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Top Headlines: Delivered by Leonard Steinberg

July 15, 2024

01  The average size of a newly built rental apartment in the United States had also been shrinking. But recently the trend reversed. In 2023, the average size of new rentals increased by 27 square feet, to 916 from 889sf. At 1,347sf, 3-bedrooms are now 19sf larger than they were in 2014.

(NY Times)

02  "Historical data shows us that elections and their results rarely move markets when the expected outcome is delivered."

–James McManus, chief investment officer at Nutmeg

03  The Core inflation gauge rose 0.08% in May, the smallest advance since late 2020 as inflation cools closer to the 2% target.

(Bloomberg)

04  Italy a tax-haven?  Yup!  Italy offers one of the most attractive tax incentives in the world with a fixed €100,000 tax on any foreign income for anyone who moves to the country. It also offers a tax-free allowance of up to 50% on income capped at $650k for anyone, Italians or foreigners, who move to Italy from abroad. The wealthy population in Italy is soaring. The owners of Sant Ambroeus are now opening a club - The Wilde - in Milan to compete with Soho House. Other outposts are coming to New York, London and Los Angeles soon.

(FT)

05  Texas, Florida, Arizona, Georgia and the Carolinas have gained a net half-million people who are age 55 or older from other states since 2021. People 55 and up made up 38% of the net gain in the six Southern states last year, up from 35% in 2021 and 2022. Things that are attracting older people to these areas include lower local taxes, more affordable home options, capped real estate taxes.....and socialization.

(WSJ)