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Elijah Nouvelage | Afp | Getty ImagesHow the LIFT Act could look todaySince the LIFT Act was first proposed in 2018, the cost of living has only skyrocketed, hitting working-class Americans especially hard. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. The advantage of the LIFT tax credit, said D'Acunto, is that it doesn't create the same market distortions the rent cap would ignite. Child tax credit is a 'huge priority' for DemocratsLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. Harris described the child tax credit changes as one of the "most important" and "most impactful" parts of the legislation in a 2021 speech.

Persons: Kamala Harris, Elijah Nouvelage, Tomas Philipson, Joe Biden's, Laura Veldkamp, Harris, Donald Trump, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel Organizations: Democratic, Afp, Getty, White House Council, Economic Advisers, CNBC, Columbia University Business School, Georgetown University, D'Acunto, Federal, Plus, American Rescue Plan, Columbia University, . Census Locations: Atlanta , Georgia, Atlanta

☆ Here's how much apartment space $1,500 a month can get you in 20 major U.S. cities
▼ + stars: | 2024-07-30 | by ( Celia Fernandez | ) www.cnbc.com time to read: +1 min

The apartment search website set out to determine how much apartment space renters across the United States can get for just $1,500 a month. The report found that more than half of the top 20 major cities offering the most space for that amount are in the Southeast and Southwest. Renters in major coastal cities like New York and Boston are sacrificing square footage and shelling out equal amounts in monthly rent, data shows. Texas has three locations where renters can get the most space for just $1,500— Lubbock, El Paso and Corpus Christi. Major cities in California top the list of places that offer the least amount of space for $1,500.

Organizations: Corpus Christi Locations: United States, Southeast, New York, Boston, Wichita , Kansas, Manhattan , New York City, Texas, Lubbock, El Paso, Corpus, California

☆ From Raleigh to Fort Worth: Top 10 renter-friendly cities in America
▼ + stars: | 2024-07-27 | by ( Celia Fernandez | ) www.cnbc.com time to read: 1 min

This month, ApartmentAdvisor released its annual report on the best cities for renters in the United States. The report analyzed 98 major cities across the country based on:Renter friendliness scoreRenting quality scoreEconomic scoreDesirability scoreRenter friendliness and renting quality scores were determined by demand, vacant rates, tenant protection laws and new residential construction. The desirability score is based on public transit and entertainment, while the economic score was determined by analyzing the median income-to-median rent ratio, rental property price trends, and unemployment rates. The cities were scored on a 100% scale, and the data used to rank them is from the U.S. Census Bureau, ApartmentAdvisor, Walkscore, and Yelp. ApartmentAdvisor considered only the median one-bedroom monthly rent for this report.

Persons: ApartmentAdvisor Organizations: U.S . Census Locations: United States, U.S

☆ Climate change is gentrifying neighborhoods. In Miami, residents fear high prices — and a lost soul
▼ + stars: | 2024-07-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +16 min

Part of the building site of the Magic City development in Little Haiti. Among the properties is Sixty Uptown Magic City, billed as a collection of luxury residential units. Plaza Equity Partners, a real estate developer and one of the Magic City partners, did not respond to CNBC's requests for comment. Magic City development site in Little Haiti. Magic City investors also invested $31 million in the Little Haiti Revitalization Trust, created and administered by the City of Miami to support community revitalization in Little Haiti.

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CNN —A week after announcing her run for president, Kamala Harris has yet to tell voters how she will address the key issues facing the nation. Harris has also touted the Biden administration’s efforts to lower drug costs, reduce child poverty, forgive student loan debt and remove medical debt from credit reports. Hefty student debt loads are also an area of interest to Harris. Experts credit Harris’ ability to secure private-sector investments as her most visible action in the region to date but have cautioned about the long-term durability of those investments. For President Biden and me, our sacred commitment to NATO remains ironclad.

