though typically too little to fully offset the amount of inflation that has occurred this year. There are notable exceptions to that, including in leisure and hospitality jobs, where pay has accelerated faster than prices.

The fact that rents and other housing costs are now climbing only compounds the concern that price gains are becoming stickier.

“You have the sticky, important and cyclical piece of inflation surprising to the upside,” said Laura Rosner-Warburton, an economist at MacroPolicy Perspectives. “It is certainly a very significant development.”

Matt Permar, a 24-year-old mail carrier from Toledo, Ohio, rents a two-bedroom apartment in a suburban area with a friend from college. The pair had paid $540 a month each for two years, which Mr. Permar called “pretty standard.” But that has changed.

“With the housing market being the way it is, they raised it about $100,” he said of his monthly rent. As a result, Mr. Permar said, he will have less cash to save or invest.

The Fed aims for 2 percent inflation on average over time, which it defines using a different but related index, the Personal Consumption Expenditures measure. That gauge is released at more of a delay, and has also jumped this year.

Central bankers have said they are willing to look past surging prices because the gains are expected to prove transitory, and they expect long-run trends that had kept inflation low for years to come to dominate. But they have grown wary as rapid price gains last.

The Fed’s September meeting minutes showed that “most participants saw inflation risks as weighted to the upside because of concerns that supply disruptions and labor shortages might last longer and might have larger or more persistent effects on prices and wages than they currently assumed.”

Fed officials’ moves toward slowing their bond purchases could leave them more nimble if they find that they need to raise rates to control inflation next year. Officials have signaled that they want to stop buying bonds before raising rates, so that their two tools are not working at odds with each other.

Wall Street is watching every inflation data point closely, because higher rates from the Fed could squeeze growth and stock prices. And climbing costs can cut into corporate profits, denting earning prospects.

White House officials and many Wall Street data watchers tend to emphasize a “core” index of inflation, which strips out volatile food and fuel prices. Core inflation climbed 4 percent in the year through last month, but the monthly gain was less pronounced, at 0.2 percent.

Some economists welcomed that moderation as good news, along with the cooling in key prices, like airfares, that had popped earlier in the economic reopening. Others emphasized that once supply chain kinks were worked out, prices could drop on products like couches, bikes and refrigerators, providing a counterweight to rising housing expenses.

Omair Sharif, founder of Inflation Insights, said he expected consumer price inflation to moderate, coming in at 2.75 percent to 3 percent on a headline basis by next July, and for core inflation to cool down even more.

“I don’t think there’s any reason to panic,” he said.

Ana Swanson and Ben Casselman contributed reporting.

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Racial Bias Skewed Small-Business Relief Lending, Study Says

But Sergey Chernenko, an associate professor of finance at Purdue University’s Krannert School of Management, who was not involved in Dr. Howell’s research, said the new paper aligned with his own findings on race-based gaps in Paycheck Protection Program lending. At an economic conference next month, he will present a paper that concluded that Black-owned businesses were disproportionately left out of the relief program.

“This fits very well with and complements our finding that minority-owned businesses were less likely to get loans because of racial bias, and to the extent that they do get them, they’re more likely to get them from fintechs than banks,” Dr. Chernenko said.

The government designed the Paycheck Protection Program to be virtually risk-free for lenders: They would advance small companies up to $10 million — the size of the loan was based on the company’s head count and payroll — and the government would then pay off the loans in full for business owners that followed the rules. If the borrower defaulted, the government would still repay the lender. In theory, any lender should have been willing to lend to any qualified applicant.

It didn’t work out that way. Many banks limited their loans to their current customers, which was a hurdle for owners who lacked business checking accounts or loans. But even Black owners who had accounts were noticeably more likely than those of other races to end up with a fintech loan, Dr. Howell and her co-authors found.

The effects were strongest in parts of the country with higher levels of racial animus, which the study measured with variables like the extent of local housing segregation and the prevalence of racially charged Google searches.

