DID YOU KNOW?
Top Headlines: Delivered by Leonard Steinberg
MAY 03, 2023
01 The NAR estimates that in California, as many as 95% of single homeowners and 68% of married homeowners who purchased their homes before 2000 could face capital gains tax if they sold their home this year.
02 The average population among the top 20 cities with the most affordable home options was below 400,000. (Daily Mail)
03 Since the end of 2009, total debt owed by governments, businesses, and households has risen 90% to $68 trillion, according to the Federal Reserve. (WSJ)
04 The best way to attract the rich is to give them what they want. Which in 2023 means three things: luxury hospitality, world-class entertainment, and low taxes. The Gulf States have gone all-in on all three as they plan for their economies to become less reliant on oil and gas as their long-term reserves and capacity come into question.
05 JPMorgan Chase acquired all of First Republic Bank’s deposits, including uninsured deposits, and a substantial majority of assets overnight, and all 84 First Republic branches open today as J. P. Morgan Chase. The Californian financial regulator took possession of First Republic earlier today resulting in the 3rd failure of an American bank since March, after a last-ditch effort to persuade rival lenders to keep the ailing bank afloat failed. This is the second-largest bank failure in US history. JP Morgan said it will assume all of First Republic’s $92 billion in deposits—insured and uninsured. It is also buying most of the bank’s assets, including about $173 billion in loans and $30 billion in securities. (WSJ/CNBC)
06 The third annual Future Fair, an art fair focusing on ultra-contemporary works, will bring together 54 galleries from 19 countries at Chelsea Industrial from May 11-13, as part of New York Art Week. Many selling Picasso's and Warhols today focused on buying the art of their times many decades ago.... (PENTA)
