Miami

Shredding Convention: Propy Unveils “MetaAgent X Shredders” NFTs

MIAMI–(BUSINESS WIRE)–Propy, the Web3 real estate pioneer, is launching the first NFT (Non-fungible token) Avatars designed specifically for Real Estate and Metaverse fans. The limited-edition “MetaAgents X Shredders” NFTs were created by noted artist Dan Weinstein. The project’s advisors include real estate influencers and industry forward-thinkers Tom Ferry, Tony Giordano, Alvaro Nunes, Tony Edward, ThinkingCrypto, Zach Aaron, MetaProp, among others.

“It’s an endless open sea of creative NFT ideas out there and as usual, this is where Propy continues to stand out. If you love crypto and real estate then these NFT Avatars are right for you. With Real Estate becoming more crypto-friendly, adding one of these ‘MetaAgents X Shredders’ to your collection or used as your social media profile, will signal to the world and your tech-savvy peers that you are a visionary in a new digital world of real estate,” said Natalia Karayaneva, CEO of Propy.

Over 6,000 joined the waiting list in anticipation of the “MetaAgents X Shredders” drop on September 27, 2022 at 10:00am pacific time on seen.haus and can only be minted with PRO – Propy tokens. First come first serve and sold by lottery auction. Starting price 500PRO.

“These characters are THE RESISTANCE – shredding through the Metaverse, re-inventing the new future. The meta world created by the agents of change – fair, honest and empowering,” said artist and designer, Dan Weinstein.

The Propy NFT Avatars come with unique utilities like access to the Meta Agent educational course, owners become members of DAO (decentralized autonomous organization) and receive a ticket to the Web3 & Real Estate Summit coming up on October 27th in Miami. The Meta Agent certification and the Summit will help real estate fans navigate metaverses and Web3 proptech and apply the learnings to their daily business.

“Many agents and real estate investors are interested in crypto and NFTs. As more home buyers utilize crypto earnings to purchase property, displaying an avatar immediately identifies these agents as someone who understands how cryptocurrency and NFTs work,” said Tom Ferry, #1 US Real Estate coach.

More about the NFT Avatars can be found here: https://propy.com/browse/meta-agent-nft-avatars/

About Propy

Propy, founded in Silicon Valley, is on a mission to revolutionize real estate. The company’s smart contract innovation removes inefficiencies, streamlines everything from offer to closing to recording title, records everything securely on blockchain, and enables buyers and sellers to use traditional financing, dollar or cryptocurrency payments, or NFT-ed property sales. The company has processed $4bn in transactions and recorded them on blockchain. Learn more at Propy.com

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CorpHousing Group Inc. Announces 2022 Second Quarter Financial Results

MIAMI–(BUSINESS WIRE)–CorpHousing Group Inc. (“CorpHousing,” “CHG”, or the “Company”) (Nasdaq: CHG), which utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities, today announced financial results for the second quarter (“Q2 2022”) and six months ended June 30, 2022.

2022 Second Quarter Financial Overview Compared to 2021 Second Quarter

Net rental revenue rose 144% to $10.2 million from $4.2 million
Gross profit improved to $2.9 million, or 28% of net rental revenue, from $0.1 million, or 3.5% of net rental revenue
Income before provision for income taxes improved to $1.5 million from a loss of $(1.1) million
Net income improved to $0.8 million, or $0.04 per diluted share, from a net loss of $(1.1) million
EBITDA was $2.1 million compared to EBITDA of $(0.6) million

2022 Six Months Financial Overview Compared to 2021 Six Months

Net rental revenue rose 158% to $19.3 million from $7.5 million
Gross profit improved to $5.4 million, or 28% of net rental revenue, from a loss of $(0.4) million
Income before provision for income taxes improved to $2.9 million from a loss of $(2.4) million
Net income improved to $2.2 million, or $0.10 per diluted share, from a net loss of $(2.4) million
EBITDA was $4.1 million compared to EBITDA of $(1.8) million