The researchers tested — and found little evidence for — other common hypotheses about the program’s racial lending disparities. Even after controlling for variables like the applicant’s ZIP code, industry, recent revenue, affinity for online lenders, and loan size and approval date, the gap persisted.

This was not the case, they found, at the nation’s biggest banks. After researchers controlled for those elements, Black-owned businesses appeared to be just as likely as any other to get a loan from Bank of America, Citibank, JPMorgan Chase and Wells Fargo.

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Rohingya on Bangladesh Island of Bhashan Char Seek to Leave

DHAKA, Bangladesh — Its name translates into “floating island,” and for up to 100,000 desperate war refugees, the low-slung landmass is supposed to be home.

One refugee, Munazar Islam, initially thought it would be his. He and his family of four fled Myanmar in 2017 after the military there unleashed a campaign of murder and rape that the United Nations has called ethnic cleansing. After years in a refugee camp prone to fires and floods, he accepted an invitation from the government of neighboring Bangladesh to move to the island, Bhasan Char.

Mr. Islam’s relief was short lived. Jobs on the island were nonexistent. Police officers controlled the refugees’ movements and sometimes barred residents from mingling with neighbors, or children from playing together outside. The island was vulnerable to flooding and cyclones and, until relatively recently, would occasionally disappear underwater.

So, in August, Mr. Islam paid human smugglers about $400 to ferry his family somewhere else.

“When I got the chance, I paid and left,” said Mr. Islam, who asked that his location not be revealed because leaving Bhasan Char is illegal. “I died every day on that island, and I didn’t want to be stuck there.”

Myanmar.

worsened storms and sent sea levels rising. Human Rights Watch, in a recent report, said refugees and humanitarian workers alike fear that inadequate storm and flood protection could put those on the island at serious risk.

Nevertheless, the Bangladesh government has moved ahead with resettling Rohingya refugees there. They have built housing for more than 100,000 people, with a series of red-roofed dormitories checkering more than two square miles of the western side of the island.

The number of people trying to escape the island has become a growing problem. About 700 have tried to flee, according to the police, sometimes paying $150 per person to find rides on rickety boats. The police have arrested at least 200 people who attempted to leave.

The police cite safety concerns. In August, a boat carrying 42 people capsized, leaving 14 people dead and 13 missing.

“When we catch them, we send them back to the island,” said Abul Kalam Azad, a police officer in the port city of Chattogram on the southeastern coast of Bangladesh. “They say they are mostly upset for not having any job in Bhasan Char. They are eager to work and earn money.”

Some simply want to see their families again.

Last year, Jannat Ara left her hut in Cox’s Bazar for a dangerous sea journey to take a job in Malaysia that would provide food for eight members of her family. Her boat was intercepted by the Bangladesh navy. She was sent to Bhasan Char, where she lived with three other women.

Alone and desperate to leave, in May she seized the first chance she could get to escape. Her parents paid around $600 for the journey back to Cox’s Bazar, she said. She traveled for hours in pitch dark before arriving back at the camp.

“Only Allah knows how I lived there for a year,” Ms. Ara said. “It is a jail with red roof buildings and surrounded by the sea from all sides. I used to call my parents and cry every day.”

Human rights groups have questioned whether the refugees at Bhasan Char have enough access to food, water, schooling and health care. In an emergency, they say, the island also lacks an ability to evacuate residents.

“The fear is always there,” said Dil Mohammad, a Rohingya refugee who arrived on the island in December. “We are surrounded by the sea.”

But the biggest worry, Mr. Mohammad said, is the education of his children.

“My elder son used to go to the community school when we were in Cox’s Bazar,” he said, “but he is about to forget everything he learned, as there is no option for him to study in Bhasan Char.”

The fear of being stuck on the vulnerable island without any means of getting out has led to protests against Bangladeshi authorities by the refugees. The protests began in May, when U.N. human rights investigators paid a visit. They continued in August after the boat incident, with protesters carrying signs criticizing the Bangladesh government and appealing to the U.N. to get sent back to Cox’s Bazar.

