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☆ An Office Tower Sold for $8.5 Million. It Was Once Worth 40 Times That.
▼ + stars: | 2024-08-01 | by ( Matthew Haag | ) www.nytimes.com time to read: +1 min

In 2006, the hulking office building at 135 West 50th Street in Midtown Manhattan sold for $332 million. Tenants occupied nearly every floor; offices were in demand; real estate was booming. On Wednesday, it changed hands again, in an unusual online auction — for $8.5 million. Several large Manhattan office buildings have sold in recent years at steep discounts, some going for less than half of what the previous owners paid, in a market that has yet to hit rock bottom. But office developers and sales brokers in New York City said they could not recall another large Manhattan building like 135 West 50th that had been sold for so little.

Organizations: Tenants, Sports Locations: Midtown Manhattan, New York City, United States, Manhattan

☆ Rent is falling fastest in these 20 cities, thanks to surging apartment supply
▼ + stars: | 2024-07-31 | by ( James Faris | ) www.businessinsider.com time to read: +3 min

Median one-bedroom apartment prices rose at the fastest rate in 12 months in July, according to a new report from real-estate site Zumper. 20 cities where rent is receding fastestApartment dwellers looking for lower rent should start their search in the South. Five of the 20 US real-estate markets where one-bedroom apartment prices fell by at least 5% in July were in Texas, and 11 others were in the South or Southwest regions. AdvertisementBelow are the 20 US markets where rent for a one-bedroom apartment fell at least 5% from July 2023, according to Zumper. Each is also listed along with its year-over-year and month-over-month rent changes, median rent price, and national rent ranking among the nation's 100 biggest markets.

Persons: —, Anthemos Georgiades Organizations: Service, Business, Lone Star Locations: Texas, South

☆ Surging AI data center demand will benefit these dividend-paying real estate stocks, says Moody's
▼ + stars: | 2024-07-30 | by ( Michelle Fox | ) www.cnbc.com time to read: +3 min

As data center demand continues to surge, two real estate investment trusts are well positioned to benefit, according to Moody's Ratings. "Despite rapid growth in data center capacity in recent years, it has been unable to keep pace with surging demand," she wrote. "We forecast that data center capacity will need to more than double by 2028 to meet our unconstrained forecast for power consumed by data centers." Digital Realty Trust and Equinix , diversified data center landlords, are investing in projects across the globe to meet this demand, Venkatesan said. "Therefore, hyperscalers will maintain data center capacity in more locations than in the past."

Persons: Ranjini Venkatesan, Venkatesan, Hindenburg, Equinix Organizations: Realty Trust, Digital Realty Trust, Hindenburg Research Locations: Americas, Europe, East, Africa, Asia, APAC

☆ Where inflation is the highest and lowest in America
▼ + stars: | 2024-07-28 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

The Honolulu metro area in Hawaii, meanwhile, saw the nation’s highest annual inflation rate in May, at 5.2%. Housing costs have therefore eased over the past year, tugging inflation overall much lower. Tight housing-market conditions are also plaguing New York, which at one point boasted the lowest inflation rate in the country. Housing costs make up about a third of the Labor Department’s CPI, a closely watched inflation gauge. Inflation is down substantially from the 40-year highs of two years ago, but housing costs have remained stubbornly elevated.

Persons: ”, Barbara Denham, Brian Adcock, Willy Nunn, homebuilding, Adcock, “, Jane Castor, it’s, homebuilders, Carl Bonham, Mengshin Lin, Roseann Freitas, ” Freitas, Freitas, Josh Green Organizations: Washington CNN, Consumer, Nationwide, Aloha State, Oxford, Labor Department’s CPI, Federal, Boomers, Tampa Bay Chamber, Miami, Tampa, Homes, CNN, ” Tampa, Urban, University of Hawaii, Washington Post, Building Industry Association of Hawaii Locations: The Tampa, St, Petersburg, Clearwater, Florida, Honolulu, Hawaii, Tampa Bay, homebuilding, Houston , Minneapolis, Denver, Central Florida, New York, Tampa The Tampa, Tampa, Hillsborough County, Pasco County, Miami, ”, Urban Hawaii, Lahaina , Hawaii, Lahaina

☆ Real estate investors weigh in on how passive rental income really is: 'It's like having an expensive puppy'
▼ + stars: | 2024-07-25 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +9 min

If you google "passive income ideas," one of the first strategies that pops up is to buy a rental property. Even those with property managers have described having to "manage the property manager." Buying rental properties is "expensive like a puppy," he added. They've learned that, "the more hands-on you are, the more money you're going to make," said Jervais. One, their long-term rental properties are newer, so they naturally have fewer maintenance requests and upkeep.