Operational Highlights

Generated gross proceeds of $13.5 million via Initial Public Offering (August 2022)
Commenced trading on Nasdaq Capital Market (August 2022)
For the six months ended June 30, 2022, managed 590 units under long-term lease
Subsequent to June 30, 2022, CHG announced the signings of separate 15-year Master Lease Agreements (“MLA”) with two luxury hotels in New York City and an historic boutique hotel in New Orleans
Inclusive of these new MLAs, CHG’s portfolio currently consists of 10 hotel properties in eight U.S. cities comprising 1,037 units
Based on current MLA pipeline, CHG expects more than 1,200 units to be operational in 10 cities during Q4 2022

“We are excited to announce our Q2 results, which we believe reflect the success of our asset-light business model, the vibrancy of our target markers, and the opportunities inherent in our industry,” said Brian Ferdinand, Chairman and Chief Executive Officer of CorpHousing Group. “Q2 2022 net rental revenue increased by 144%, gross profit increased 19-fold, net income improved by $1.9 million, and EBITDA for the quarter was $2.1 million. Our available units for rent increased quarter over quarter, occupancy rates improved as the effects of COVID pandemic wane, and we realized certain efficiencies from scale.

“We currently operate hotels under long-term lease agreements in Boston, Denver, Los Angeles, greater Miami, New York City, Washington, DC, and Seattle, and will commence operations in New Orleans in mid-October.

We are in various stages of negotiation with a variety of potential partners that represent thousands of additional hotel units in destination locations across the United States and Europe. We believe that we are creating win-win opportunities by providing property owners the ability to create stable cash flow streams to maximize returns on their properties, which have been significantly impacted by restrictions on travel and leisure activities due to the COVID-19 pandemic. CHG then markets these units under our customer facing LuxUrban^TM brand to increase occupancy rates and drive operational efficiencies, thus creating the opportunity to generate high margin, recurring and predictable revenue streams. Supported by a strengthened balance sheet and seasoned team of executives, we believe that are well positioned to advance our highly scalable, predictable, and profitable business model and look forward to our future with confidence.”

Q2 2022 Overview

Net rental revenue in Q2 2022 increased 144% to $10.2 million from $4.2 million in the second quarter ended June 30, 2021 (“Q2 2021”), driven primarily by an increase in average units available to rent from 376 in Q2 2021 to 565 at Q2 2022, as well as better occupancy rates and average daily rates (“ADRs”) over this period.

Cost of revenue, which includes rental expenses for available units to rent, rose to $7.3 million in Q2 2022 from $4.0 million in Q2 2021, due primarily to the increase in size of CHG’s rental unit portfolio, as well as related increases in furniture rentals, cleaning costs, cable / WIFI costs and credit card processing fees.

Gross profit improved to $2.9 million, or 28% of net rental revenue, from $0.1 million, or 3.5% of net rental revenue. Higher gross profit and gross margin was primarily attributable to a reduction in the impact of COVID-19 on our operations, higher unit counts and better occupancy rates and ADRs.

Total general and administrative expenses in Q2 2022 increased to $0.9 million, or 9% of net rental revenue, from $0.7 million, or 18% of net rental revenue, in Q2 2021, attributable to an increased number of units in operation.

Income before provision for income taxes improved to $1.5 million from a loss of $(1.1) million, reflecting a significant increase in net rental revenue in Q2 2022 compared to Q2 2021 and the benefits of scale-driven operating efficiencies.

Net income improved to $0.8 million, or $0.04 per diluted share, compared to a net loss of $(1.1) million.

EBITDA rose to $2.1 million, or 21% of net rental revenue, in Q2 2022 compared to negative EBITDA of $(0.6) million.

For a discussion of the financial measures presented herein which are not calculated or presented in accordance with U.S. generally accepted accounting principles (“GAAP”), see “Note Regarding Use of Non-GAAP Financial Measures” below and the schedules to this press release for additional information and reconciliations of non-GAAP financial measures. The company presents non-GAAP measures such as EBITDA to assist in an analysis of its business. These non-GAAP measures should not be considered an alternative to GAAP measures as an indicator of the company’s operating performance.

