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	<title>expensive &#8211; USA NEWS LIVE</title>
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		<title>The knocking on abandoned buildings has many benefits for Detroit &#8211; but it surely is dear for cities</title>
		<link>https://bloggingthree.soflytech.com/2025/03/the-knocking-on-abandoned-buildings-has-many-benefits-for-detroit-but-it-surely-is-dear-for-cities/</link>
					<comments>https://bloggingthree.soflytech.com/2025/03/the-knocking-on-abandoned-buildings-has-many-benefits-for-detroit-but-it-surely-is-dear-for-cities/#respond</comments>
		
		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Sun, 09 Mar 2025 21:23:10 +0000</pubDate>
				<category><![CDATA[Health]]></category>
		<category><![CDATA[abandoned]]></category>
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					<description><![CDATA[Only just a few cities have experienced a sharper economic change as Detroit. It was one in every of the The fastest growing cities In the nation between 1900 and 1950. In the just about 75 years since then, over 60% of its population has lost and have become the decisive example of A Post [&#8230;]]]></description>
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<p>Only just a few cities have experienced a sharper economic change as Detroit. </p>
<p>It was one in every of the <a href="https://www.biggestuscities.com/city/detroit-michigan">The fastest growing cities</a> In the nation between 1900 and 1950. </p>
<p>In the just about 75 years since then, over 60% of its population has lost and have become the decisive example of A <a href="https://www.forbes.com/sites/scottbeyer/2018/07/31/why-has-detroit-continued-to-decline/">Post -industrial city in decline</a>.</p>
<p>The chronic lack of population creates a big non -agreement on the actual estate market. A continued reduction in demand for living space results in an oversupply of Free Real Estate. Empty characteristics can deteriorate quickly as a result of neglect, arson, vandalism and crime. </p>
<figure class="align-center ">
<div class="placeholder-container" style="--aspect-ratio-percent:64.9867374005305%;--background-color:#a78b64"><img decoding="async" alt="A gray house with broken steps, closed windows and overgrown weeds in the courtyard. There is a shield that is too sold and it is clearly in a state of decay." class="lazyload" src="https://images.theconversation.com/files/651144/original/file-20250224-32-gsosra.jpg?ixlib=rb-4.1.0&#038;rect=8%2C0%2C5599%2C3640&#038;q=45&#038;auto=format&#038;w=754&#038;fit=clip" srcset="https://images.theconversation.com/files/651144/original/file-20250224-32-gsosra.jpg?ixlib=rb-4.1.0&#038;q=45&#038;auto=format&#038;w=600&#038;h=400&#038;fit=crop&#038;dpr=1 600w, https://images.theconversation.com/files/651144/original/file-20250224-32-gsosra.jpg?ixlib=rb-4.1.0&#038;q=30&#038;auto=format&#038;w=600&#038;h=400&#038;fit=crop&#038;dpr=2 1200w, https://images.theconversation.com/files/651144/original/file-20250224-32-gsosra.jpg?ixlib=rb-4.1.0&#038;q=15&#038;auto=format&#038;w=600&#038;h=400&#038;fit=crop&#038;dpr=3 1800w, https://images.theconversation.com/files/651144/original/file-20250224-32-gsosra.jpg?ixlib=rb-4.1.0&#038;q=45&#038;auto=format&#038;w=754&#038;h=503&#038;fit=crop&#038;dpr=1 754w, https://images.theconversation.com/files/651144/original/file-20250224-32-gsosra.jpg?ixlib=rb-4.1.0&#038;q=30&#038;auto=format&#038;w=754&#038;h=503&#038;fit=crop&#038;dpr=2 1508w, https://images.theconversation.com/files/651144/original/file-20250224-32-gsosra.jpg?ixlib=rb-4.1.0&#038;q=15&#038;auto=format&#038;w=754&#038;h=503&#038;fit=crop&#038;dpr=3 2262w" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px"></div><figcaption>
              <span class="caption">The houses closed and returned hems the streets of a bourgeois neighborhood on the east side of Detroit.</span><br />
              <span class="attribution"><a class="source" href="https://www.gettyimages.com/detail/news-photo/shuttered-and-repossessed-homes-line-the-streets-of-a-news-photo/108023316?adppopup=true">Charles Ommanney about Getty Images</a></span><br />
            </figcaption></figure>
<p>The rehabilitation of abandoned and neglected properties is usually impossible. It can only take just a few years at no cost houses to vary <a href="https://detroit.substack.com/p/goobing-detroit-2009-2022">habitable to moist</a>. What should political decision -makers do with the growing undesirable inventory?  </p>
<p>One way is to do nothing and wait for real estate developers to scrub up the packages and hopefully rebuild. </p>
<p>In the absence of measures by the private sector, which are sometimes unable <a href="https://doi.org/10.1111/jors.12654">Remove shitty properties and stabilize the neighborhoods</a>. Detroit did that <a href="https://historicdetroit.org/buildings/house-of-providence">Since 1974</a>. As a result, 17% of town&#39;s land area is <a href="https://nextcity.org/urbanist-news/detroit-new-field-guide-released-vacant-land-problem">now consist of free land</a> Where houses once stood.</p>
<p>As a gaggle of <a href="https://scholar.google.com/citations?user=roTmhYkAAAAJ&#038;hl=en&#038;oi=ao">Economist</a> <a href="https://scholar.google.com/citations?user=of-6TmoAAAAJ&#038;hl=en&#038;oi=ao">Who studies</a> <a href="https://scholar.google.com/citations?user=fxp9vSgAAAAJ&#038;hl=en&#038;oi=ao">Municipal financing</a> In the cities that have the population decline, we&#8217;ve looked deeply on the success of destructive, incorrect real estate in Detroit.</p>
<h2>Detroit removes hundreds of mischiefs</h2>
<p>Between 2014 and 2019, <a href="https://doi.org/10.1111/jors.12654">The city destroyed 20,800 missed real estate</a> Through the Detroit demolition program. The most difficult concentration of demolition occurred in probably the most lowest rated areas in town similar to the districts of Brightmoor, Burank and in the center west.</p>
<figure class="align-center ">
<div class="placeholder-container" style="--aspect-ratio-percent:65.91511936339522%;--background-color:#a05f57"><img decoding="async" alt="A group of tiny triangles that represent demolition focus on red and orange detroich pisses. Red sections had an average sales price between $ 26,784 and $ 45,396. A red lighter color was $ 45,396 to $ 52,339." class="lazyload" src="https://images.theconversation.com/files/650715/original/file-20250221-32-46d6id.jpg?ixlib=rb-4.1.0&#038;q=45&#038;auto=format&#038;w=754&#038;fit=clip" srcset="https://images.theconversation.com/files/650715/original/file-20250221-32-46d6id.jpg?ixlib=rb-4.1.0&#038;q=45&#038;auto=format&#038;w=600&#038;h=396&#038;fit=crop&#038;dpr=1 600w, https://images.theconversation.com/files/650715/original/file-20250221-32-46d6id.jpg?ixlib=rb-4.1.0&#038;q=30&#038;auto=format&#038;w=600&#038;h=396&#038;fit=crop&#038;dpr=2 1200w, https://images.theconversation.com/files/650715/original/file-20250221-32-46d6id.jpg?ixlib=rb-4.1.0&#038;q=15&#038;auto=format&#038;w=600&#038;h=396&#038;fit=crop&#038;dpr=3 1800w, https://images.theconversation.com/files/650715/original/file-20250221-32-46d6id.jpg?ixlib=rb-4.1.0&#038;q=45&#038;auto=format&#038;w=754&#038;h=497&#038;fit=crop&#038;dpr=1 754w, https://images.theconversation.com/files/650715/original/file-20250221-32-46d6id.jpg?ixlib=rb-4.1.0&#038;q=30&#038;auto=format&#038;w=754&#038;h=497&#038;fit=crop&#038;dpr=2 1508w, https://images.theconversation.com/files/650715/original/file-20250221-32-46d6id.jpg?ixlib=rb-4.1.0&#038;q=15&#038;auto=format&#038;w=754&#038;h=497&#038;fit=crop&#038;dpr=3 2262w" sizes="(min-width: 1466px) 754px, (max-width: 599px) 100vw, (min-width: 600px) 600px, 237px"></div><figcaption>
              <span class="caption">Location of demolition and real estate sales in Detroit from 2009 to 2019. The most difficult concentration of demolition occurred in the bottom areas of town, as shown in red and orange.</span><br />
              <span class="attribution"><span class="source">Alvayay Torrejón, Paredes, Skidmore (2023)</span>Present <a class="license" href="http://creativecommons.org/licenses/by-nc-nd/4.0/">CC BY-NC-ND</a></span><br />