Persons: I'm, Matt, it's, Matt H Natia, Jervais Seegars, They've, Karina Mejia, aren't, Mejia, Jervais, Jim Resonable, she'd Organizations: Service, Business, EVO Real Estate Locations: New Hampshire, Boston, Augusta , Georgia, North Carolina , California, Georgia

☆ ‘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.

Persons: ”, Chris Salviati, Kristolyn Lloyd, you’re, ” Lloyd, —, Yuki Iwamura, “, Lloyd, ‘, ’ ” Lloyd, Diane Yentel, Brett Coomer, Jacob Haas, it’s, Haas, Heather Vargas, she’s, Vargas, ” Vargas Organizations: New, New York CNN, Princeton University ., Broadway, CNN, Bloomberg, Getty, Income Housing Coalition, Princeton’s, Houston, Harvest Time, Houston Chronicle, Investors Locations: New York, Sun Belt, Gainesville , Florida, Houston, Nashville, Fort Worth , Texas, Minneapolis, Columbus , Ohio, Columbus, Las, New York City, Covid, Manhattan, Queens, Texas, Florida, Atlanta, Las Vegas, Phoenix, Harris, South Carolina, Philadelphia, Wilmington , Delaware, Miami, Cleveland, San Diego, Citrus, Califonia, ”

Market trends and data analysisTo get a better idea of whether you should sell now, get familiar with your local housing market. The best time to sell a house depends on your local market, but generally speaking, you'll find the following are true. This would provide steady monthly income and allow you to wait to sell until market conditions improve. You should consider local market conditions, your financial and personal needs, and larger economic conditions before you sell your house. To determine the best time to sell your house, look at local market trends, economic forecasts, and seasonal patterns.

Persons: they're, you'll, it's, we'll Organizations: Data, National Association of Realtors, Chevron Locations: Chevron

☆ This ‘once in a generation’ £1.5 million Scottish cottage is up for sale. But there’s one key quirk
▼ + stars: | 2024-07-21 | by ( Jack Bantock | ) edition.cnn.com time to read: +3 min

For the golf fanatics of the world, it could soon all be yours – so long as you have a spare £1.5 million ($1.93 million) to part with. “The sale of Blackrock House is one of those rare times where you can safely say there isn’t anything else like this available in the world,” Strutt and Parker selling agent Annabel Blackett told CNN via email. Spectators walk past Blackrock House and its "for sale" sign. It would be another 45 years before the course hosted its first Open Championship, with this week marking its 10th time staging the major. “This will be a bittersweet Open for us,” Andrew Kelly told the Associated Press ahead of this week’s tournament.

Persons: Woods, Viewings, Strutt, Parker, “, ” Strutt, Annabel Blackett, Jon Super, Arnold Palmer, Tom Watson, ” Blackett, Jason Cairnduff, David, Isabel Kelly, Andrew, John, Sweden’s Henrik Stenson, Phil Mickelson, ” Andrew Kelly, ” Organizations: CNN, Blackrock House, Royal Troon, –, Troon, Associated Press Locations: Blackrock, Firth, Clyde, Isle, Arran, South Ayrshire, Scotland, ”

☆ Lawsuits Mount Over Software Used by Landlords to Set Rents
▼ + stars: | 2024-07-19 | by ( Danielle Kaye | ) www.nytimes.com time to read: +1 min

Imagine a system that lets big landlords in your city work together to raise rents, using detailed, otherwise-private information about what their competitors are charging. Such a system is already underway, according to a series of lawsuits filed by tenants and prosecutors across the country. The plaintiffs argue that real estate software from a company called RealPage is being used by apartment owners to increase rents. In a vast majority of cases, landlords adopt the suggested prices, passing the costs on to tenants, the plaintiffs assert. RealPage, owned by the private equity firm Thoma Bravo, advertises its software to landlords as a tool that can help them outperform the market by 3 to 7 percent.