Conference Call and Webcast

The Company will host a conference call on Tuesday, September 27, 2022 at 9:00 am Eastern Time to discuss the results.

Investors interested in participating in the live call can dial:

(877) 407-9753 – U.S.
(201) 493-6739 – International

A webcast of the event may be accessed via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=ltKz5SSV.

CorpHousing Group Inc.

CorpHousing Group (CHG) utilizes a long-term lease, asset-light business model to acquire and manage a growing portfolio of short-term rental properties in major metropolitan cities. The Company’s future growth focuses primarily on seeking to create “win-win” opportunities for owners of dislocated hotels, including those impacted by COVID-19 travel restrictions, while providing CHG favorable operating margins. CHG operates these properties in a cost-effective manner by leveraging technology to identify, acquire, manage, and market them globally to business and vacation travelers through dozens of third-party sales and distribution channels, and the Company’s own online portal. Guests at the Company’s properties are provided Heroic Service™ under CHG’s consumer brands, including LuxUrban. CHG’s Heroic Service^TM provides guests a hassle-free experience which exceeds their expectations with “Heroes” who respond to any issue in a timely, thoughtful, and thorough manner.

Forward Looking Statements

This press release contains forward-looking statements, including with respect to the expected closing of noted lease transactions and continued closing on additional leases for properties in the Company’s pipeline, as well the Company’s anticipated ability to commercialize efficiently and profitably the properties it leases and will lease in the future. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those set forth under the caption “Risk Factors” in the prospectus forming part of the Company’s effective Registration Statement on Form S-1 (File No. 333-262114). Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. Forward-looking information may relate to anticipated events or results including, but not limited to business strategy, leasing terms, high-level occupancy rates, and sales and growth plans. The financial projection provided herein are based on certain assumptions and existing and anticipated market, travel and public health conditions, all of which may change. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

The Company seeks to achieve profitable, long-term growth by monitoring and analyzing key operating metrics, including EBITDA. The Company defines EBITDA as net income before interest, taxes, and depreciation. The Company’s management uses this non-GAAP financial metric and related computations to evaluate and manage the business and to plan and make near and long-term operating and strategic decisions. The management team believes this non-GAAP financial metric is useful to investors to provide supplemental information in addition to the GAAP financial results. Management reviews the use of its primary key operating metrics from time-to-time. EBITDA is not intended to be a substitute for any GAAP financial measure and as calculated, may not be comparable to similarly titled measures of performance of other companies in other industries or within the same industry. The Company’s management team believes it is useful to provide investors with the same financial information that it uses internally to make comparisons of historical operating results, identify trends in underlying operating results, and evaluate its business.

A reconciliation of net income to EBITDA will be provided in the company’s Quarterly Report on Form 10-Q for the three and six months ended June 30, 2022 to be filed on September 26, 2022, under the section thereof entitled “Management’s Discussion and Analysis of Financial Condition and Results of Operations – Reconciliation of Unaudited Historical Results to EBITDA.”

Condensed Consolidated Balance Sheet (Unaudited)