            </figcaption></figure>
<p>From 2014 to 2019, many were financed by the Federal Government <a href="https://www.michigan.gov/-/media/Project/Websites/leo/Documents/Land_Bank2/HHF_FAQs_9_5_13_External.pdf?rev=9cc919f4dee84485935006fcaab6b8334">The hardest hit fund</a>. The aim of the fund is to scale back enforcements for homeowners and to stabilize the neighborhoods. This fund spent 52 million US dollars to tear down houses in Detroit.</p>
<p>As with any state intervention, it will be important to guage costs and benefits in order that the managers can make sure that they implement probably the most effective revitalization strategy.</p>
<h2>Costs and benefits of demolition</h2>
<p>Studies show that demolition not only eliminate the failures, but in addition, but in addition, but in addition the <a href="https://doi.org/10.1016/j.regsciurbeco.2017.05.009">Stabilize the residential values ​​of the neighborhood</a>Present <a href="https://doi.org/10.1080/07352166.2019.1697183">Improvement of compliance with property tax</a>Present <a href="https://doi.org/10.1016/j.jcrimjus.2018.11.002">Reduce crime</a> and eliminate toxic materials similar to <a href="https://doi.org/10.1016/j.scitotenv.2020.137891">Asbestos and lead paint</a>.</p>
<p>From the angle of town funds, the success of the destruction of a property may be assessed in two ways. </p>
<p>First, does it increase the worth of the nearby real estate? A study that two of us published in 2017 answered this query within the affirmative: tearing off an abandoned constructing in Detroit increases the worth of the nearby real estate by a low amount: <a href="https://doi.org/10.1016/j.regsciurbeco.2017.05.009">$ 162</a>. </p>
<p>Second, how do changes in the worth of this nearby real estate affect Detroit&#39;s property tax revenue? If the actual estate values ​​increase, the property taxes are also increasing in order that it is feasible to calculate how long it takes for town to get its costs back. Average, <a href="https://analytics-detroitmi.hub.arcgis.com/apps/2017e3b1891541cfb4ef07865e31f525/explore">The demolition of a decorated structure in Detroit costs 21,556 US dollars</a>.</p>
<p>In the case of Detroit in the course of the examined period, our research shows some great benefits of this system in relation to <a href="https://doi.org/10.1016/j.regsciurbeco.2017.05.009">Increased real estate values ​​are limited</a> And don&#8217;t fully cover the demolition costs. </p>
<p>Even in case you take over optimistically that some great benefits of the demolition to real estate as much as about 2½ blocks will remove, the rise within the property tax revenues generated by demolition is just too small so as to cover the demolition costs. </p>
<p>To understand why, imagine that you simply are pulling a circle across the destroyed property with a radius of about 0.125 miles, as we&#8217;ve defined <a href="https://datadrivendetroit.org/blog/2011/11/30/the-walkability-factor/">2½ city blocks</a>And then to examine the change in the actual estate value and the tax revenue of the actual estate inside the district. Removing a decorated property is a victory in some ways, but has no major influence on the neighboring house values.</p>
<p>Our results show that free properties are also negatively affected on the property values ​​of the encircling houses. For example, for houses inside 2½ city blocks, the web effect of a demolition without renovation is a rise in neighboring nobility prices of $ 162. In this case it could take 50 years for money to be levied by property taxes <a href="https://doi.org/10.1016/j.regsciurbeco.2017.05.009">correspond to the prices of the demolition</a>. It is difficult to say what happens when the lot is being developed because there are so few.</p>
<p>If you measure the effect based on smaller rings across the destroyed property, the entire costs for the associated fee restoration will likely be even longer.</p>
<p><iframe id="vjIL5" class="tc-infographic-datawrapper" src="https://datawrapper.dwcdn.net/vjIL5/1/" height="400px" width="100%" style="border: 0;" scrolling="no" frameborder="0"></iframe></p>
<h2>State and federal support</h2>
<p>But in the long term these are demolition <a href="https://chicagopolicyreview.org/2016/02/01/the-fight-to-end-blight-what-can-cities-do-to-minimize-urban-deterioration/">Essential for maintaining the standard of life and positioning town for future renovation</a>. Some would argue that it&#8217;s the role of the federal government to pay for such programs in fighting cities. Under President George W. Bush, for instance, the US Ministry of Housing and Urban Development <a href="https://www.hud.gov/program_offices/comm_planning/nsp">Neighborhood stabilization program</a>The funds for them contained <a href="https://files.hudexchange.info/resources/documents/OCCNSPFactSheet.pdf">Demolition of merged structures</a>.</p>
<p>From 2014 to 2019, the federal government&#39;s most powered fund covers most of the demolitions in Detroit. When this program ended, <a href="https://detroitmi.gov/node/44566">The city voters showed their enthusiasm for the removal of faulty real estate by approval of proposal n</a>A $ 250 million financed by Detroit to proceed the demolition program.</p>
<p>However, additional basic taxes to cover the demolition costs may give town a competitive drawback within the region nationally and worldwide. Detroit has already under the <a href="https://etd723z5379.exactdn.com/app/uploads/2024/04/announce-50-state-property-tax-comparison-0716ll.pdf">highest basic taxes</a> within the country.</p>
<p>The allowance of the state to begin the laws would keep the property taxes reasonably priced, however the support for such programs is mixed within the state captain in Lansing as a result of resource restrictions and the indisputable fact that other Michigan cities similar to Flint also must struggle with a decline in population. </p>
<h2>Lessons from Detroits Rahne pulled</h2>
<p>Detroit and other post -industrial American cities similar to <a href="https://planning.clevelandohio.gov/cwp/pop_trend.php">Cleveland, Ohio</a>And <a href="https://worldpopulationreview.com/us-cities/indiana/gary">Gary, Indiana</a>have experienced the population declines in recent many years, but these challenges are under no circumstances exclusively a phenomenon of the United States. </p>
<p>In the course of history, <a href="https://msaag.aag.org/wp-content/uploads/2013/04/26_Twine.pdf">Cities like Rome</a> have experienced enormous population waste. Paris lost the population in <a href="https://www.oxfordbibliographies.com/display/document/obo-9780195396584/obo-9780195396584-0200.xml">Middle Ages</a>. Some old cities like <a href="https://hdl.handle.net/11299/259650">Carthage</a> And <a href="https://www.thebritishacademy.ac.uk/blog/did-petras-inhabitants-really-abandon-city/">Petra</a> were completely left.</p>
<p>In the approaching years, Japan, Korea and numerous European countries are on the precise track <a href="https://apnews.com/article/china-japan-korea-population-italy-aging-c0559c904806f5dcae6b45a74ef39adc">Experience a big decline in population</a>. Many <a href="https://doi.org/10.1007/s11769-019-1077-4">Resource -dependent cities in China</a> have the identical problem. </p>
<p>This implies that the teachings drawn by Detroit may be helpful for political decision -makers elsewhere. Many leaders in Detroit didn&#8217;t imagine that the population would shed extra pounds over many years, they usually didn&#8217;t plan it. </p>
<p>Other cities have the chance to organize. You can first diversify your economies and sources of income for town in order that the federal government has funding and make sure that the standard of life is maintained when the population is shrinked.</p>
</p></div>
<p><em>image credit : theconversation.com</em></p>
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		<title>Why nursing homes and hospice are so expensive within the USA</title>
		<link>https://bloggingthree.soflytech.com/2025/03/why-nursing-homes-and-hospice-are-so-expensive-within-the-usa/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Sun, 02 Mar 2025 04:49:58 +0000</pubDate>
