Biden's rent cap plan is 'harmful,' housing groups say

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Biden's rent cap plan is 'harmful,' housing groups say | Why did NAR enter into the negotiated settlement? | Where should real estate pros cut, spend money?

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July 16, 2024

Top News

Biden's rent cap plan is 'harmful,' housing groups say A new White House plan unveiled Tuesday calls for capping rents at 5% per year on landlords who own more than 50 units. Here's why it likely won't help. Full Story: REALTOR® Magazine (7/16)

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Settlement Answers

Why did NAR enter into the negotiated settlement?

NAR is confident that this agreement provides a path forward for the association to continue its work to preserve, protect and advance the right to real property for all. The settlement amount is a substantial sum, and it will be incumbent on NAR to use its remaining resources in the most effective way possible to continue delivering on our core mission.
The Finance Committee and Strategic Planning Committee will remain critical in reviewing and providing guidance about NAR's operating budget to help ensure the association continues to deliver unparalleled value to and advocacy on behalf of REALTORS®, including through learning opportunities, resources, research and member tools. Get more facts about NAR's proposed settlement agreement at facts.realtor.

Best Practices in Sales & Marketing

Where should real estate pros cut, spend money? In a slow real estate market, agents' income may be falling along with home sales. Whether you're a rookie or a seasoned practitioner, you may have difficulty deciding which expenses to cut from your business. Further, how should you reinvest the savings to bolster your nest egg? Listen to "Drive With NAR" for tips on building your financial future. Full Story: REALTOR® Magazine/Drive With NAR (7/15)

Reddit comes into its own with redesign, new ad formats Reddit's business has matured over the past two decades and the platform has been named one of Ad Age's Hottest Brands of 2024. Reddit is repositioning itself as a recommendation engine with search and video ads, and highlighting promotions in its newly expanded ads in comments. Full Story: Ad Age (tiered subscription model) (7/15)

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Real Estate Trends

Buying a home could become more affordable The shelter cost component of the consumer price index slowed in June, providing a boost to homebuilder stocks and also signaling that home buying could become more affordable. Demand to buy homes "could gather momentum once the path for rate cuts becomes more certain," says Mike Fratantoni, the Mortgage Bankers Association's chief economist. Full Story: Barron's (7/14)

Technology & Innovations

Tech helps property managers vet applicants New resident-screening software is gaining popularity among property managers, helping detect fake Social Security numbers by checking discrepancies between SSN issuance dates and applicants' birth dates. This software uses multiple layers of authentication and recommends additional documents. Full Story: Propmodo (7/15)

Business Wellness

How transformational leadership ushers in change Transformational leadership can inspire workers to welcome change as compared to transactional leadership, writes Sarah White. "Transformational leaders are change agents in the business, who can identify innovative and shifting trends in technology, and then help the organization embrace that change," White writes. Full Story: CIO (7/15)

Fair & Equitable Housing

Affordable housing units open in Carlsbad, California Carlsbad, Calif., is celebrating the opening of the 93-unit Pacific Wind Apartments, a new affordable housing complex in the Barrio neighborhood, which took over 12 years to complete and overcome legal challenges. The fully leased complex will house over 300 residents, who must earn between 30% and 60% of the area median income. Full Story: The San Diego Union-Tribune (tiered subscription model) (7/14)

Legislation & Regulation

Major banks voice concerns over pressure on consumers JPMorgan Chase, Wells Fargo, Citigroup and Bank of New York Mellon while reporting their second-quarter results on Friday highlighted the challenges facing consumers amid elevated interest rates and inflation. Wells Fargo Chief Financial Officer Mike Santomassimo said "the folks on the lower end of the wealth or income spectrum are struggling more," and JPMorgan CFO Jeremy Barnum said the bank saw credit card loan charge-offs increase about two-thirds compared with Q2 of 2023. Citi CFO Mark Mason said spending has shrunk while delinquencies have risen, although more customers were catching up on payments as of last month. Full Story: The Wall Street Journal (7/12), Financial Times (7/12)

Fed's Powell declines to provide info on rate-cut timing Federal Reserve Chair Jerome Powell did not indicate exactly when the central bank might begin lowering interest rates, although he said that recent data points "do add somewhat to confidence" that inflation is moving back toward the Fed's objective. The Fed's next policy meeting is later this month, although derivative markets indicate that investors generally expect the central bank to wait until September to take action. Full Story: CNBC (7/16), The New York Times (7/15), MarketWatch (tiered subscription model) (7/15), The Wall Street Journal (7/15)

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About The National Association of REALTORS®

The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.

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