Mr. Islam, the Rohingya refugee who fled in August, was one of the protesters. But he was already thinking about getting out.

He lost three cousins during a killing spree carried out by the Myanmar military in Rakhine state in 2017. Once they arrived in Cox’s Bazar, he and his family built a hillside hut out of sticks and plastic tarpaulins and shared it with another family of three.

During hot summer nights, Mr. Islam said, he and the other man slept outside so that their children and wives could sleep comfortably inside.

The promise of an apartment on Bhasan Char held appeal. In January, while other families were forced to go there, he volunteered. They carried a few blankets and two bags of clothes.

He came to regret the decision. When he arrived back at Cox’s Bazar in August, he saw it with new eyes.

“I felt,” he said, “as if I was walking into my home.”

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Tesla to Move Headquarters to Texas from California

Tesla will move its headquarters from California to Austin, Texas, where it is building a new factory, its chief executive, Elon Musk, said at the company’s annual shareholder meeting on Thursday.

The move makes good on a threat that Mr. Musk issued more than a year ago when he was frustrated by local coronavirus lockdown orders that forced Tesla to pause production at its factory in Fremont, Calif. Mr. Musk on Thursday said the company would keep that factory and expand production there.

“There’s a limit to how big you can scale in the Bay Area,” he said, adding that high housing prices there translate to long commutes for some employees. The Texas factory, which is near Austin and will manufacture Tesla’s Cybertruck, is minutes from downtown and from an airport, he said.

Mr. Musk was an outspoken early critic of pandemic restrictions, calling them “fascist” and predicting in March 2020 that there would be almost no new cases of virus infections by the end of April. In December, he said he had moved himself to Texas to be near the new factory. His other company, SpaceX, launches rockets from the state.

Hewlett Packard Enterprise said in December that it was moving to the Houston area, and Charles Schwab has moved to a suburb of Dallas and Fort Worth.

Mr. Musk’s decision will surely add fuel to a ceaseless debate between officials and executives in Texas and California about which state is a better place to do business. Gov. Greg Abbott of Texas, and his predecessors, have courted California companies to move to the state, arguing that it has lower taxes and lower housing and other costs. California has long played up the technological prowess of Silicon Valley and its universities as the reason many entrepreneurs start and build their companies there, a list that includes Tesla, Facebook, Google and Apple.

Texas has become more attractive to workers in recent years, too, with a generally lower cost of living. Austin, a thriving liberal city that is home to the University of Texas, in particular has boomed. Many technology companies, some based in California, have built huge campuses there. As a result, though, housing costs and traffic have increased significantly, leaving the city with the kinds of problems local governments in California have been dealing with for years.

Mr. Musk’s announcement is likely to take on political overtones, too.

Last month, Mr. Abbott invoked Mr. Musk in explaining why a new Texas law that greatly restricts abortion would not hurt the state economically. “Elon consistently tells me that he likes the social policies in the state of Texas,” the governor told CNBC.

he said on Twitter. “That said, I would prefer to stay out of politics.”

On Thursday evening, a Twitter post by Governor Abbott welcomed the news, saying “the Lone Star State is the land of opportunity and innovation.”

A spokeswoman for Gov. Gavin Newsom of California, Erin Mellon, did not directly comment on Tesla’s move but said in a statement that the state was “home to the biggest ideas and companies on the planet” and that California would “stand up for workers, public health and a woman’s right to choose.”

Mr. Musk revealed the company’s move after shareholders voted on a series of proposals aimed at improving Tesla’s corporate governance. According to preliminary results, investors sided with Tesla on all but two measures that it opposed: one that would force its board members to run for re-election annually, down from every three years, and another that would require the company to publish more detail about efforts to diversify its work force.

In a report last year, Tesla revealed that its U.S. leadership was 59 percent white and 83 percent male. The company’s overall U.S. work force is 79 percent male and 34 percent white.