Persons: Kamala Harris, Joe Biden, Harris, she’s, Biden, Donald Trump, ”, Roe, Wade, She’s, Trump, Immigration Biden, Benjamin Netanyahu, Biden’s, Netanyahu, ” Harris, –, ” Harris didn’t, Ukraine Harris, Volodymyr Zelensky, “, Vladimir Putin Organizations: CNN, America, “, Black, Zeta Phi Beta, Biden, Families, Wall Street, ConocoPhillips, Exxon Mobil, Senate, Green, Immigration, Department of Homeland Security, Partnership for Central America, Israeli, Munich, United States Congress, NATO Locations: Indianapolis, Minnesota, Biden’s, Canada, United Kingdom, France, Japan, Australia, Paris, Central America, Mexico, Israel, Gaza, “, Indiana, Ukraine

What the LIFT Act would mean todaySince the LIFT Act was first proposed in 2018, the cost of living has only sky-rocketed, hitting working-class Americans especially hard. But a tax credit like LIFT would also be extremely costly, according to Tax Policy Center estimates from 2018 and 2019. However, funding such a tax credit now could be tough amid growing concerns over the federal budget deficit. Focus on the child tax creditLIFT was first proposed years before Congress temporarily expanded the child tax credit during the Covid-19 pandemic, which could now be a bigger priority, experts say. The American Rescue Plan boosted the child tax credit to $3,000 from $2,000, with an extra $600 for children under age 6 for 2021, and families received up to half upfront via monthly payments.

Persons: Kamala Harris, Kevin Mohatt, Francesco D'Acunto, Biden, Karl Widerquist, Jacob Channel, Tomas Philipson, Laura Veldkamp, Harris, Donald Trump Organizations: West Allis Central High School, Reuters, Georgetown University, D'Acunto, Plus, White House Council, Economic Advisers, Columbia University Business School, American Rescue Plan, Columbia University, . Census Locations: West Allis , Wisconsin

☆ The 7 most renter-friendly big cities in the US
▼ + stars: | 2024-07-25 | by ( Madison Hoff | ) www.businessinsider.com time to read: +1 min

Raleigh, North Carolina, was the most renter-friendly among 98 cities analyzed by ApartmentAdvisor. AdvertisementAmid peak rental season, some cities are better suited than others for renters thinking about their next move. Raleigh, North Carolina, took the top spot on ApartmentAdvisor's list of the "The Most Renter-Friendly U.S. Cities in 2024." "We pretty much knew from other studies we've done that rent prices alone wouldn't be the only factor that would make a city renter-friendly," Lilly Milman, editor at ApartmentAdvisor, told Business Insider. This story is available exclusively to Business Insider subscribers.

Persons: ApartmentAdvisor, —, Lilly Milman Organizations: Service, Friendly U.S, Cities, Business Locations: Raleigh, North Carolina, Cedar Rapids , Iowa, Raleigh , North Carolina

☆ ‘It was humiliating.’ Evictions in these cities are worse than before Covid
▼ + stars: | 2024-07-24 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —A toxic mix of surging rental rates and vanishing support for renters has catapulted evictions above pre-pandemic levels in some major cities. Evictions have increased most significantly in Sun Belt cities where housing affordability has worsened and where renters often have fewer protections. Other cities, including Minneapolis (+44%) and Columbus, Ohio (+37%), are also experiencing higher levels of evictions than before the pandemic. Three-quarters of the 34 cities tracked by the Eviction Lab had evictions increase between 2022 and 2023. The vast majority of evictions are for issues related to nonpayment of rent, according to the Eviction Lab.

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☆ Harris has championed more progressive ideas than Biden
▼ + stars: | 2024-07-23 | by ( Tami Luhby | Meg Tirrell | ) edition.cnn.com time to read: +9 min

The Biden administration, along with congressional Democrats, broadened access to health insurance by temporarily beefing up the federal premium subsidies for Affordable Care Act policies. Providing middle class tax reliefAs a senator, Harris proposed providing middle-class and working families with a refundable tax credit of up to $6,000 a year (per couple) to help keep up with living expenses. Harris also campaigned on the measure – titled the LIFT the Middle Class Act, or Livable Incomes for Families Today – during her earlier presidential run. Like Trump, Harris proposed allowing the federal government to set “a fair price” for any drug sold at a cheaper price in any economically comparable country, including Canada, the United Kingdom, France, Japan or Australia. As California’s attorney general, Harris joined other states in pursuing several drugmakers for their pricing or practices, winning multimillion-dollar settlements.