				<category><![CDATA[Health]]></category>
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					<description><![CDATA[Baby Boomer will probably be the most important generation in American history that reaches the long -term care room. The oldest baby boomers will probably be defined next 12 months between 1946 and 1964 as by Pew Research. The group will flood a managerial care room that&#8217;s already understaffed, underfunded and are politically opposed uncertainty. [&#8230;]]]></description>
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<p>Baby Boomer will probably be the most important generation in American history that reaches the long -term care room. The oldest baby boomers will probably be defined next 12 months between 1946 and 1964 as by Pew Research. The group will flood a managerial care room that&#8217;s already <a href="https://www.ahcancal.org/News-and-Communications/Press-Releases/Pages/Report-Access-to-Nursing-Home-Care-is-Worsening-.aspx#:~:text=continued%20nationwide%20labor%20shortages%2C%20record%20inflation%20and%20increasing%20operational%20costs%2C%20and%20chronic%20government%20underfunding." target="_blank">understaffed, underfunded</a> and are politically opposed <a href="https://www.nbcnews.com/politics/congress/house-senate-gop-approved-competing-budget-plans-now-comes-hard-part-rcna193808" target="_blank">uncertainty</a>.</p>
<p>&#8220;This room is completely under prepared for the number of older adults who need long -term care and the end of life supply,&#8221; said David Grabowski, professor of health policy on the Harvard Medical School. &#8220;We have historically rely on families. There will not be the number of family members we have had in the past.&#8221;</p>
<p>Now private equity wants to return onto the market. A current <a href="https://pubmed.ncbi.nlm.nih.gov/39226494/" target="_blank">study</a> From 2015 to 2022, 47 private equity corporations found 124 US hospice agencies. Today 75% of the US hospice agencies are profit-oriented, in keeping with a study from the <a href="https://ldi.upenn.edu/our-work/research-updates/medicare-hospice-exploding-in-size-but-riddled-with-quality-concerns/" target="_blank">University of Pennsylvania</a>.</p>
<p>&#8220;The hospice was founded as a non -profit movement of the base in which the majority of care provided a few decades ago of strictly non -profit organizations,&#8221; said Robert Tyler Braun, assistant professor on the Department of Health Policy and Economy at Weill Cornell Medicine. &#8220;In this current landscape, the majority of the hospice providers are profit.&#8221;</p>
<p>Nursing homes and long-term care facilities have long been a business goal for personal equity and publicly traded corporations. Data made available to CNBC by coherent market views show that the identical trends within the hospice care area have increased significantly because the 2010s.</p>
</p>
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<p><em>image credit : www.cnbc.com</em></p>
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		<title>AI in Healthcare to Save Money Requires A lot of Expensive People – The Mercury News</title>
		<link>https://bloggingthree.soflytech.com/2025/01/ai-in-healthcare-to-save-money-requires-a-lot-of-expensive-people-the-mercury-news/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Sat, 18 Jan 2025 15:06:37 +0000</pubDate>
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					<description><![CDATA[By Darius Tahir, KFF Health News Preparing cancer patients to make difficult decisions is the job of an oncologist. However, they don&#39;t all the time remember it. At the University of Pennsylvania Health System, doctors are encouraged to debate a patient&#39;s treatment and end-of-life preferences through an artificially intelligent algorithm that predicts the likelihood of [&#8230;]]]></description>
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<div>
<p><strong>By Darius Tahir, KFF Health News</strong></p>
<p>Preparing cancer patients to make difficult decisions is the job of an oncologist. However, they don&#39;t all the time remember it. At the University of Pennsylvania Health System, doctors are encouraged to debate a patient&#39;s treatment and end-of-life preferences through an artificially intelligent algorithm that predicts the likelihood of death.</p>
<p>There were probably real life implications. Ravi Parikh, an Emory University oncologist and lead creator of the study, told KFF Health News that the tool has failed tons of of times to get doctors to have this essential discussion &#8211; potentially avoiding unnecessary chemotherapy &#8211; with patients who needed it. to initiate.</p>
<p>He believes several algorithms designed to enhance medical care have been weakened throughout the pandemic, not only Penn Medicine&#39;s. “Many institutions do not routinely monitor the performance of their products,” Parikh said.</p>
<p>Algorithm glitches are one facet of a dilemma that computer scientists and doctors have long recognized but that&#8217;s increasingly puzzling hospital managers and researchers: Artificial intelligence systems require consistent monitoring and staffing to set them up and ensure they function properly.</p>
<p>Essentially: you would like people and more machines to be sure the brand new tools don&#39;t break.</p>
<p>“Everyone thinks AI is going to help us with our access and our capacity and improve care, etc.,” said Nigam Shah, chief data scientist at Stanford Health Care. “That’s all well and good, but if it increases the cost of care by 20% “Is that possible then?”</p>
<p>Government officials worry that hospitals don&#39;t have the resources to place these technologies through their paces. “I have looked far and wide,” FDA Commissioner Robert Califf said recently at an agency panel on AI. “I don’t believe there is a single healthcare system in the United States that has the ability to validate an AI algorithm used in a clinical care system.”</p>
<p>AI is already widely utilized in healthcare. Algorithms are used to predict patients&#39; risk of death or deterioration, suggest diagnoses or triage patients, record and summarize visits to save lots of doctors work, and approve insurance claims.</p>
<p>If technology evangelists are right, technology will turn out to be ubiquitous – and profitable. Investment firm Bessemer Venture Partners has identified about 20 health-focused AI startups which are on course to generate $10 million each in revenue in a 12 months. The FDA has approved nearly a thousand artificially intelligent products.</p>
<p>Assessing whether these products work is difficult. Even harder is assessing whether or not they proceed to operate – or have developed the software equivalent of a blown gasket or leaky motor.</p>
<p>Take a recent Yale Medicine study evaluating six “early warning systems” that alert doctors when patients’ conditions are more likely to deteriorate quickly. A supercomputer processed the information for several days, said Dana Edelson, a physician on the University of Chicago and co-founder of an organization that provided an algorithm for the study. The process was successful and showed large performance differences between the six products.</p>
<p>It isn&#8217;t easy for hospitals and providers to decide on the very best algorithms for his or her needs. The average doctor doesn&#39;t have a supercomputer lying around and there are not any Consumer Reports for AI.</p>
<p>“We don’t have standards,” said Jesse Ehrenfeld, former president of the American Medical Association. “There is nothing I can show you today that sets a standard for how you evaluate, monitor and look at the performance of a model of an algorithm, whether AI capable or not, when it is deployed.”</p>
<p>Perhaps probably the most widely used AI product in medical practices is named Ambient Documentation, a technology-enabled assistant that listens to and summarizes patient visits. Last 12 months, Rock Health investors reported $353 million poured into these documentation firms. However, Ehrenfeld said, “There is currently no standard for comparing the results of these tools.”</p>