The vote comes days after a federal jury ordered Tesla to pay $137 million to Owen Diaz, a former contractor who said he faced repeated racist harassment while working at the Fremont factory, in 2015 and 2016. Tesla faces similar accusations from dozens of others in a class-action lawsuit.

The diversity report proposal, from Calvert Research and Management, a firm that focuses on responsible investment and is owned by Morgan Stanley, requires Tesla to publish annual reports about its diversity and inclusion efforts, something many other large companies already do.

Investors also re-elected to the board Kimbal Musk, Mr. Musk’s brother, and James Murdoch, the former 21st Century Fox executive, despite a recommendation to vote against them by ISS, a firm that advises investors on shareholder votes and corporate governance.

Proposals calling for additional reporting both on Tesla’s practice of using mandatory arbitration to resolve employee disputes and on the human rights impact of how it sources materials failed, according to early results. A final tally will be announced in the coming days, the company said.

Ivan Penn contributed reporting.

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Days Before Germans Vote, Merkel Is Where She Didn’t Want to Be: On the Stump

STRALSUND, Germany — Only days before Germans cast their ballots for a new Parliament and with it a new government and leader, Chancellor Angela Merkel was on the campaign trail this week — further proof that her conservatives are in a perilous position.

Ms. Merkel, of course, is no longer a candidate. She is stepping down and had hoped to stay away from the race. But instead she spent Tuesday in her own district stumping for the struggling candidate for her Christian Democratic Union, Armin Laschet. She even quipped about her smaller-than-average shoe size, hoping to convince voters that those shoes are best filled by Mr. Laschet.

The Green party, the unexpected early leaders in the race, are in third place at the moment.

The Social Democrats are running one of their strongest election campaign in years, marked by clear messaging on progressive issues from increasing the minimum wage to creating more affordable housing. And their front-runner candidate, Olaf Scholz, has been selling himself as the best fit for Ms. Merkel’s shoes.

shot and killed a 20-year-old gas station attendant who refused the man service because he did not wear a mask.

Speaking to the several hundred people who had gathered late Tuesday on the wet cobblestones of the Old Market Square in this city on the Baltic Sea coast, which Ms. Merkel has represented since 1990, Mr. Laschet honored the victim, then chided the several dozen anti-vaccine demonstrators who had shown up to protest the government with shouts and whistles.

“We do not want this violence,” he said. But neither his condemnation nor his pledge to increase security elicited much applause. He also didn’t manage to silence the noise beyond the barriers.

The rally was meant to shore up support for Mr. Laschet, but for townspeople and tourists alike, it turned into an opportunity to catch a last glimpse of the woman whose outsize role in their country and in Europe has influenced their lives since November 2005.

Christine Braun, a member of the Christian Democrats in Stralsund, said that Mr. Laschet would be getting her vote, but he was not the reason she was standing in the driving rain on a chilly September night.

“I came to honor Ms. Merkel, our chancellor and representative,” she said, adding that throughout her 30 years representing the constituency, Ms. Merkel would visit regularly, attending meetings and engaging with the community. “She remained approachable and down-to-earth.”

Vilana Cassing and Tim Taugnitz, both students in their early 20s, were vacationing in Stralsund and saw the posters advertising the event and Ms. Merkel’s attendance. They decided to attend more out of curiosity to see the woman who had shaped their lives than out of political interest.

They described their political leanings as “leftist-Green,” saying they would vote on Sunday, but not for Mr. Laschet.

“I think it is good if the Christian Democrats go into opposition,” Mr. Taugnitz said.

That could happen. On Sunday, voters will go to the polls, though many may have already done so, with the pandemic resulting in an unusually high number of requests for mail-in ballots — a form of voting that has been around in Germany since 1957 and that organizers assure is safe.

Should the Social Democrats emerge as the strongest party, they would still need to find at least one partner to form a government. While that means that the roles could be reversed, with the Christian Democrats as the junior partners under Mr. Scholz, more likely is a center-left alliance led by the Social Democrats together with the Greens and the business friendly Free Democrats.