	(unaudited)
	June 30,			December 31,
	2022			2021
ASSETS
*Current Assets*
Cash	$	556		$	6,998
Processor retained funds		4,616,255			56,864
Prepaid expenses and other current assets		512,939			166,667
Deferred offering costs		1,234,500			771,954
Security deposits – current		276,943			276,943
Total Current Assets	$	6,641,193		$	1,279,426
*Other Assets*
Furniture and equipment, net		8,944			11,500
Restricted cash		1,100,000			1,100,000
Security deposits – noncurrent		4,108,010			1,377,010
Operating lease right-of-use asset, net		49,941,971			—
Total Other Assets		55,158,925			2,488,510
Total Assets	$	61,800,118		$	3,767,936
LIABILITIES AND STOCKHOLDERS’ DEFICIT
*Current Liabilities*
Accounts payable and accrued expenses	$	5,301,053		$	4,209,366
Rents received in advance		4,071,095			1,819,943
Merchant cash advances – net of unamortized costs of $0 and $57,768, respectively		575,489			1,386,008
Loans payable – current portion		2,780,054			1,267,004
Loans payable – SBA – PPP Loan – current portion		815,183			815,183
Convertible loans payable – related parties – current portion		2,596,865			—
Loans payable – related parties – current portion		1,071,128			22,221
Operating lease liability – current		7,182,381			—
Income taxes payable		750,000			—
Total Current Liabilities		25,143,248			9,519,725
*Long-Term Liabilities*
Loans payable		545,789			925,114
Loans payable – SBA – EIDL Loan		800,000			800,000
Loans payable – related parties		—			496,500
Convertible loans payable – related parties		700,195			2,608,860
Line of credit		94,975			94,975
Deferred rent		—			536,812
Operating lease liability		43,962,492			—
Total Long-term Liabilities		46,103,451			5,462,261
Total Liabilities		71,246,699			14,981,986
Commitments and Contingencies
*Stockholders’ Deficit*
Members’ Deficit		—			(11,214,050	)
Common stock (shares authorized, issued and outstanding – 90,000,000; 21,675,001; 21,675,001; respectively)		216			—
Accumulated deficit		(9,446,797	)		—
*Total Stockholders’ Deficit*		(9,446,581	)		(11,214,050	)
*Total Liabilities and Stockholders’ Deficit*	$	61,800,118		$	3,767,936

Condensed Consolidated Statement of Operations

(Unaudited)

For the Three Months Ended

For the Six Months Ended

June 30, 2022

June 30, 2021

June 30, 2022

June 30, 2021

Rental Revenue

12,656,540

6,728,686

24,419,439

11,688,873

Refunds and Allowances

2,455,202

2,545,820

5,118,676

4,199,978

Net Rental Revenue

10,201,338

4,182,866

19,300,763

7,488,895

Cost of Revenue

7,344,720

4,035,238

13,930,882

7,920,531

Gross Profit (Loss)

2,856,618

147,628

5,369,881

(431,636

)

General and Administrative Expenses

Administrative and other

809,121

701,040

1,559,742

1,258,458

Professional fees

76,500

37,390

305,485

90,404

Total General and Administrative Expenses

885,621

738,430

1,865,227

1,348,862

Net Income (Loss) Before Other Income (Expense)

1,970,997

(590,802

)

3,504,654

(1,780,498

)

Other Income (Expense)

Other income

137,154

434

587,067

467

Interest and financing costs

(595,742

)

(542,764

)

(1,159,879

)

(660,007

)

Total Other Expenses

(458,588

)

(542,330

)

(572,812

)

(659,540

)

Income (Loss) Before Provision for Income Taxes

1,512,409

(1,133,132

)

2,931,842

(2,440,038

)

Provision for Income Taxes

Current

750,000

—

750,000

—

Net Income (Loss)

762,409

(1,133,132

)

2,181,842

(2,440,038

)

Basic and diluted earnings per common share

0.04

—

0.10

—

Basic and diluted weighted average number of common shares outstanding

21,675,001

—

21,315,747

—

Non-GAAP Financial Measures

To supplement the condensed consolidate financial statements, which are prepared in accordance with GAAP, we use EBITDA as a non-GAAP financial measure.

The following table provides reconciliation of net income (loss) to EBITDA:


	Three Months Ended June 30, (unaudited)					Six Months Ended June 30, (unaudited)
	2022		2021			2022		2021
Net Income (loss)	$	762,409	$	(1,133,132	)	$	2,181,842	$	(2,440,038	)
Provision for Income Taxes	$	750,000	$	—		$	750,000	$	—
Interest and Financing cost	$	595,742	$	542,764		$	1,159,879	$	660,007
Depreciation Expense	$	—	$	—		$	2,556	$	—
EBITDA	$	2,108,151	$	(590,368	)	$	4,094,277	$	(1,780,031	)

EBITDA is defined as net income or loss before the impact of interest, taxes and depreciation and amortization. EBITDA is a key measure of our financial performance and measures our efficiency and operating cash flow before financing costs, taxes and working capital needs. We utilize EBITDA because it provides us with an operating metric closely tied to the operations of the business.

