Spotlight
Market Update | MAR 27
Jon Granston | March 27, 2024
Jon Granston | March 27, 2024
Top Headlines: Delivered by Leonard Steinberg
March 27, 2024
01 Some things take time....3 years and 10 months after New York City began shutting down in the face of Covid-19, nonfarm payroll employment in the city finally surpassed its February 2020 level this January.....even while population has decreased a bit.
(Bloomberg)
– Ahmet Ertegun. When he arrived at each of his homes around the world, there was always an assistant there to open the door for him.
03 The winner of a $1,765 BILLION lottery was identified: hopefully this new billionaire buys real estate! And more importantly, I hope he gets a ‘big discount’ on those pesky ‘door-opener’ commissions.....
04 State and local governments in California have committed tens of billions of dollars to build more affordable housing. A new complex for some of the neediest low-income people doesn’t use any of it: By forgoing government assistance and the many regulations and requirements that come with it, SDS Capital Group’s 49-unit apartment building it is financing in South Los Angeles will cost about $291,000 a unit to build.
By contrast, the roughly 4,500 apartments for low-income people that have been built with funding from a $1.2 billion bond measure L.A. voters approved in 2016 have cost an average of $600,000 each....more than double!
(WSJ)
05 Tree beds are often overlooked in cities, but aside from housing a tree that is great for concrete jungle neighborhoods beautification/aesthetics combined with air-cleansing attributes, these ‘open’ patches of land help absorb water run-off that can help reduce flooding in extreme rain storms. They add up too: There are over 660,000 trees lining the streets of New York City, and the beds around them take up more than 400 acres!
(NY Times)
