents were disciplined after getting snookered by imposter federal cops
▼ + stars: | 2024-02-03 | by ( Laura Italiano | ) www.businessinsider.com time to read: +9 min

But what happened to the four Secret Service agents they bamboozled? But the remaining two are still working as Secret Service agents "after discipline," Mihalek said. But the pair's ability to trick four Secret Service agents was no laughing matter. But at least one of the other Secret Service agents had his location tracked while working. AdvertisementRegardless, it's a bad look, former Secret Service agents told Business Insider.

Persons: —, imposters, Jill Biden, Haider Sher Ali, Arian Eugene Taherzadeh, Donald J, Mihalek, Ali, Joe Biden, Ari Eugene Taherzadeh, Taherzadeh, Air Marshal who'd, he'd, El, Calvin Klein, Jill Biden's, Taherzadeh's, Jill, Joseph Funk, Funk, Bill Pickle, Al Gore's, Pickle Organizations: Secret Services, Service, Federal, Association Foundation, Secret, Court, Southern District of, Southern District of New York, Army Ranger, Air, Homeland Security, Anadolu Agency, DHS, Secret Service, agency's Uniformed Division, Homeland Security Investigations, Uniformed Division, Business, Employees, TorchStone, Rolex Locations: Washington ,, Southern District, Southern District of New, Eastern, United States, Southern District of New York

☆ Why U.S. renters are taking corporate landlords to court
▼ + stars: | 2024-02-03 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +5 min

Equity Residential purchased Portside Towers in 2019. A group of renters in the U.S. say their landlords are using software to deliver inflated rent hikes. Renters told CNBC they discovered how revenue management software is used in real estate after reading a 2022 ProPublica investigation. Equity Residential investor materials show that the company started to experiment with Lease Rent Options between 2005 and 2008. Equity Residential and other defendant landlords declined to comment on ongoing RealPage litigation.

Persons: RealPage, District of Columbia Brian Schwalb, We've, Kevin Weller, There's, Jeffrey Roper, Thoma, Thoma Bravo, Harry Gural, Gural, we're, Mark Parrell Organizations: Washington , D.C, District of Columbia, CNBC, Equity Residential, Towers, World Trade, RealPage, U.S . Department of Justice, Equity, U.S, Thoma Bravo, U.S . Locations: Washington ,, RealPage, Jersey City , New Jersey, Portside, U.S, Miami, Van Ness, Jersey City, Atlanta, Austin , Texas, U.S . East

☆ Turkey Completes New Homes in Area Hit by Devastating Earthquake
▼ + stars: | 2024-02-03 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

ANKARA (Reuters) - Turkey on Saturday handed over keys to newly-completed homes to some of those left homeless after last year's devastating earthquake, one year after the country's deadliest disaster in its modern history. Powerful quakes on Feb. 6, 2023 in southern Turkey killed more than 50,000 people in 11 provinces and left millions homeless. Some 75,000 houses will be delivered over the next two months, Erdogan said, adding that the government planned to deliver a total of 200,000 houses this year. Around 680,000 homes were destroyed in the earthquake region, Urbanisation Minister Mehmet Ozhaseki told reporters on Friday, adding that 390,000 families are registered to receive houses to be built there. After the earthquakes, Erdogan promised 319,000 new homes by February 2024 and a total 680,000 a year later.

Persons: Tayyip Erdogan, Erdogan, Mehmet Ozhaseki, Huseyin Hayatsever, Alexandra Hudson Organizations: Saturday Locations: ANKARA, Turkey, Hatay, Israel, Gaza

Photos You Should See View All 45 ImagesThe sluggish property market also has dented local government revenue from vital land use sales, adding to public debt. The central bank and State Administration of Financial Supervision issued a list of 17 measures to support the rental housing market, due to take effect on Monday. Most have to do with financial services for leasing, promoting investment in rental housing and improving the financial management of rental properties. The aim is to “support various entities to build, renovate and operate long-term rental housing, and to revitalize existing housing stock, effectively increasing the supply of affordable and commercial rental housing,” it said. Beefing up the rental market would help free up more housing for young people and others who lack the means to purchase apartments.

Persons: China Evergrande, Wang Dongwei, ” Organizations: —, Communist Party, Finance Ministry, Administration, Financial, Housing Locations: BANGKOK, — China, Beijing, Hong Kong, China, China's Guangdong

While there's no universal minimum credit score to rent an apartment, landlords generally prefer applicants with a good credit score, which is at least 670. While your credit score will suffice for some landlords, under the Fair Credit Reporting Act, landlords are also allowed to view your credit reports. The average credit score of a Gen Z consumer is 680 compared to the average baby boomer's credit score of 745. Though these services won't directly help you build credit, keeping track of your credit score is a crucial part of the credit building process. Apartment credit score requirements frequently asked questionsCan you rent an apartment if you do not have credit?