Persons: Thoma Organizations: Thoma Bravo Locations: Texas

Does breaking a lease affect my credit score? A broken lease, in itself, will not damage your credit score as it doesn't appear on your credit report. Other ways breaking a lease can financially impact youBesides damaging your credit score, breaking a lease could also financially impact you in the following ways. Any damage to your credit score will be affected by your current credit score and financial history. However, you can add your rent payments to your credit report using a rent reporting service, which can help improve your credit score.

Persons: —, Scott Neu, you've, Neu, Andrew Latham Organizations: AIF, Gray Wealth Management Locations: Chevron

☆ Droughts are threatening California's water supply. The state is racing to save what's left.
▼ + stars: | 2024-07-19 | by ( Leila Jordan | ) www.businessinsider.com time to read: +10 min

In 2012, San Francisco's Public Utilities Commission began developing the Onsite Water Reuse Program to investigate whether water reuse, also known as water recycling, in buildings could be a solution to California's water problem. The adoption of on-site water reuse can also be a sensible decision for developers. Water reuse to overcome hurdlesWhile large plants and on-site water systems in major buildings have been California's more established methods of water reuse, the state's biggest hurdle is retrofitting systems for existing buildings. During times of drought, the state has encouraged water conservation and water recycling, such as the use of recycled water for plants. In 2023, California made progress toward establishing recycled water for direct potable reuse and allowing recycled water to be used in the state's drinking-water supply.

Persons: —, Paula Kehoe, Kehoe, Aaron Tartakovsky, Tartakovsky, Cleantec, They're, Phoenix's Aquacell, Cleantec Erik Porse, Porse, It's Organizations: Infrastructure, Service, Public Utilities Commission, San Francisco Public Utilities Commission, California Institute for Water Resources, Brewing, Texas Locations: California, Silicon, San Francisco, San Francisco's, Beverly Hills, San, Iowa, States, Virginia, Texas, Florida, Hawaii, East Coast, Southern California, In Texas

☆ 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

Investors view a golden cross chart pattern as a key indication that a stock could be headed for strong gains. The move refers to the point at which a stock's 50-day moving average crosses above its 200-day counterpart. CNBC Pro screened FactSet data to find stocks close to forming golden cross patterns that might suggest future gains. The stock's 50-day moving average of $501.09 is within striking distance of its 200-day moving average of $510.19, indicating a possible golden cross if the recent trend holds. Kimco Realty Kimco Realty, another REIT, also made screen of golden cross candidates.

Persons: Wall, Jefferies, David Windley, Windley, Haendel St, Juste Organizations: CNBC, UnitedHealth, Mizuho Securities, Kimco Realty, Mizuho, RPT Realty Locations: Kimco

☆ Small Landlords Are Using New Tech Tools to Raise Tenants Rents
▼ + stars: | 2024-07-17 | by ( James Rodriguez | ) www.businessinsider.com time to read: +14 min

The past few years have solidified single-family rental homes as genuine moneymaking enterprises, not just ho-hum nest eggs. Related storiesWhen everyone was scrambling for their piece of the suburbs during the pandemic, mom-and-pop landlords pounced, using these newfound tools to collect more cash. The company, which estimates only one-fourth of single-family-rental landlords use professional management services, now manages more than 28,000 rentals on behalf of small landlords. As the Wall Street ethos trickles down to small rental owners, it'll be harder and harder to tell them apart. But the gap is narrowing as small rental owners capitalize on the innovations that the institutional class has already embraced.