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Fewer People Are Continuing Their Education After High School

The amount of students in college classrooms is dropping, which could have long-term impacts for society as a whole.

Colleges are seeing more empty seats in the classroom now that school is back in session.

There are 4 million fewer college students than there were a decade ago. Among students who graduated high school in 2016, 70% began college that fall. In 2020, that number dropped to 63%.

There are a few possible explanations for this: Some people point to the pandemic as the main factor, as many students may have pushed college off until later to avoid learning from home in their high school bedrooms. While this could be part of it, the decline of students started long before COVID was even a thought.

Other factors should be considered, though, like cost. A Georgetown report found that between 1980 and 2020, the price of tuition, fees, and room and board for undergrad students rose by 169%, while wages for young Americans haven’t increased at the same rate. Many people may simply not have the money or aren’t willing to go into debt. Student loan debt is close to $30,000 on average for four-year college graduates.

But higher education experts say it’s important to consider the long-term tradeoffs. Data from the Social Security Administration says that people with bachelor’s degrees earn between $600,000 and $900,000 more over the course of their lifetime than someone with just a high school diploma. Data is scarce on how that advantage compares to previous generations of college graduates.

Tolani Britton, a professor who studies the economics of higher education, says it’s a complex matter.

“I don’t think that it’s simply like, get those loans, you are going to be fine long term — I don’t think that’s quite the case,” Britton said. “At the same time, I also think, well, what are the other options? And, are those other options both in the short term and long term as beneficial?”

Let’s take a look at those other options: One alternative is students going to a community college for two years, then transferring to a four-year school to offset costs. However, only 8% of community college students who want a bachelor’s degree go on to achieve it. They face common roadblocks, like finding out most of their credits won’t transfer, and they’ll have to start from scratch at a four-year school to get a degree.

Another option is trade school. Programs in trades like construction, HVAC and mechanics have seen an increase in enrollment as high as 40%. The highest-paying trade jobs can make up to nearly six figures. Plus, there are apprenticeships where companies pay students to learn how to do a trade.

If a student doesn’t want to go to community college or trade school, they can also go straight into the workforce after high school. Minimum wage jobs that don’t require any degree or training have seen an increase in pay. About half of states raised their minimum wage this year, and a lot of companies decided to raise it on their own in recent years. But as those wages have risen, so has the cost of everything else due to inflation.

Experts wonder if the short-term gain from going straight into the workforce is worth it over pursing postsecondary education.

“Some of the questions that I would ask are, ‘Are the jobs that they’re taking currently, do they have advancement potential?'” Britton said. “If we think about those same jobs in 10 years and they’re paying relatively similar salaries, would they be able to support themselves and a family? What does it mean for their potential children, for example, if they don’t necessarily return and get a college degree?”

There are also long-term benefits to getting a degree that experts say are important to consider, like better health outcomes, both mental and physical, and the lower likelihood of being unemployed.

Jason Lane, a dean at Miami University in Ohio, told Newsy that as fewer students go to college, this could have long-term impacts for our society as a whole.

“The loss of individuals going into college will have long-term implications on the country’s innovation ecosystem, on our economic productivity,” Lane said. “It will make it harder for us as a country to compete internationally in terms of new knowledge development, new innovations, new inventions, things that the U.S. has historically led on.”

So, what can be done to get more students back to school? Education professionals say high schools and colleges can work together to close the information gap and make sure students and their families have all of the information they need to make informed decisions about postsecondary education.

There’s not only a gap in general information about college, but gaps in information about financial aid and how to get it. A study by ACT found that most students don’t understand the financial aid process.

“We also need to think about, it’s not just the traditional high school population,” Lane said. “We’ve got to be reaching out to adult populations, folks who are looking to retool, to reskill, who are looking to increase, I think, their own social mobility and economic viability and the economy. To do that, we’ve actually got to be more accessible. We’ve got to find new pathways and entry points for them to come into higher education.”

: newsy.com

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Curbing People With Mental Health Away From Jail

Newsy takes an inside look at Miami-Dade’s Mental Health Program, and how it helps people get treatment, and avoid jail.