Mr. Laschet has been warning against the threat posed by such an alliance, seeking to paint the other parties as a danger to the prosperity that Germans have enjoyed under Ms. Merkel.

“It’s completely wrong what the S.P.D. and the Left and the Greens are planning,” Mr. Laschet told the crowd on Tuesday, referring to pledges to increase taxes on the country’s highest earners. “They should invest and create jobs.”

Ms. Merkel instead sought to praise Mr. Laschet and Georg Günther, who hopes to win the seat in Parliament that she is vacating after 30 years, for their achievements. She expressed confidence that both men would continue the course that she had set and urged her supporters to back them.

“Several times today I have reported my shoe size,” Ms. Merkel told the crowd in Stralsund. Nodding to Mr. Günther and smiling, she said that he could “manage” to fill her shoes — European size 38, or U.S. 7 and a half. Then she turned to Mr. Laschet and added, “he is the one who can do it,” at the chancellery.

Listening from the sidelines, Thilo Haberstroh, a native of the southwestern city of Karlsruhe who was in Stralsund on business and only happened on the rally by chance, said he wasn’t convinced that anyone in the running had what it takes to be the next chancellor of Germany.

“This was interesting, but none of them have really made an impression on me,” he said. “I still don’t know who I will get my vote on Sunday.”

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MarketSpace Capital and DigiShares Partner to Tokenize A 250-Unit Active Older Adult Housing Development in Dallas, Texas.

HOUSTON–(BUSINESS WIRE)–MarketSpace Capital, a real estate private equity firm headquartered in Houston, Texas, announced today it has partnered with DigiShares, a leading end-to-end white-label platform for tokenized securities, to digitize, tokenize and manage the share cap table for the Spot @ Myra Park, a real estate development project in Dallas, Texas.

The Spot at Myra Park is a 250-unit multifamily apartment complex that recently broke ground and is expected to be completed in Q4 2022. The equity interests in the Spot at Myra Park will be digitized by DigiShares using Ethereum blockchain technology. Subject to legal and regulatory due diligence and securities law considerations, MarketSpace Capital expects the digital securities to become tradable on the tZero ATS.

DigiShares CEO, Claus Skaaning stated, “We are excited to work with MarketSpace Capital to tokenize the Spot at Myra Park. This is one of the most significant and solid real estate projects in which we have been involved. We view MarketSpace as a highly professional and forward-looking player in the US real estate markets and are proud to be working with them on this project. At the same time, it marks a big step forward for DigiShares as a key player in the global security token ecosystem.”

MarketSpace Capital is focused on ground-up developments and value-add investments through the U.S and has over $400 million of cumulative asset value through 19 investment properties over the past decade. Out of these 19 investments, MarketSpace Capital has gone full cycle and sold six of these properties.

MarketSpace Capital Co-Founder and Chairman Dr. Masaki Oishi said, “we see great value in the tokenization of commercial real estate as a vehicle for enabling liquidity on a secondary market and democratizing access to a normally elusive asset class. Between MarketSpace Capital and our co-development partners, we have a combined existing portfolio of over $1 Billion, and we look forward to working with DigiShares, one of the leading providers of asset management and crowdfunding platforms for real assets and coordinating the trading of the Myra Park and future property’s digital securities through an integration with tZERO.”

Ownership interests of the Spot at Myra Park were distributed to approximately 45 accredited investors through a real estate limited partnership, which closed in May 2020 and raised approximately $6.5 million.

About MarketSpace Capital

MarketSpace Capital is a private equity real estate firm focused on ground-up developments and value-add investments throughout the U.S. Through its relationships, expertise and disciplined, data-driven analysis, MarketSpace Capital’s veteran staff has completed over $1 billion in transactions and has the capability and experience required to maximize value creation through a comprehensive, programmatic, and conservative investment and asset management approach. In addition to producing consistent returns, MarketSpace Capital seeks to create positive economic impact and long-term value for its investors, the properties it invests in, and the communities in which it works.