Persons: Daniel doesn't, Daniel, hasn't, he's, Bryan Smith, —, Zers, John Burns, Rick Palacios Jr, Palacios, Jordan Kavana, Rich Ford, you've, Ford, Devin Redmond, doesn't, Philip Garboden, It's, Garboden, Roofstock Organizations: Atlanta, Corporate, Harvard Joint Center for Housing Studies, John Burns Research, Consulting, Ark Homes, Rent, Vesta Ventures, University of Chicago Locations: Zillow, Atlanta, Raleigh, Chattanooga , Tennessee, Grand Rapids , Michigan

☆ 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

☆ '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

Financial planners said real estate is a top source of passive income for their clients. Making passive income isn't always as easy as it sounds — it takes time and money up front, and the benefits don't come overnight. To find out how people are earning passive income, Business Insider asked several financial advisors to share their clients' top passive-income sources. "Passive income sources like podcasts, websites, apps, YouTube channels generating income off of ads — those are really common sources of passive income that I've seen," he told Business Insider. Creating digital products for sale onlineEllis said that digital products are a common way she's seen clients earn passive income recently.

Persons: Brent Weiss, he's, Weiss, Akeiva Ellis, She's, it's, Wealthfront, Read, Andrew Westlin, I've, What's, Ellis, doesn't Organizations: YouTube, Business

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

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

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

☆ I quit my day job at 29 by investing in real estate. I'm now a stay-at-home dad building generational wealth for my kids.
▼ + stars: | 2024-07-11 | by ( Charissa Cheong | ) www.businessinsider.com time to read: +10 min

Read previewThis as-told-to essay is based on a transcribed conversation with Matt Krueger, 30, about building income from rental properties in Des Moines, Iowa. Related storiesBetween 2017 and 2021, our rental income averaged $1,200 to $1,500 monthly, taking into account money set aside for mortgage payments. I was inspired to try short-term rentals and quit my day job in 2022One day, I listened to a podcast about short-term rentals and Airbnb. AdvertisementOne downside of short-term rentals is the increased adminIn 2023, we made around $97,000 in revenue from long-term rentals and around $143,000 from two short-term rentals. In May this year, we opened our third short-term rental, hoping to increase our revenue even further.

Persons: —, Matt Krueger, who's, I'd, We've, I've Organizations: Service, Business, Facebook Locations: Des Moines , Iowa, Des Moines, Airbnb, Texas

☆ When Tenants Get Illegally Locked Out, Landlords Often Win.
▼ + stars: | 2024-07-10 | by ( Cecilia Reyes | ) www.businessinsider.com time to read: +32 min

A handful of states, including Texas and Nevada, have set up dedicated systems designed to restore tenants to their homes after an illegal lockout. She and her family still don't have a new apartment, she said, and the eviction cases on her record don't help. BI reviewed two years' worth of lockout cases from the department and found city lawyers routinely dismissed tickets, often without documenting why. Bridget Bennett for Business InsiderThat afternoon, Brown had three cases on his docket in which tenants were alleging they'd been illegally locked out and dozens of cases in which landlords were seeking formal evictions. In 2022, Miami-Dade County passed a tenant's bill of rights that underlines the illegality of lockouts and limits a landlord's ability to harass tenants.

Persons: Henisha Dunn, Dunn, Zion Griffin, Griffin, Dunn's, Alyssa Pointer, —, Caryn Schreiber, Paul Panusky, He's, Jeffrey Uno, Uno, David Brogan, Griffin's, didn't, Brandon Johnson, Abel Uribe, Rolando Quebrado, lockouts, Quebrado, Pangea, Troy Marr, Marr, James Byczek, Byczek, Michael Dudek, wasn't, Dudek, Marr's, lockouts that's, David Brown, Bridget Bennett, Brown, they'd, They're, doesn't, Dana Karni, Karni, Brooke Boyett, Harris, Marlon Coleman, Coleman, Shay Awosiyan, Mr, Awosiyan, he'd, Callaghan O'Hare, Schreiber, Jay Trumbull, Trumbull, Tom Butler, Ron DeSantis, Joe Raedle, Florida's, Austin, Coleman's Organizations: Business, BI, Survey, Department of Justice, Legal, Foundation of Los, New, Apartment Association, Atlanta Legal, Chicago police, Police, Chicago, Nevada Business, Regional Justice Center, Las Vegas Regional Justice Center, Las Vegas Justice, Justice, Lone Star Legal, Harris County's, Administration, Houston, Texas Excel Property Management, Houston Police Department, Excel's Villa Nueva, Texas Excel, Apartments, Republican, Florida Realtors, Gov Locations: Georgia, New Jersey, Minnesota, California, Texas, Nevada, New York, Atlanta, Michigan, Foundation of Los Angeles, Fulton County, Chicago, Chicago's Jefferson, They're, Las Vegas, Harris County, Houston, In Texas, Harris, Greater Inwood, Miami, Dade County, Florida, Dallas, Applebee's

