- In a Slowing Housing Market, Sellers Ask: Why List a Home When You Can Collect Rent? “Home sellers across the U.S., discouraged by the slowing housing market and able to capitalize on the soaring home-rental market, are increasingly opting to hold on to their houses and lease them out instead. Higher mortgage-interest rates have reduced home-buying demand, and homes are sitting on the market for longer. Home prices have slid from their springtime peaks in some markets, and some sellers are reluctant to lower their asking prices. And with many prospective home buyers priced out of the market, rents for single-family homes have soared in recent years.” (The Wall Street Journal)
- Port Labor Talks Stall as Worker Disruptions Grow “West Coast port labor talks are stalled as dockworker disputes hit the region’s big trade gateways, according to shipping industry officials who fear the negotiations could take months to resolve. Some maritime executives had hoped the talks, which began in mid-May, would conclude in the early fall. Now they worry the negotiations could continue through the end of 2022 or into 2023, extending uncertainty that has triggered shifts in trade flows and complicated planning in supply chains. ‘What you are starting to hear is people are losing faith,’ said one shipping industry official.” (The Wall Street Journal)
- Real Estate Firms Lead Manhattan in Return to Office “The real estate industry has the highest average daily office attendance in New York City as of mid-September, according to a survey of more than 160 major Manhattan office employers between Aug. 29 and Sept. 12. As of mid-September, its daily attendance is at 82%, followed by law (61%) and financial services (56%) firms. The survey conducted by The Partnership for New York City was intended to gauge the extent to which employees have returned to the office or are still working remotely.” (GlobeSt.com)
- More Homebuilders Lower Prices as Sentiment Falls for Ninth Straight Month “More builders are lowering prices for homes as their confidence in the market continues to tumble. Homebuilder sentiment in September fell 3 points to 46 in the National Association of Home Builders/Wells Fargo Housing Market Index. Anything below 50 is considered negative.” (CNBC)
- Eric Adams Appeals to Tech Execs to Stay in NYC “Mayor Eric Adams is taking concerns from tech executives over the city’s crime and high rents head on, encouraging them to keep their business in the Big Apple. Over dinner at Daniel Boulod’s Le Pavilion in Midtown East last week, Adams told tech leaders and investors that the city ‘needs and wants technology companies,’ and that officials are eager for tech companies to ‘help grow the economy,’ people familiar with the discussions told CNBC.” (The Real Deal)
- Zelensky Meets with BlackRock Chief to Discuss Reconstruction Fund “In a videoconference, the two discussed how BlackRock, which oversees $8.5 trillion invested all over the world, could provide ‘pro bono advice to the Ukrainian government on setting up a reconstruction fund in support of the recovery of the Ukrainian economy,’ according to a statement released on Monday by Mr. Zelensky’s office. (The call was held last Thursday.) The fund would be arranged for ‘both public and private investors to participate in reconstructing and rejuvenating the market economy in Ukraine,’ the statement said.” (The New York Times)
- Fast Food Chains Could Lose Right to Do Business in NYC, Under New Bill to Protect Workers “Fast food companies that repeatedly violate workers’ rights could lose their ability to sell food in New York City, under a new bill being considered by the New York City Council. The bill, discussed in a hearing Monday, would allow New York City’s Department of Consumer and Worker Protection to order the Health Department to, “suspend, revoke, deny or refuse to renew a food service establishment permit,” if a company has had to pay $500,000 or more over a three-year period for violations of the Fair Work Week Law.” (Gothamist)
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