Persons: —, TransUnion, Kendall Meade, Jay Zigmont, Will, Jamela Adam, Read Organizations: Fair, Childfree, Forbes, . News, Mint Intuit Locations: AnnualCreditReport.com, SoFi, Chevron

☆ I moved to San Francisco despite the negative things I'd heard. The cost of living is high but it's worth it.
▼ + stars: | 2024-02-01 | by ( Jen Glantz | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Julia Stevens, a 25-year-old who recently moved to San Francisco. In August 2022, a few of my college friends who'd moved to San Francisco invited me to visit them. I'd traveled in Europe during college; even still, San Francisco was the most beautiful and striking place I'd ever seen. San Francisco was perfect for the career path I wanted to takeI majored in English and minored in environmental science. The cost of living is the biggest downsideI wasn't fully prepared for the high cost of living in SF .

Persons: —, Julia Stevens, who'd, San Francisco, I'd, didn't, I've, I'm, outdoorsy, El Salvadorian, it'll Organizations: Service, Business, San, Facebook, Craigslist, Raleigh Locations: San Francisco, Raleigh, America, Europe, San, North Carolina, Santa Cruz, East

☆ Rental markets are cooling, but it 'doesn't mean they're falling,' Harvard researcher says. Here's what that means for renters
▼ + stars: | 2024-02-01 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Recep-bg | E+ | Getty ImagesRent costs are beginning come down after record-high asking prices. "Rental markets are cooling, but in a lot of places, it doesn't mean they're falling. It means they're growing at a slower pace," said Whitney Airgood-Obrycki, senior research associate focused on affordable housing at the Joint Center for Housing Studies of Harvard University. Prices are beginning to come down as supply boosts vacancy and demand slows from record highs in 2022. Increasing the supply of higher-rent Class A units often encourages tenants to upgrade to new units, making prices in those units level out and boosting vacancy in Class B and C units, Airgood-Obrycki said.

Persons: Whitney Airgood, Susan M, Wachter, Obrycki Organizations: Joint Center for Housing Studies of Harvard University, Prices, Finance, Wharton School, University of Pennsylvania Locations: Here’s, Airgood

☆ Evergrande liquidation: Here’s what may happen next
▼ + stars: | 2024-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

But there is still little clarity over how the liquidation of Evergrande will unfold. That’s because the legal systems of Hong Kong and China remain distinct, despite Beijing’s growing control over the former British colony in recent years. No Chinese company as huge as Evergrande — which was once China’s second largest developer— has been wound up by a Hong Kong court. Hui Ka Yan, chairman of property developer China Evergrande. Since then, Evergrande has been building and selling apartments in mainland China, even though it has been unable to repay its debts.

Persons: Alvarez, Marsal, —, ”, John Bringardner, Hong, Hui Ka Yan, Xu Jiayin, Hui, Xiao En, Bobby Yip, Xiao, Evergrande, Florence Lo, homebuyers, Will, Andy Wong, Diana Choyleva, Xiao Yuanqi, ” Bringardner, ” Choyleva, Choyleva, “ Evergrande Organizations: Hong Kong CNN, Shimao, Kaisa Holdings, Group, “, Real, Century Business Herald, China Index Academy, Enodo, Communist Party, China’s, Financial Regulatory Administration, Getty, People’s Bank of China, Finance Ministry, Evergrande, Marsal Locations: Hong Kong, United States, China, British, New York, China . Hong Kong, Shenzhen —, Asia, Florence, Beijing, Real, Hainan

☆ Putin's official financial disclosure claims he earns just $175K a year and owns a couple of apartments and a parking spot
▼ + stars: | 2024-01-31 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: 1 min

President Vladimir Putin's latest financial disclosure has been released, declaring a modest set of assets that almost certainly does not reflect his true financial position. The disclosure is one of the formalities associated with registering as a presidential candidate, which Putin did on Monday, ahead of Russia's March 17 elections. According to the document, detailed by The Moscow Times, Putin's assets are largely unchanged compared to his last disclosure in 2018, and include:This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account?

Persons: Vladimir Putin's, Putin Organizations: Moscow Times, Business

☆ A real estate investor who owns 3 properties explains why she chooses to rent instead of buy a primary home: It's 'a personal protection plan'
▼ + stars: | 2024-01-31 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +4 min

Business Insider verified this by viewing a copy of her mortgage statement and a letter from the Housing Authority of Baltimore City showing the rent price. This story is available exclusively to Business Insider subscribers. "I'd rather buy investment properties and rent," the 44-year-old real-estate agent and investor told Business Insider. As she sees it, paying rent rather than a mortgage is "more so a personal protection plan." "There are both sides of the table," veteran real estate investor and developer Ricky Beliveau told Business Insider.