Persons: Kamala Harris, Donald Trump, Joe Biden’s, Biden, Harris, Sen, Bernie Sanders ’, ” Harris, Sanders, Roe, Wade, ”, Kelly Baden, ” Baden, –, Trump, ’, John Gimigliano, Harris ’ Organizations: CNN, Affordable, Wall Street, Congressional, White, Guttmacher Institute, Biden, Today –, KPMG’s, KPMG’s Washington National Tax, Trump, Profit Locations: Minnesota, Biden’s, KPMG’s Washington, Canada, United Kingdom, France, Japan, Australia

☆ Philadelphia is experimenting with guaranteed income pilots for pregnant people and housing insecure families
▼ + stars: | 2024-07-23 | by ( Allie Kelly | ) www.businessinsider.com time to read: +7 min

Read previewPhiladelphia has joined the national guaranteed basic income wave — with a focus on pregnant people and families experiencing housing insecurity. AdvertisementPhilly Joy Bank hopes to improve birth outcomesThe Philly Joy Bank pilot will offer $1,000 a month for 18 months to pregnant people beginning in their second trimester. It is a partnership between the Philadelphia Department of Public Health and the Philadelphia City Fund — with funding coming from the city and various foundations. Guaranteed income programs like Philly Joy Bank "should be the standard, not the exception," Coaxum said. Participants will pay about 30% of their personal monthly income toward housing, then they will receive guaranteed income to cover any remaining balance.

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☆ Some renters may be ‘mortgage-ready’ and not know it. Here's how to tell
▼ + stars: | 2024-07-18 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +1 min

In 2022, 39% of the 134 million families residing in the U.S. did not own the home they lived in, according to Census data. But on the other hand, households might be unaware they can afford a mortgage, said Orphe Divounguy, senior economist at Zillow. "If rental prices are coming up, maybe it's a good time to consider [buying instead]," she said. "The first step is trying to understand whether or not it's worth getting all the paperwork together," she said. Understanding the status of your credit and your debt-to-income ratio is a good place to start.

Persons: Zillow, Orphe Divounguy, Melissa Cohn, Cohn Organizations: American, Survey, U.S . Census, Zillow, Finance, William, Mortgage Locations: U.S

☆ 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

☆ 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

☆ 'Rentvesting' can be 'a good way to get into the property market,' economist says. Here's how it works
▼ + stars: | 2024-07-15 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +6 min

"It can be a good way to get into the property market," she said, especially if you live in a city where home prices are out of your budget. About 55% of small-portfolio rental owners hire a property manager because they don't live near their rental property, according to the State of the Property Management Industry Report by Buildium, a property management software company. However, hiring a property manager comes at a cost, which depends on factors such as the property location and services provided. Property manager fees can reach up to 25% of the monthly rent price, depending on the specifications, according to Apartment List. That's good news for renters, "but not good news if you're a property owner," said Fairweather.

Persons: Oscar Wong, Danielle Hale, Hale, they're, Daryl Fairweather, Fairweather Organizations: Finance, Redfin, Property Management Locations: United States

☆ Illegal Eviction Complaints Rise As Police Fail to Enforce
▼ + stars: | 2024-07-10 | by ( Cecilia Reyes | ) www.businessinsider.com time to read: +44 min

The nature of illegal lockouts means they are hard to track directly. One of the responding officers calls a sergeant over, who says there's nothing else they can do. While only 14% of lockout calls led to a police report, 86% of calls about shoplifting did. As they walk over, one of the officers tells the other to look up "illegal lockout" on his phone. A 2006 bill that would have defined illegal lockouts for all Illinois residents was defeated.