Website: https://marketspace.capital

About DigiShares A/S

DigiShares is one of the leading providers of asset management and crowdfunding platforms for real assets, including real estate and private equity. Our solutions enable asset owners and fund managers to digitize and automate processes, to reduce administrative cost, to reduce the ticket size to fractionalize and democratize and enable retail investors to participate, and finally to provide a huge increase in liquidity through the built-in marketplace that enables shareholders to trade their assets.

Website: https://www.digishares.io

Investor Notice

Investors should note that trading securities could involve substantial risks, including no guarantee of returns, costs associated with selling and purchasing, no assurance of liquidity, which could impact the price and ability to sell, and possible loss of principal invested. Further, an investment in single security could mean lack of diversification and, consequently, higher risk. Potential investors are urged to consult a professional adviser regarding any economic, tax, legal or other consequences of trading any securities as described herein.

No Offer, Solicitation, Investment Advice or Recommendations

This release is for informational purposes only and does not constitute an offer to sell, a solicitation to buy, or a recommendation for any security, nor does it constitute an offer to provide investment advisory or other services by any of the parties mentioned herein or any of its affiliates, subsidiaries, officers, directors or employees. No reference to any specific security constitutes a recommendation to buy, sell, or hold that security or any other security. Nothing in this release shall be considered a solicitation or offer to buy or sell any security, future, option or other financial instrument or to offer or provide any investment advice or service to any person in any jurisdiction. Nothing contained in this release constitutes investment advice or offers any opinion with respect to the suitability of any security, and the views expressed in this release should not be taken as advice to buy, sell or hold any security. In preparing the information contained in this release, we have not taken into account the investment needs, objectives, and financial circumstances of any particular investor. This information has no regard to the specific investment objectives, financial situation, and particular needs of any specific recipient of this information and investments discussed may not be suitable for all investors. Any views expressed in this release by us were prepared based upon the information available to us at the time such views were written. Changed or additional information could cause such views to change. All information is subject to possible corrections. Information may quickly become unreliable for various reasons, including changes in market conditions or economic circumstances.

Forward-Looking Statements

This release contains forward-looking statements. In addition, from time to time, the parties mentioned herein, their subsidiaries, or their representatives may make forward-looking statements orally or in writing. These forward-looking statements are based on expectations and projections about future events, which is derived from currently available information. Such forward-looking statements relate to future events or future performance, including financial performance and projections; growth in revenue and earnings; and business prospects and opportunities. You can identify forward-looking statements by those that are not historical in nature, particularly those that use terminology such as “may,” “should,” “expects,” “anticipates,” “contemplates,” “estimates,” “believes,” “plans,” “projected,” “predicts,” “potential,” or “hopes” or the negative of these or similar terms. In evaluating these forward-looking statements, you should consider various factors, including, without limitation: the ability of the parties mentioned herein and their subsidiaries to change the direction; their ability to keep pace with new technology and changing market needs; and competition. These and other factors may cause actual results to differ materially from any forward-looking statement. Forward-looking statements are only predictions. The forward-looking events discussed in this release and other statements made from time to time by the parties mentioned herein, their subsidiaries or their respective representatives, may not occur, and actual events and results may differ materially and are subject to risks, uncertainties and assumptions. The Parties mentioned herein, their subsidiaries, and their representatives are not obligated to publicly update or revise any forward-looking statement, whether as a result of uncertainties and assumptions, the forward-looking events discussed in this release and other statements made from time to time by the respective parties their subsidiaries or their representatives might not occur.

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Poverty in U.S. Declined Thanks to Government Aid, Census Report Shows

The share of people living in poverty in the United States fell to a record low last year as an enormous government relief effort helped offset the worst economic contraction since the Great Depression.