Persons: Nyasia Casey, Casey, who's, We'd, It's, Ricky Beliveau Organizations: Nyasia, Business, Housing Authority Locations: York City, Baltimore, Baltimore City, New York City, Casey's

☆ China rolls out fresh property relief measures to stem the fallout from Evergrande's meltdown
▼ + stars: | 2024-01-31 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Officials in China are boosting property sector relief measures to blunt the impact of Evergrande's collapse. The new measures are part of a wider series of economy-boosting initiatives, especially in the real estate sector, which constitutes one-quarter of the country's economy. The crisis in the property sector stems from huge debt and overbuilding in the last decade, which has resulted in a liquidity crisis for many property developers, including Evergrande. The company's troubles sent country's property sector into a tailspin starting in 2022 when it defaulted on some of its offshore bonds. China is moving mountains to hold the real estate sector's crisis from pouring into other sectors.

Persons: — Organizations: Service, Beijing, China's Ministry of Housing, China Mingsheng Banking Corp, China Securities Journal, Guangzhou, Reuters, Bloomberg Locations: China, Hong Kong, Nanning, Guangxi, Chongqing, Suzhou, Shanghai, restructurings

☆ China’s Real Estate Crisis ‘Has Not Touched Bottom’
▼ + stars: | 2024-01-30 | by ( Daisuke Wakabayashi | Claire Fu | ) www.nytimes.com time to read: +1 min

The unwavering belief of Chinese home buyers that real estate was a can’t-lose investment propelled the country’s property sector to become the backbone of its economy. But over the last two years, as firms crumbled under the weight of massive debts and sales of new homes plunged, Chinese consumers have demonstrated an equally unshakable belief: Real estate has become a losing investment. The troubles of the country’s real estate sector were laid bare on Monday when a Hong Kong court ordered China Evergrande to wind up operations and liquidate the company, which is saddled with over $300 billion in debt. Like the industry it once ruled, Evergrande limped along for two years after defaulting on payments it owed investors. Evergrande, lacking the cash to pay creditors, tried to exude confidence that its apartments remained a sound investment.

Persons: Evergrande Locations: Hong Kong, China

☆ Rent is unaffordable for over half of US tenants, but the cost is cooling
▼ + stars: | 2024-01-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median asking rent was $1,713, which was down $4 from November and down $63 from the July 2022 peak. However, median rent is still $309 higher than the same time in 2019, before the pandemic. What’s more, 12 million of those renters are severely cost burdened, which means they are paying more than half of their income on housing. Following changes in housing needs during the pandemic and an already existing low supply of multifamily housing in some markets, rents surged in 2021 and 2022. Without continued new supply in addition to enhanced rental support, the Harvard report concludes affordability will remain a critical concern for many renters.

Persons: Chris Herbert, ”, Whitney Airgood, Douglas Elliman, Miller Samuel Real, “, Anthemos Georgiades, ” Georgiades Organizations: DC CNN, Harvard University’s, for Housing Studies, Harvard Joint Center for Housing Studies, Harvard, Census Bureau, Builders, National Association of Home Builders, Baby Boomers Locations: Washington, United States, Manhattan

☆ Trump civil fraud trial: What to know as the verdict nears
▼ + stars: | 2024-01-30 | by ( Dan Berman | ) edition.cnn.com time to read: +7 min

CNN —A New York state judge has the future of Donald Trump’s business empire in his hands. The civil lawsuit from New York Attorney General Letitia James, a Democrat, is seeking $370 million from Trump and the other defendants (the figure was originally $250 million). The back and forth between the judge, Trump and the former president’s lawyers during the trial was repeatedly heated. “What evidence do you have – I just haven’t seen it – that they knew that there was fraud?” Engoron asked. Furthermore, Trump says, companies like Deutsche Bank wanted to do business with Trump Org.

Persons: Donald Trump’s, Judge Arthur Engoron, Trump, Letitia James, Engoron, What’s, James, ”, Andrew Amer, Allen Weisselberg, Jeff McConney, Mr, ” Amer, “, ” Engoron, Donald Trump Jr, Eric Trump, Ivanka Trump, belittle James, colluding, ” Trump, I’m, “ It’s Organizations: CNN, New York, Democrat, Trump, disgorgement, Trump Organization, Trump Org, Deutsche Bank, Engoron Locations: York, New, Mar, New York, Westchester County , New York

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