☆ 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.

Persons: Alfred Perry, He'd, Perry, Dan Wright, Perry didn't, Wright, Bridget Bennett, Dan hadn't, I'd, he'd, Charlie Bliss, Matthew Desmond, Lockouts, Jersey City's, haven't, he's, David Leibowitz, Leibowitz, —, Pretium —, Kristi DesJarlais, Siegel, Sean Thueson , , Thueson, Blackstone, lockouts, Pretium, Katherine Kelly, RealPage, Jennifer Bowcock, William Prosser ,, they're, Donna Rossi, Sara Heymann, Meghan Aguilar, Misty Skinner, Skinner, Levi Wilhelm, It's, hasn't, I've, Wilhelm, they'd, Jeffrey Uno, Deirdre Orange, isn't, Daniel Benavidez, Jenny Chavez, criminalizing, Rob Bonta, Eric Carter, John Bartlett, Carter, Fred Fuchs, Steve Cohen, Michael Bennet, Sarah Saadian, Douglas Farrar, Kelly, Fuchs, Heymann, who've Organizations: Labor, Chrysler, Social Security, Business, North Las Vegas Police Department, Child Protective Services, Las Vegas Justice, Atlanta Legal, Atlanta Police Department, Atlanta, Supreme, Department of Housing, Los Angeles Police Department, Houston —, Arizona, Housing Association, Invitation Homes, Siegel, Siegel Group, Blackstone ., Progress, Homes, Union, city's Housing Department, Miami, Police, Houston, Houston Police Department, Phoenix, Criminal, Chicago, Chicago Department, LAPD, Records, Jersey City, Las Vegas Metropolitan Police Department, Las Vegas Metro Police, Legal, Foundation of Los, Phoenix Police Department, Fulton County Marshal's Department, Avondale Police Department, Avondale Police, Metropolitan Tenants Organization, Texas Justice Court, Court Training Center, Illinois, National Weather Service, Democratic, Senate, Income Housing Coalition, Consumer Financial Protection Bureau, Federal Trade Commission, FTC, AGs Locations: Las Vegas, Detroit, Vegas, United States, Perry's, Princeton, Milwaukee, Los Angeles, Chicago, Atlanta, South Chicago, Phoenix, Jersey, New Jersey, Jersey City, Houston, Nevada, . Texas, Harris County, Texas, Arizona, Washington, city's, Atlanta , Miami, California, New York City, Spring Valley, Spring Valley , Nevada, Las, Foundation of Los Angeles, Avondale , Arizona, Arkansas, Georgia , Mississippi, Pennsylvania, Wyoming, In Connecticut , Massachusetts, Minnesota , New Jersey, New York, Delaware, Illinois

☆ 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.