In the latest and most conclusive evidence that poverty fell because of the aid, the Census Bureau reported on Tuesday that 9.1 percent of Americans were living below the poverty line last year, down from 11.8 percent in 2019. That figure — the lowest since records began in 1967, according to calculations from researchers at Columbia University — is based on a measure that accounts for the impact of government programs. The official measure of poverty, which leaves out some major aid programs, rose to 11.4 percent of the population.

The new data will almost surely feed into a debate in Washington about efforts by President Biden and congressional leaders to enact a more lasting expansion of the safety net that would extend well beyond the pandemic. Democrats’ $3.5 trillion plan, which is still taking shape, could include paid family and medical leave, government-supported child care and a permanent expansion of the Child Tax Credit.

Liberals cited the success of relief programs, which were also highlighted in an Agriculture Department report last week that showed that hunger did not rise in 2020, to argue that such policies ought to be expanded. But conservatives argue that higher federal spending is not needed and would increase the federal debt while discouraging people from working.

difficult to assess changes in health coverage last year. Census estimates conflicted with other government counts, and officials acknowledged problems with data collection during the pandemic.

federal supplement to state unemployment benefits lapsed. She fell behind on bills, setting in motion events that ultimately left her family homeless for two months this year.

New aid programs adopted this year, including the expanded Child Tax Credit, helped Ms. Long, who moved into a new home last month. She said she had noticed improvements in her children, particularly her 5-year-old son.

“It was bad, but it could have been so much worse, and we have come out the other side once again unbroken,” Ms. Long said.

By the government’s official definition, the number of people living in poverty jumped by 3.3 million in 2020, to 37.2 million, among the biggest annual increases on record. But economists have long criticized that definition, which dates to the 1960s, and said it did a particularly poor job of reflecting reality last year.

7.5 million people lost unemployment benefits this month after Congress allowed expansions of the program to lapse.

Jen Dessinger, a photographer who lives in New York City and Los Angeles, said work dried up abruptly at the start of the pandemic. A freelancer, she didn’t qualify for traditional unemployment benefits but eventually received help under a federal program created last year to help people who fell outside the regular system.

Now that program has ended in the middle of another surge in coronavirus cases. Ms. Dessinger said a single positive coronavirus case could shut down a photo shoot. “It’s made it a more desperate situation,” she said.

Democrats on Tuesday said experiences like Ms. Dessinger’s showed both the potential for government aid to protect people from financial ruin, and the need for a more expansive, permanent safety net that can support people in bad and good times.

A White House economist, Jared Bernstein, said on Tuesday that the new poverty data should encourage lawmakers to enact the $3.5 trillion Democratic measure that includes much of Mr. Biden’s economic agenda, which the administration argues will create more and better-paying jobs.

“It’s one thing to temporarily lift people out of poverty — hugely important — but you can’t stop there,” said Mr. Bernstein, a member of Mr. Biden’s Council of Economic Advisers. “We have to make sure that people don’t fall back into poverty after these temporary measures abate.”

“reckless taxing and spending spree.”

Conservative policy experts said that although some expansion of government aid was appropriate during the pandemic, those programs should be wound down, not expanded, as the economy healed.

“Policymakers did a remarkable job last March enacting CARES and other legislation, lending to businesses, providing loan forbearance, expanding the safety net,” Scott Winship, a senior fellow and the director of poverty studies at the American Enterprise Institute, a conservative group, wrote in reaction to the data, referring to an early pandemic aid bill, which included around $2 trillion in spending. “But we should have pivoted to other priorities thereafter.”

Jason DeParle and Margot Sanger-Katz contributed reporting.

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72-Unit Affordable Community in Brawley Sold for $5,050,000 by The Mogharebi Group

BRAWLEY, Calif.–(BUSINESS WIRE)–The Mogharebi Group, (“TMG”) has completed the sale of Valle del Sol, a 72-unit affordable community located at 1605 C Street. The property was sold above the list price with multiple offers for $5,050,000. Otto Ozen and Bryan LaBar represented the seller, Southern California based investor. The buyer was a private investor based out of Southern California.