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☆ Unprotected at the margins of the rental market
▼ + stars: | 2024-07-10 | by ( Cecilia Reyes | ) www.businessinsider.com time to read: +31 min

Officers interviewed two motel residents who called 911; they said they did not want to leave their homes. Alyssa Pointer for Business InsiderIn Georgia, an eviction requires a court order, but the law doesn't explicitly make lockouts illegal. In this case, an officer classified the incident as a "crime against property" — a crime committed by the residents themselves. In unincorporated Clark County, where the property is located, operating a short-term rental without a license is illegal. Matthew Main is an attorney who has represented residents in similarly precarious housing situations in New York City, where state law also grants residents tenants' rights after 30 days.

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☆ 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

☆ Here's how bad housing affordability is now
▼ + stars: | 2024-06-25 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +4 min

Home prices set another record in April, even as mortgage rates rose and the supply of homes for sale increased. Usually, under those circumstances, prices would weaken, but today's housing market is unlike any other in recent history. The housing cost burden has hit a record, according to a new report from Harvard's Joint Center for Housing Studies. Housing supply was already low before the Covid pandemic hit, because homebuilders had yet to recover from the 2008 financial crisis. Then there was a pandemic-induced run on housing, causing supply to drop to record lows for several years.

Persons: Brian Luke, Dow, HJCH, homebuilders, Homebuilders couldn't, Orphe Divounguy Organizations: Mortgage News, Dow Jones, Harvard's, for Housing Studies

☆ A Harvard study shows just how hard it is for renters to buy a home today
▼ + stars: | 2024-06-21 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +4 min

The multiple exceeds 9 and approaches 12 in the hottest markets, rendering them "impossibly unaffordable," per a recent study. That's according to "The State of the Nation's Housing 2024" report published by Harvard University this week. Only 6.6 million — fewer than 15% — of the 45 million renter households in the US make enough to afford the median payment. Indeed, the Harvard study found that 23% of homeowner households were "stretched worryingly thin," and more than a quarter of renters were paying at least half their incomes toward housing and utilities in 2022. Many homeowners are seeing their incomes squeezed by steeper prices and interest payments, and many renters have given up on buying a home.

Persons: —, Robert Gauthier Organizations: Service, Business, Harvard University, Survey, Consumer Finances, Harvard Locations: La Habra , California

☆ Fahim Saleh murder jury must decide if Tyrese Haspil believed stabbing and dismembering tech CEO was 'reasonable'
▼ + stars: | 2024-06-21 | by ( Laura Italiano | ) www.businessinsider.com time to read: +16 min

Days before admittedly stabbing and dismembering tech CEO Fahim Saleh, ex-personal assistant Tyrese Haspil admittedly used $750 of his victim's money to buy this 6-by-6-inch cake for his girlfriend. Anything less than unanimity — say if one juror accepts Haspil's EED defense and 11 do not — will cause a mistrial. Killer Tyrese Haspil, left, and Fahim Saleh in the lobby of Saleh's Lower Manhattan condo complex, one minute before the attack. Tyrese Haspil, accused of the 2020 murder-dismemberment of tech CEO Fahim Saleh, in state Supreme Court in Manhattan. Fahim Saleh is facing his killer, Tyrese Haspil, as the elevator doors close on the victim's apartment.

Persons: —, They'll, Tyrese, Fahim Saleh, Haspil, Saleh, Tyrese Haspil, Louis Vuitton, Chauveau, Alan Chin, who'd, Barry Rosenfeld, he'd, Linda Ford, He'd, Exed, Tasers, Fahim Saleh's, Joseph Goldstein, Sam Roberts —, Society — Organizations: Service, Business, Attorney, Louis, Manhattan, Home Depot, York Penal Law, Amazon, Buy.Taser.com, New York, Society Locations: Manhattan, France, Lower Manhattan, American, Gokada, Nigeria, Brooklyn, Lagos, New York, balaclava, New

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