<p>And that&#39;s an issue because even small mistakes can have devastating consequences. A team at Stanford University tried to summarize patients&#39; medical histories using large language models, the technology that powers popular AI tools like ChatGPT. They compared the outcomes to what a physician would write.</p>
<p>“Even in the best case scenario, the models had a 35% error rate,” said Stanford’s Shah. In medicine: &#8220;If you write a summary and forget a word, like &#39;fever&#39; &#8211; that&#39;s a problem, right?&#8221;</p>
<p>Sometimes the the explanation why algorithms fail are quite logical. For example, changes to the underlying data can impact their effectiveness, comparable to when hospitals change laboratory providers.</p>
<p>Sometimes, nevertheless, the pitfalls lurk for no apparent reason.</p>
<p>Sandy Aronson, a technical lead for Mass General Brigham&#39;s personalized medicine program in Boston, said that when his team tested an application designed to assist genetic counselors find relevant literature about DNA variants, the product suffered from &#8220;non-determinism&#8221; &#8211; meaning if you asked the identical thing. I asked the query several times inside a brief time frame and got different results.</p>
<p>Aronson is worked up concerning the potential of enormous language models to aggregate knowledge for overburdened genetic counselors, but “the technology needs to improve.”</p>
<p>What should institutions do when metrics and standards are sparse and errors can occur for strange reasons? Invest a number of resources. At Stanford, Shah says, it took eight to 10 months and 115 hours of labor simply to test two models for fairness and reliability.</p>
<p>Experts interviewed by KFF Health News expressed the concept of ​​artificial intelligence monitoring artificial intelligence, with some (human) data experts monitoring each. All acknowledged that this is able to require organizations to spend even extra money &#8211; a difficult task given the fact of hospital budgets and the limited supply of AI technology specialists.</p>
<p>“It&#39;s great to have a vision where we&#39;re melting icebergs for a model to monitor their model,” Shah said. “But is that really what I wanted? How many more people will we need?”</p>
</p>
<p>©2025 KFF Health News. Distributed by Tribune Content Agency, LLC.</p>
</p></div>
<p><em>image credit : www.mercurynews.com</em></p>
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		<title>JPMorgan Chase steps up buybacks after Dimon called shares expensive</title>
		<link>https://bloggingthree.soflytech.com/2025/01/jpmorgan-chase-steps-up-buybacks-after-dimon-called-shares-expensive/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Wed, 15 Jan 2025 22:30:57 +0000</pubDate>
				<category><![CDATA[Business]]></category>
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		<guid isPermaLink="false">https://bloggingthree.soflytech.com/?p=22738</guid>

					<description><![CDATA[JPMorgan Chase Executives said the bank would step up share buybacks to stop its growing pile of tens of billions of dollars in excess money. JPMorgan just had a record 12 months for profits and revenue and is faced with the query of who the CFO is Jeremy Barnum Admittedly, it was a &#8220;high-profile issue&#8221;: [&#8230;]]]></description>
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<div id="RegularArticle-ArticleBody-5" data-module="ArticleBody" data-test="articleBody-2" data-analytics="RegularArticle-articleBody-5-2"><span class="HighlightShare-hidden" style="top:0;left:0"></span></p>
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<p><span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="RegularArticle-QuoteInBody-1">JPMorgan Chase<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"></span></button></span></span></span>    Executives said the bank would step up share buybacks to stop its growing pile of tens of billions of dollars in excess money.</p>
<p>JPMorgan just had a record 12 months for profits and revenue and is faced with the query of who the CFO is <a href="https://www.jpmorganchase.com/about/leadership/jeremy-barnum" target="_blank">Jeremy Barnum</a> Admittedly, it was a &#8220;high-profile issue&#8221;: The bank is estimated to have about $35 billion in funds it doesn&#39;t must satisfy regulators, or what analysts call &#8220;excess capital.&#8221;</p>
<p>“We want the surplus to stop growing from here,” Barnum told analysts on Wednesday. “Given the amount of organic capital we produce, unless we find opportunities for organic deployment or other opportunities in the near term, that means a higher return on capital through buybacks.”</p>
<p>The bank has heard it from investors and analysts who need to know what JPMorgan plans to do with the cash. The largest American bank by assets has been piling up profits to arrange for Basel 3 regulations that will have required more capital. But Wall Street analysts say the brand new Trump administration is prone to propose something far softer.</p>
<p>When the difficulty got here up at his bank&#39;s annual investor day in May, CEO Jamie Dimon bristled at the concept of ​​expanding purchases of his shares, which were then trading near a 52-week high of $205.88.</p>
<p>“I want to be very clear, okay? We will not be buying back many shares at these prices,” Dimon said on the time.</p>
<p>This is since the valuation of the corporate is simply too high even in his own eyes, said Dimon: “Repurchasing shares in a financial company that are well over twice the material inventory is a mistake. We won’t do that.”</p>
<p>The bank&#39;s stock has only increased since then: One share now trades for 22% greater than when Dimon made those comments.</p>
<p>JPMorgan pushed back against calls to scale back its money holdings greater than it deemed essential, suggesting the danger of tougher times ahead. Dimon and others have been warning about the potential for an imminent recession since not less than 2022, but it surely hasn&#39;t happened yet, so the tip of an economic cycle continues to be in sight.</p>
<p>Barnum returned to the subject on Wednesday, telling reporters that there was a &#8220;tension&#8221; between risks within the economy and high asset prices out there; The bank subsequently has to arrange for “many scenarios,” he said.</p>
<p>Charles Peabody, an analyst at Portales Partners, said a pointy economic downturn would give the bank the chance to deploy more of its estimated $35 billion in excess money through loans.</p>
<p>“I think JPMorgan will be disciplined and not waste capital,” Peabody said. “The best time to gain market share is at the end of a recession when your competitors are somewhat weakened. And I expect he will scale back his buybacks from current levels, despite pressure from shareholders to do more.”</p>
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<p><em>image credit : www.cnbc.com</em></p>
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		<title>California has 15 of the 25 costliest places to live within the US &#8211; The Mercury News</title>
		<link>https://bloggingthree.soflytech.com/2024/12/california-has-15-of-the-25-costliest-places-to-live-within-the-us-the-mercury-news/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Thu, 26 Dec 2024 18:22:52 +0000</pubDate>
				<category><![CDATA[Politics]]></category>
		<category><![CDATA[California]]></category>
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		<guid isPermaLink="false">https://bloggingthree.soflytech.com/?p=21626</guid>

					<description><![CDATA[The pain: California is home to fifteen of the 25 costliest metropolitan areas within the country. The source: My trusty spreadsheet checked this Annual “Price Parity” report from the US Bureau of Economic Analysiswhich supplies us an summary of the relative cost of living differences between 384 metropolitan areas across the country in 2023 – [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" src="https://www.mercurynews.com/wp-content/uploads/2024/12/California-metro-costs-vs.-the-nation@2x-e1734376571847.jpeg?w=1400px&amp;strip=all" /></p>