“Valle del Sol is a newer build, 100% affordable housing community,” said Bryan LaBar, Senior Vice President of The Mogharebi Group. “As a result, there was a high level of interested buyers for this asset. However, it was our proprietary 1031 exchange platform that includes a robust network of private high net-worth and exchange buyers that ultimately drove the value and successfully closed.”

Built-in 2008, Valle del Sol is a 72-unit, affordable housing community. The property comprises seven residential buildings totaling 67,672 rentable square feet. The complex is situated on a 3.83-acre site. The apartment homes feature spacious one, two and three-bedroom floor plans with in-unit washer / dryer hook ups. The property boasts a clubhouse, playground, laundry facility and swimming pool.

About The Mogharebi Group (TMG): The Mogharebi Group is a brokerage firm specializing in the multifamily property sector throughout California. With unparallel local knowledge, an extensive global network of top real estate investors, state of the art technology, and direct access to capital, The Mogharebi Group is the best choice to meet the needs of major private investors and investment funds.

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James Hardie Earns Distinguished David Weekley Homes’ 2021 Award

CHICAGO–(BUSINESS WIRE)–James Hardie Industries plc (ASX: JHX; NYSE: JHX), the world’s #1 producer and marketer of high-performance fiber cement and fiber gypsum building solutions, received a David Weekley Homes National Preferred Partner Award for outstanding quality and customer service.

James Hardie empowers homeowners and building professionals alike to achieve the home of their dreams through endless design possibilities with the added benefits of trusted protection and lasting beauty. The company delivers the highest quality products and world-class service.

The award recognizes field and manufacturing partners that have consistently operated at world-class levels, as determined by the home builder’s supplier evaluation platform. This comprehensive process, anchored by the National Preferred Partner Survey, evaluates companies in the areas of quality and customer service.

James Hardie and David Weekley Homes partner together to meet homebuyer design, durability and quality expectations. This award exemplifies and reinforces James Hardie’s commitment to homeowner satisfaction.

“David Weekley Homes is a valued partner who continues to motivate us to provide the best possible experience for customers,” said Sean Gadd, Executive Vice President, North America Commercial.

Johnny Cope, Senior Vice President, North America Sales, added, “At James Hardie, we strive to make any dream home possible not only with a variety of colors and textures, but with durable, long-lasting fiber cement technology that holds up over time and delivers the value homeowners deserve.”

“James Hardie has demonstrated world-class quality and service this year. They have gone above and beyond to provide us with the solutions needed to surpass the expectations of our homebuyers. It is our honor to name James Hardie as a National Preferred Partner,” said John Schiegg, Vice President of Supply Chain Services for David Weekley Homes.

To learn more about James Hardie, visit jameshardie.com. For more information about the award, visit davidweekleyhomes.com.

About James Hardie Building Products Inc.

James Hardie Industries is the world’s #1 producer and marketer of high-performance fiber cement and fiber gypsum building solutions. The company empowers homeowners and building professionals alike to achieve the home of their dreams with premium quality solutions that enable endless possibilities for design and aesthetics, while also delivering trusted protection and long-lasting beauty. Key to this effort is James Hardie’s dedication to its customers, market driven innovation, an inclusive and empowering company culture, and an unwavering commitment to its Zero Harm safety initiative. For more information about James Hardie visit www.jameshardie.com.

About David Weekley Homes

David Weekley Homes, founded in 1976, is headquartered in Houston and operates in 19 cities across the United States. David Weekley Homes was the first builder in the United States to be awarded the Triple Crown of American Home Building, an honor which includes “America’s Best Builder,” “National Housing Quality Award” and “National Builder of the Year.” Weekley has also appeared 15 times on FORTUNE magazine’s “100 Best Companies to Work For®” list. Since inception, David Weekley Homes has closed more than 100,000 homes. For more information about David Weekley Homes, visit the company’s website at www.davidweekleyhomes.com.

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