Persons: they'd, Alyssa Pointer, doesn't, Eric Tars, Marshall Rancifer, Rancifer, Larry Johnson, Johnson, Lindsey Siegel, Freddie Mac, Rausch, Bridget Bennett, Harrison Bohn, Charlie Bliss, Andrew Cauthen, Brandon Turner, Darlene DeLaRoca, she'd, Mike Rausch, Harry Reid, DeLaRoca, Luis Barraza, Barraza, haven't, Stacey Welling, David Brown, Eric Dunn, Neason, Lynetrice Preston, Altonese Weaver, that's, Bliss, Roy Barnes, Barnes, Tera Strawter, Khari Varner, Strawter, Varner, Puentes, Guy Girardin, Girardin, Brown, Brian Michael Schwalbe, Schwalbe, you've, Natalie Bergevin, Bergevin, Matthew Main, gamesmanship, Main, Paul Panusky, Sara Heymann, I've, Michael Duckworth, Duckworth, he'd, Abel Uribe, Matthew Walberg Organizations: Labor, Business, National Homelessness Law, Justice, All Coalition, for Disease Control, Police, Housing Justice League, Atlanta, Atlanta Legal, US Department of Education, Pratt Center for Community Development, UCLA, Legal, Center of Southern, Natson, Facebook, Harry, Walmart, BI, Las Vegas Justice Court, National Housing Law, Atlanta Legal Aid, Atlanta . Tenants, DeKalb County Police Department, Georgia Supreme, Lutheran Social Services of, Las Vegas, Regional Justice Center, Go Locations: Dekalb County, Panthersville, Atlanta, Dekalb, Georgia, United States, Florida , Kentucky, DeKalb County, DeKalb, New York City, Los Angeles, Clark County , Nevada, Center of Southern Nevada, Nevada, California, Las Vegas, Clark County, Clark, Lutheran Social Services of Nevada, Las Vegas . Nevada, Chicago, Chicago's Roseland, Cook, City, DeLaRoca, Vegas

Artificial intelligence has been a big boon for San Francisco real estate. The vacancy rate for San Francisco office space reached a fresh record of 34.5% in the second quarter, according to a report Monday from commercial real estate firm Cushman & Wakefield. "San Francisco is certainly the center of AI, but AI is not going to save the San Francisco commercial real estate market," Sammons said. Vacant office space across San Francisco for the quarter totaled 29.6 million square feet, Cushman & Wakefield said. WATCH: Commercial real estate vacancies in San Francisco are at an all-time high

Persons: OpenAI, Robert Sammons, Anthropic, Sammons, That's, Cushman & Wakefield Organizations: San, Tech, Microsoft, Cushman &, San Francisco, Wells Locations: San Francisco, Wakefield, Mission, Cushman & Wakefield, Francisco, Wells Fargo, Cushman

☆ A day in the life of Robert Rivani, a 34-year-old real-estate mogul with $750M in deals who left LA to invest in Miami
▼ + stars: | 2024-07-07 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +8 min

Read previewRobert Rivani got a taste for business flipping shoes as a teenager in his hometown of Los Angeles. At 18 years old, Rivani said he was approached to sell his shoe collection for over $150,000 and he took it. Rivani left California in 2022 to make his mark in Miami, where he's grown his real-estate portfolio. Even that 45-minute drive is valuable time, so his personal assistant or wife drives while Rivani texts and takes calls. Rivani has the luxury of having restaurants, including Delilah Miami, as tenants and can host multiple meetings in one location instead of bouncing around Miami.

Persons: —, Robert Rivani, Rivani, Lion, Williams, Harry Potter, Krystal, Anna Orsborn, I've, Delilah Miami, Michael Timzil Nio, — that's, we're, he's Organizations: Service, Jordan, Business, Beverly Hills, 1Ten, Vikings Locations: Los Angeles, California, Miami, South Florida, Miami Beach, Elm, Williams Sonoma, Beverly, East Coast

☆ How a Seattle couple achieved financial independence in their mid-30s after paying their way through school — and why they don't want to retire early
▼ + stars: | 2024-07-06 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +9 min

Mai-lan Phan and her husband, Ryan Wagoner, both 36, reached financial independence, but neither wants to fully retire early. Many Americans are working to achieve financial independence — or having enough savings or income to live comfortably for life. Advertisement"I want to be able to walk away from any job if it's not working," Wagoner said. Nerve damage in her right hand prevented her from returning to work full-time. She said their finances were solid enough from not "keeping up with the Joneses" that she could work less while her husband continued to work full-time.

Persons: Phan, Ryan Wagoner, Wagoner, it's, —, I'm, we're, they've, she's, They've, — Phan, We've, we've Organizations: Service, Seahawks, Business, FIRE, Subway, Michigan State University, Microsoft Locations: Phan, Seattle, Michigan, Mexico, Paris, Thailand, Europe, Asia

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