<div><iframe src="https://flo.uri.sh/visualisation/20818833/embed" width="100%" height="550px" scrolling="yes" class="iframe" allowtransparency="1" id="676d9e319765d" allowfullscreen="yes" allow="geolocation"></iframe></p>
<p><strong>The pain:</strong> California is home to fifteen of the 25 costliest metropolitan areas within the country.</p>
<p><strong>The source:</strong> My trusty spreadsheet checked this <a href="https://www.bea.gov/data/prices-inflation/regional-price-parities-state-and-metro-area">Annual “Price Parity” report from the US Bureau of Economic Analysis</a>which supplies us an summary of the relative cost of living differences between 384 metropolitan areas across the country in 2023 – including 26 in California. This inflation calculation is predicated on each price and spending fluctuations and is a component of the Federal Reserve&#39;s hottest measure of inflation &#8211; the &#8220;PCE&#8221; or personal consumption expenditure rate.</p>
<h4>The pinch</h4>
<p>This isn&#39;t a surprise, but quite one other stark reminder of the state&#39;s biggest economic challenge &#8211; the price of living here.</p>
<p>The costliest subway within the country? San Francisco, where it costs 18.2% greater than the standard US subway.</p>
<p>Why? Of course it&#39;s the price of housing. San Francisco residents pay twice the national standard, with utility costs 58% higher.</p>
<p>The second costliest metropolitan area within the United States is the region that features Los Angeles and Orange counties, with a price of living 15.5% higher than that of a typical American. Housing is 73% dearer and utility costs are 35% higher.</p>
<h4>Pressure points</h4>
<p>Consider the opposite 13 California metros that top the list of costliest places to live &#8211; a group of enormous coastal metropolises.</p>
<p><b>Ventura County: </b>Costs 13.5% greater than typical U.S. spending and ranks third highest within the nation. Housing costs are 78% higher than US costs, and utilities are 30% dearer.</p>
<p><b>Santa Barbara: </b>Also No. 3 at 13.5% above normal, with housing construction 76% higher than within the U.S. and utilities 28% dearer.</p>
<p><b>Salt pans: </b> 13% higher (#5) – Housing 67% higher than US, utilities 35% higher.</p>
<p><b>San Jose: </b> 12.9% higher (#7) – Housing 113% higher than US, utilities 35% higher.</p>
<p><b>Holy Cross: </b> 12.6% higher (#8) – Housing 75% higher than US, utilities 34% higher.</p>
<p><b>Napa: </b> 11.8% higher (No. 10) – Housing 62% higher than US, utilities 39% higher.</p>
<p><b>San Diego: </b> 11.5% higher (No. 13) – Housing 86% higher than US, utilities 54% higher.</p>
<p><b>San Luis Obispo: </b> 10.8% higher (No. 14) – Housing 50% higher than US, utilities 27% higher.</p>
<p><b>Santa Rosa: </b> 10.1% higher (No. 16) – Housing 47% higher than US, utilities 36% higher.</p>
<p><b>Vallejo: </b> 9.2% higher (#18) – Housing 36% higher than US, utilities 36% higher.</p>
<p><b>Sacramento: </b> 8.9% higher (#19) – Housing 34% higher than US, utilities 33% higher.</p>
<p><b>Domestic Empire: </b> 7.9% higher (No. 21) – Housing 32% higher than US, utilities 57% higher.</p>
<p><b>Stockton: </b> 7.4% higher (No. 23) – Housing 20% ​​higher than US, utilities 39% higher.</p>
<h4>Painful reality</h4>
<p>California&#39;s most cost-effective place to live still has the 89th highest cost of living within the country amongst 384 metro areas tracked.</p>
<p>Living in Hanford, a farming community within the Central Valley, is 1.6% cheaper than the national norm. By this calculation, housing costs are 31% lower than typical U.S. metropolitan areas. But utility prices are 39% higher than the state norm.</p>
</p>
<aside class="related left"></aside>
<p>Originally published: <time datetime="2024-12-26 08:08:08">December 26, 2024 at 8:08 am PST</time></p>
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<p><em>image credit : www.mercurynews.com</em></p>
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		<title>If the accommodation is full, Mass will take over. out-of-state travel expenses. How popular and the way expensive is this system?</title>
		<link>https://bloggingthree.soflytech.com/2024/10/if-the-accommodation-is-full-mass-will-take-over-out-of-state-travel-expenses-how-popular-and-the-way-expensive-is-this-system/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Fri, 11 Oct 2024 09:25:45 +0000</pubDate>
				<category><![CDATA[Politics]]></category>
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		<guid isPermaLink="false">https://bloggingthree.soflytech.com/?p=17126</guid>

					<description><![CDATA[Local News For greater than a 12 months, Massachusetts officials have been grappling with the combined effects of a housing affordability crisis and a surge of migrants in need of shelter. As the state&#39;s shelter system has filled, Gov. Maura Healey&#39;s administration has arrange additional overflow sites, implemented stay limits at shelters, asked federal officials [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" src="https://www.boston.com/wp-content/uploads/2024/10/Massachusetts_Homeless_Migrants_97901-67082940f32fa-850x638.jpg" /></p>
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<p>								Local News<br />
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<p>For greater than a 12 months, Massachusetts officials have been grappling with the combined effects of a housing affordability crisis and a surge of migrants in need of shelter. As the state&#39;s shelter system has filled, Gov. Maura Healey&#39;s administration has arrange additional overflow sites, implemented stay limits at shelters, asked federal officials for more resources and tried to send the message to migrants: &#8220;We&#39;re full.&#8221; I&#39;m fascinated by coming to Massachusetts. </p>
<p>Officials have also tried one other tactic: covering the travel costs of those that must go elsewhere. By the state <a href="https://www.mass.gov/info-details/re-ticketing-part-of-emergency-assistance-ea-family-shelter">Reticketing program</a>The Healey government will book and pay for flights and bus tickets for newly arrived families who&#8217;ve the chance to stick with friends or family in other states. Now officials are releasing latest details about how widespread this system has been and the way much it has cost the state thus far. </p>
<p>According to the Executive Office of Housing and Livable Communities, a complete of 65 families have opted into the reticketing program since March. starting of July, <a href="https://www.bostonglobe.com/2024/07/03/metro/migrants-logan-healey-reticketing/"></a>    reported that only 18 families had received a brand new ticket at the moment. The administration distributed notices to families arriving at &#8220;welcome centers&#8221; across the state, promoting the reticketing program and telling people they were not allowed to remain at Logan Airport. </p>
<p>To cover the travel costs of the 65 families who used the reticketing program, the state has paid $85,768 thus far, in line with officials. They say that is significantly lower than it might have cost to accommodate these families in emergency shelters <a href="https://www.mass.gov/news/healey-driscoll-administration-details-9-month-length-of-stay-policy-at-emergency-assistance-sites">nine months</a>.</p>
<p>Ticket rebooking is totally optional and available to all families eligible for the federal government&#39;s emergency shelter system, not only newly arrived migrants. The families rebooked thus far have all been transported to domestic locations within the United States. </p>
<p>The administration has also worked to extend the variety of families leaving the shelter system. Last fall, Healey imposed a cap of seven,500 families on the system, resulting in the introduction of overflow sites and a waiting list. According to the state, there have been 7,327 families within the system as of last week <a href="https://www.mass.gov/info-details/emergency-assistance-ea-family-shelter-resources-and-data#emergency-assistance-placement-data-">Data</a>. About half of them live in traditional accommodation, while the opposite half stay in hotels and motels contracted by the state. </p>
<p>According to official data, a complete of 425 families left the protection system in September, in comparison with 162 in September 2023. Since the start of this 12 months, 2,971 families have left the system.  </p>
<p>The system is expressly intended to guard pregnant women and families with children. Almost one in nine families searching for protection within the system up to now two years included a pregnant woman. However, like that <a href="https://www.bostonglobe.com/2024/10/07/metro/pregnant-migrants-shelter-haiti-massachusetts-boston/">reported this week</a>State officials have done little to handle the health needs of pregnant women. </p>
<p>Elsewhere within the state, some migrant families returned to Logan last month. They reportedly sought shelter there because of latest rules limiting the length of time families could stay in flood zones to 5 days. Those who decide to remain within the overflow areas may have to attend six months or longer to be placed within the state&#39;s actual family emergency shelter system. Some of the migrants housed at Logan said they deliberately refused to remain at overflow sites because they didn&#8217;t want their prospects of staying in a shelter for an extended time frame to be affected.</p>
<div class="m-block m-generic-cta
	 m-generic-cta--post-content	 m-generic-cta--dark	 m-generic-cta--homepage	 m-generic-cta--email-signup		 m-generic-cta-block-style--default 
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<h3 class="m-author-card__title">Ross Cristantiello</h3>
<p><span class="m-author-card__subtitle">Staff author</span>	</div>
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<section class="author-info">
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<p>Ross Cristantiello, a general news reporter for Boston.com since 2022, covers local politics, crime, the environment and more.</p>
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<hr class="m-author__section--hr">	</section>
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<br /><em>image credit : www.boston.com</em></p>
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		<title>Is Prop. 4 Climate Bond a sensible move or simply too expensive?</title>
		<link>https://bloggingthree.soflytech.com/2024/10/is-prop-4-climate-bond-a-sensible-move-or-simply-too-expensive/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Fri, 04 Oct 2024 12:37:35 +0000</pubDate>
				<category><![CDATA[News]]></category>
		<category><![CDATA[bond]]></category>
		<category><![CDATA[Climate]]></category>
		<category><![CDATA[expensive]]></category>
		<category><![CDATA[move]]></category>
		<category><![CDATA[Prop]]></category>
		<category><![CDATA[smart]]></category>
		<guid isPermaLink="false">https://bloggingthree.soflytech.com/?p=16547</guid>

					<description><![CDATA[Click here for a full list of our voting recommendations. Proposition 4 would allow the state to borrow $10 billion by issuing bonds for natural resources and climate change activities. Individual proposals include efforts to make sure clean drinking water, increase drought, flood and water resilience, increase clean energy production, address sea level rise, create [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" src="https://www.mercurynews.com/wp-content/uploads/2023/11/AP22333043441724.jpg?w=1400px&amp;strip=all" /></p>
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<hr>
<p style="text-align: center"><em><strong>Click here for a full list of our voting recommendations. </strong></em></p>
<hr>
<p>Proposition 4 would allow the state to borrow $10 billion by issuing bonds for natural resources and climate change activities. Individual proposals include efforts to make sure clean drinking water, increase drought, flood and water resilience, increase clean energy production, address sea level rise, create parks and outdoor access, mitigate heat or to fund wildfire prevention programs.</p>
<p>Yes: Clean water advocates say it&#39;s time to take a position in proven climate solutions now slightly than pay later. Too many Californians live without clean, protected water supplies, and much more are served by vulnerable systems. Proposition 4 requires that at the very least 40% of funding go to disadvantaged communities that need it most.</p>
<p>No: California senator says we are able to&#39;t afford to fund supposed climate programs promised by a state that hasn&#39;t lived as much as its past commitments. The measure includes programs which might be vaguely defined and sometimes dubiously labeled, leaving taxpayers stuck with the bill. Although some programs are worthwhile, they mustn&#8217;t be funded with long-term debt.</p>
<p>Editorial: Proposition 4 favors policy over common sense policy with a hodgepodge of environmental programs that lack clear priorities. After this yr&#39;s federal budget debacle, elected leaders mustn&#8217;t wait for brand spanking new bonds and more debt to pursue an unfocused spending plan. The measure reads more like a shopping list than a sound policy proposal.</p>
</p></div>
<p><em>image credit : www.mercurynews.com</em></p>
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		<title>Travel is now too expensive – cost concerns are causing demand for travel to fall</title>
		<link>https://bloggingthree.soflytech.com/2024/08/travel-is-now-too-expensive-cost-concerns-are-causing-demand-for-travel-to-fall/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Thu, 29 Aug 2024 13:12:29 +0000</pubDate>
				<category><![CDATA[Travel]]></category>
		<category><![CDATA[causing]]></category>
		<category><![CDATA[concerns]]></category>
		<category><![CDATA[cost]]></category>
		<category><![CDATA[demand]]></category>
		<category><![CDATA[expensive]]></category>
		<category><![CDATA[fall]]></category>
		<category><![CDATA[travel]]></category>
		<guid isPermaLink="false">https://bloggingthree.soflytech.com/?p=13304</guid>

					<description><![CDATA[Travelers may finally have had enough. With revenge trips now not available and pandemic savings depleted, travelers say they&#8217;re planning fewer trips this summer or canceling their vacations altogether. &#8220;After two years of strong growth, the number of Americans planning vacation trips is declining,&#8221; says a summer study. Travel report by Deloitte Insights. The conclusion [&#8230;]]]></description>
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<p>Travelers may finally have had enough.</p>
<p>With revenge trips now not available and pandemic savings depleted, travelers say they&#8217;re planning fewer trips this summer or canceling their vacations altogether.</p>
<p>&#8220;After two years of strong growth, the number of Americans planning vacation trips is declining,&#8221; says a summer study. <a href="https://www2.deloitte.com/content/dam/insights/articles/us187281_cic_summer-travel/DI_2024-summer-travel.pdf" target="_blank" rel="noopener">Travel report</a> by Deloitte Insights.</p>
<p>The conclusion of the second quarter reporting season showed that major firms comparable to Marriott, Hyatt, Wyndham, <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="SpecialReportArticle-QuoteInBody-5">Airbnb<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"></span></button></span></span></span>    And <span class="QuoteInBody-quoteNameContainer" data-test="QuoteInBody" id="SpecialReportArticle-QuoteInBody-6">Expedia<span class="QuoteInBody-inlineButton"><span class="AddToWatchlistButton-watchlistContainer" id="-WatchlistDropdown" data-analytics-id="-WatchlistDropdown"><button class="AddToWatchlistButton-watchlistButton" aria-label="Add To Watchlist" data-testid="dropdown-btn"><span class="AddToWatchlistButton-addWatchListFromTag"></span></button></span></span></span>    expect a weakening of travel demand again this 12 months.  </p>
</div>
<h2 class="ArticleBody-subtitle"><a id="headline0"></a>Traveling is currently “too expensive”</h2>
<div class="group">
<p>According to Deloitte&#39;s survey of greater than 4,000 people, Americans are planning 2.3 trips this summer, in comparison with 3.1 trips in summer 2023.  </p>
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<p>The number of people that said they&#8217;d avoid summer travel altogether rose from 37% to 42%, based on the report. When asked why they&#8217;re staying home, nearly a 3rd of respondents said &#8220;travel is too expensive right now&#8221; &#8211; a rise of eight percentage points from 2023, based on Deloitte.</p>
</div>
<div class="group">
<p>About 14% of respondents planning a visit wish to spend less, with shorter trips being the most well-liked travel option.</p>
<p>However, one other 19 percent said they plan to spend more (up from 25 percent in 2023). However, this will not be necessarily because they wish to, but fairly because they feel they must.</p>
<p>“The most frequently cited reason for increased spending is rising prices, not more sophisticated travel,” the report says.</p>
</div>
<h2 class="ArticleBody-subtitle"><a id="headline1"></a>Younger people limit the “fun”  </h2>
<div class="group">
<p>Average spending on non-essential goods and services &#8211; comparable to travel, clothing and residential furnishings &#8211; has fallen across the board this summer, said Sofia Baig, an economist at data analytics firm Morning Consult.</p>
<p>The biggest cuts are in spending on leisure activities amongst Generation Z and Millennials, a category that features concert events and sporting events, based on a <a href="https://urldefense.com/v3/__https://pro.morningconsult.com/analyst-reports/all-about-middle-income-consumers__;!!PIZeeW5wscynRQ!rgNz--997OcUh3QnaTb6dqMRRSkcZw0avnZwRlKaBZW5x4SZ63gDPH-jecafsikplrU2-RK_zTDnLiuR913yPcs43g%24" target="_blank" rel="noopener">July report</a> by Morning Consult.</p>
</div>
<div class="group">
<p>These generations also spend less on airline tickets and hotel accommodation, Baig said, suggesting that a discount in travel spending could mean a normalization of the market.<strong> </strong>after the tip of the revenge journey.</p>
<p>&#8220;Younger adults have cut their share of the budget for &#39;fun,&#39;&#8221; the report said, showing that they proceed to spend lots of money on things like personal care products, restaurant meals and alcohol.</p>
<p>Generation Z exploded onto the travel scene, with the oldest members reaching maturity across the time Covid-related travel restrictions began to ease.</p>
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<div class="InlineVideo-inlineThumbnailContainer"><img decoding="async" class="InlineVideo-videoThumbnail" src="https://image.cnbcfm.com/api/v1/image/108019206-17234737671723473763-35795383162-1080pnbcnews.jpg?v=1723473766&#038;w=750&#038;h=422&#038;vtcrop=y" alt="Expedia CEO on Q2 results: Expects weakness and slight decline in US hotel sector"><span class="InlineVideo-videoButton"></span><span></span></div>
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<p>Much to the dismay of older travelers, lack of monetary resources didn&#8217;t deter their travel ambitions, as social media and a growing variety of travel influencers made trips possible that previous generations would normally have delay for years.</p>
<p>The role of travel within the lives of younger people can be different. Younger travelers usually tend to view travel as a necessary a part of their mental health fairly than some form of voluntary luxury.</p>
<p>While their parents saved for wedding rings, houses, and an emergency fund to cover six months of expenses of their twenties, Generation Z is more about seizing the chance fairly than saving for a rainy day.</p>
<p>But this mentality has its limits, said Baig.</p>
<p>&#8220;While travel may be &#39;fundamental to their well-being,&#39; it&#39;s not really as important as paying rent or buying groceries,&#8221; she said.</p>
<p>Yet they&#8217;re &#8220;walking the talk,&#8221; she said, by &#8220;allocating a larger portion of their budget to travel than older generations.&#8221;</p>
<p>A report released in April by travel company Hopper found that Generation Z members who earn lower than $50,000 a 12 months spend as much as 49 percent more on travel than older individuals with the identical income.</p>
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<p><em>image credit : www.cnbc.com</em></p>
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		<title>Newark City Councillor resigns because he thinks the town is simply too expensive</title>
		<link>https://bloggingthree.soflytech.com/2024/07/newark-city-councillor-resigns-because-he-thinks-the-town-is-simply-too-expensive/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Mon, 01 Jul 2024 12:35:21 +0000</pubDate>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[City]]></category>
		<category><![CDATA[Councillor]]></category>
		<category><![CDATA[expensive]]></category>
		<category><![CDATA[Newark]]></category>
		<category><![CDATA[resigns]]></category>
		<category><![CDATA[thinks]]></category>
		<guid isPermaLink="false">https://bloggingthree.soflytech.com/?p=7836</guid>

					<description><![CDATA[NEWARK – City Councilman Mike Bucci is resigning before the tip of his third term because he can not afford to live in the town he represents. Bucci, who describes himself as &#8220;the most handsome eyepatch-wearing city council member ever,&#8221; doesn&#39;t rule out leaving town entirely if his luck changes. &#8220;I play the lottery twice [&#8230;]]]></description>
										<content:encoded><![CDATA[<p><img decoding="async" src="https://www.mercurynews.com/wp-content/uploads/2024/06/EBT-L-RESIGNS-0629-2_676735.jpg?w=1400px&amp;strip=all" /></p>
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<p>NEWARK – City Councilman Mike Bucci is resigning before the tip of his third term because he can not afford to live in the town he represents.</p>
<p>Bucci, who describes himself as &#8220;the most handsome eyepatch-wearing city council member ever,&#8221; doesn&#39;t rule out leaving town entirely if his luck changes.</p>
<p>&#8220;I play the lottery twice a week,&#8221; he said on Friday, describing it as a final resort.</p>
<p>But Bucci will likely move out of Newark because he desires to buy a house. He plans to maneuver to Oxnard in Ventura County.</p>
<p>Bucci said his salary at a construction company in San Leandro, even combined along with his roughly $13,000 annual salary as a city councilman, was nowhere near enough to search out a good home for his wife and daughter in Newark.</p>
<p>He said his landlord recently died and although his relatives haven&#8217;t any plans to sell the home he lives in any time soon, &#8220;I can&#39;t take any risks. We live in a house that&#39;s worth millions.&#8221;</p>
<p>Mayor Mike Hannon was saddened but not surprised by Bucci&#39;s resignation letter, which he sent Wednesday. He understands, and remembers how different the Bay Area real estate market was when his family left their rental property in 1985 and located their first home here, which they bought with family help.</p>
<p>&#8220;The magnitude in dollar amounts is just significantly higher,&#8221; he said. &#8220;I know that many young couples are able to buy homes because they make sacrifices. The difficulties remain more or less the same.&#8221;</p>
<p>Homes in Newark now cost greater than one million dollars &#8211; or almost that much, Bucci said.</p>
<p>Before his resignation, Bucci, 47, had posted on social media that he and his wife, who works for the Dublin San Ramon Services District, had tried unsuccessfully several times in recent times to purchase a house with a $60,000 down payment and a credit rating of 785, he wrote.</p>
<p>&#8220;We&#39;ve tried over the years. We&#39;ve tried a lot,&#8221; he said in an interview. &#8220;It was never enough. And a bank won&#39;t give you a loan that&#39;s worth more than your house. There&#39;s nothing you can do about it&#8230; It&#39;s heartbreaking. And at some point you just throw in the towel.&#8221;</p>
<p>He said he&#8217;s now moving to Oxnard along with his wife and daughter right into a family-owned two-bedroom condo where his grandmother currently lives.</p>
<p>&#8220;This is the best option for us,&#8221; Bucci said. &#8220;It&#39;s difficult because we don&#39;t have a life there. Our life is here. But the truth is that our whole family left here.&#8221;</p>
<p>The councilman publicly identified on social media what he believed to be the most cost effective house on the town: a Twenties home on Olive Street with an asking price of $999,000 and old cars, trash and garbage outside. He estimated he wouldn&#8217;t have the ability to repay the mortgage for years.</p>
<p>&#8220;I just had to be honest with myself&#8230; Is it worth killing myself to pay off a mortgage that&#39;s worth more than both of our salaries?&#8221; Bucci asked. &#8220;I&#39;ll probably be dead before my 77th birthday and my poor wife would be stuck with it and probably have to sell it at some point anyway.&#8221;</p>
<p>Or, he bets, he could afford something cheaper he saw on Facebook Marketplace: a 29-foot 1996 Winnebago Minnie Winnie with a Ford F350 Super Duty 7.4-liter V8 engine and a kitchenette, bedroom and living area.</p>
<p>&#8220;Even though you know you can&#39;t win, sometimes you just have to fight the good fight, man,&#8221; Bucci said. &#8220;It sucks, man. I&#39;m not having fun right now.&#8221;</p>
<p>Since his election in 2014, he has helped open the town&#39;s latest civic center, which incorporates a brand new city hall, police station and library, in addition to the town&#39;s first dog park and skate park.</p>
<p>The Newark City Council will accept applications to fill Bucci&#39;s position until July 5. The council will then hold a special meeting on July 8 to contemplate the brand new applicants.</p>
<p>Regarding Bucci&#39;s tenure as city councilor, Hannon said, &#8220;Hopefully when he looks back, he will look back with affection and pride.&#8221;</p>
<p><iframe src="https://embed.bloom.li/article/map?zoom=far&#038;post_key=cnR5O6A1LvcG9d8tfM86" title="Story map" style="display:block;border:none;visibility:visible;width:100% !important;height:300px;"></iframe>
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<p><em>image credit : www.mercurynews.com</em></p>
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		<title>These Bay Area cities at the moment are so expensive that they&#8217;re considered “impossibly unaffordable”</title>
		<link>https://bloggingthree.soflytech.com/2024/06/these-bay-area-cities-at-the-moment-are-so-expensive-that-theyre-considered-impossibly-unaffordable/</link>
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		<dc:creator><![CDATA[enzo2go]]></dc:creator>
		<pubDate>Fri, 14 Jun 2024 14:49:26 +0000</pubDate>
				<category><![CDATA[Business]]></category>
		<category><![CDATA[Area]]></category>
		<category><![CDATA[Bay]]></category>
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		<category><![CDATA[considered]]></category>
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		<guid isPermaLink="false">https://bloggingthree.soflytech.com/?p=6314</guid>

					<description><![CDATA[By Hilary Whiteman &#124; CNN Anyone who has followed the event of the actual estate market even somewhat over the past twenty years knows that in lots of countries, not least within the United States, it has grow to be way more difficult to purchase a house. But a brand new report sums up the [&#8230;]]]></description>
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<div>
<p><strong>By Hilary Whiteman | CNN</strong></p>
<p>Anyone who has followed the event of the actual estate market even somewhat over the past twenty years knows that in lots of countries, not least within the United States, it has grow to be way more difficult to purchase a house.</p>
<p>But a brand new report sums up the sentiments of many potential homebuyers by making a category that labels some major cities as “impossibly unaffordable.”</p>
<p>The report compared average incomes with average home prices and located that pandemic-related demand for homes with outdoor amenities, zoning regulations limiting sprawl and investors flooding into the market had driven up prices.</p>
<p>According to the annual Demographic International Housing Affordability Report, which has tracked real estate prices for twenty years, U.S. cities on the West Coast and Hawaii account for five of the ten most costly places.</p>
<p>Perhaps not surprisingly, the costliest U.S. cities to purchase a house are in California, with San Jose, Los Angeles, San Francisco and San Diego all making the highest 10.</p>
<p>The Hawaiian capital Honolulu can also be ranked sixth amongst 94 wholesale markets examined in eight countries.</p>
<p>Australia is the one country aside from the United States to top the list of “impossibly unaffordable,” led by Sydney and the southern cities of Melbourne in Victoria and Adelaide in South Australia.</p>
<p>At the highest of the worldwide rankings, nevertheless, is Hong Kong, the compact Asian financial center known for its tiny apartments and astronomical rents. It is notably the one <a href="https://www.cnn.com/business/china">Chinese</a> Market covered within the report.</p>
<p>Hong Kong frequently features within the rankings of the costliest cities and has the bottom home ownership rate of all of the cities studied at just 51%. In Asian rival Singapore, the house ownership rate is over 89% because of the federal government&#39;s decades-long commitment to social housing.</p>
<p>Hong Kong could be the city with the bottom affordability on this planet, but prospective homebuyers could also be encouraged to know that prices should not as high as they once were.</p>
<p>Real estate prices plummeted throughout the 2020 pandemic, when the federal government closed the town&#39;s borders and imposed a zero-Covid policy &#8211; along with latest national security laws that had a chilling effect on the town.</p>
<h2>Why so high?</h2>
<p>It attributes the rise in home working throughout the pandemic to a &#8220;demand shock&#8221; for homes outside city centers which have more outdoor space. But it also blames rising property prices on land-use policies, including &#8220;urban containment,&#8221; a variety of planning designed to forestall urban sprawl.</p>
<p>&#8220;The middle class is under threat primarily because land prices have soared. As land has been rationed to curb urban sprawl, excess demand over supply has driven up prices,&#8221; the report said.</p>
<p>Prices continued to rise as investors entered the market searching for profits.</p>
<p>One solution, in accordance with the writer of the report, is to look to New Zealand.</p>
<p>In an opinion piece for <a href="https://financialpost.com/opinion/canada-new-zealand-housing-free-up-land">Canada&#39;s Financial Post</a>Wendell Cox, Senior Fellow at <a href="http://fcpp.org/">Frontier Center for Public Policy</a>In particular, he called for Canada to follow New Zealand&#39;s example and release more land for immediate development.</p>
<p>Both Vancouver and Toronto made it onto the list of cities which might be “impossibly unaffordable.”</p>
<p>Cox points to the “Going for Housing Growth” concept introduced by New Zealand’s coalition government, which requires local authorities to right away establish 30-year housing growth zones.</p>
<p>&#8220;Toronto and Vancouver show that the costs of containing expansion are unacceptably high: inflated property prices, higher rents and poverty for ever more people,&#8221; Cox wrote.</p>
<p>For those that can&#39;t wait for a change in policy or a decline in demand, the report also identifies probably the most inexpensive cities of the 94 cities studied worldwide.</p>
<p>These are Pittsburgh, Rochester and St. Louis within the USA, Edmonton and Calgary in Canada, Blackpool, Lancashire and Glasgow within the UK and Perth and Brisbane in Australia.</p>
<p>The report was compiled by researchers on the Center for Demographics and Policy at Chapman University in California and the Frontier Centre for Public Policy, an independent public policy think tank in Canada.</p>
<h2>Top 10 “Impossibly Unaffordable” Cities</h2>
<ul>
<li>Hong Kong</li>
<li>Sydney</li>
<li>Vancouver</li>
<li>Saint Joseph</li>
<li>The angel</li>
<li>Honolulu</li>
<li>Melbourne</li>
<li>San Francisco/Adelaide</li>
<li>San Diego</li>
<li>Toronto</li>
</ul>
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