Behind the barbed wire of jails and prisons across the country people with mental illnesses are incarcerated. But behind the doors at this courthouse in Miami is a decades long effort to divert people with serious mental illnesses away from the criminal justice system.

“We’re not gonna let you down. Keep it up, keep taking it one day at a time,” said Judge Javier Enriquez.

The 11th Judicial Circuit Criminal Mental Health Project lessens the cycle of incarceration for people experiencing serious mental illness and substance use disorders. It links treatment and support programs to people who commit less serious crimes.

Julie Reed is a program graduate, and now a peer specialist for the program.

She’s often outdoors talking to people, keeping them engaged and offering support.

“I’m helping people and I’m giving back to the community,” said Reed.

When she was a teen she tried to take her life and was introduced to the mental health system. Years later she became a widow and she believes untreated trauma fed her mental health issues. She says she eventually started self medicating.

“I’ve had many different diagnoses. I would probably lean more towards like bipolar disorder. It was just really hard to access help and I was uninsured,” she said. “I was a single mom and trying to work full time trying to juggle my two kids and it just was a lot and I just started breaking down. I wound up going through the criminal justice system and fortunately that’s where I got my help.”

She was ready for change and said the program provided support and links to services.

NEWSY’S HALEY BULL: When you look at this photo here, your story being displayed, what goes through your head?

JULIE REED: I’ve come a long way and I’m just glad I had the support of my family. If you see in my story “Julie’s Story” it’s a lot of my family because they were the ones that were really there for me and helped me get through. I wouldn’t be able to do it without them. And the team here at JDP helped out a lot. I feel good and hopeful of my future. It’s been 12 years in recovery clean and sober, no going back to jail, no going back to the hospitals.

The program goes back more than two decades.

Judge Steve Leifman has helped turn Miami-Dade County into a national leader in criminal justice reform by changing the way people with serious mental illnesses are treated in the criminal justice system.

“We wouldn’t treat people with cancer or heart diseases this way; we shouldn’t be treating with mental health illness this way,” said Leifman.

He is a former assistant public defender who became a passionate advocate as a judge. In his courtroom he saw the holes in the system that led to a commitment for change.

“Our recidivism rate in our felony and misdemeanor went from about 75% now to about 20 to 25%,” he said.

But there are still more he hopes to reach. The Miami Center for Mental Health and Recovery plans to become an extension of the program later this year, a one-stop shop for the mentally ill cycling through the system.

BULL: Is this a first of its kind facility in the country?

STEVE LEIFMAN: It’s the first of its kind in the United States and possibly in the world.

It will include everything from a crisis stabilization unit, residential treatment, courtroom to health care, tattoo removal and a culinary support employment program.

The details, down to the lack of linoleum, are carefully designed to be more welcoming.

“It will give us a full continuum of all the services we already have that were lacking and every other community lacks. And that’s the problem. There’s no capacity in the United States for the most acutely ill,” said Leifman.

The American Psychiatric Association Foundation partnered with others on the “Stepping Up Initiative” to help support counties in reducing mental illness in the justice system. Rawle Andrews Jr. is the executive director of the APA Foundation.

“Over two million people a year get caught up in our criminal justice system annually and those two million people suffer from serious mental illness that need help but what we’ve given them is a jail cell,” said Andrews. “What we’re hoping and what we’re backing is that this 988 system that just went into place last month almost 30 days in, that the diversion and deflection that we need away from incarceration to some real access to care will happen.”

Back in Miami-Dade, Commissioner Sally Heyman says they’ve come a long way.

“Now you have people focused on their care in custody, till they can determine what needs to be done. So, you know, it’s not just one thing with the diversion. It’s ‘what are we doing?’ Before we get them in a car,” said Heyman.

While there’s more work to do yet Julie shares this, “to never give up to keep continuing to look for help even if you’ve had doors shut on you. To keep looking, you’re not alone.”

Newsy’s mental health initiative “America’s Breakdown: Confronting Our Mental Health Crisis” brings you deeply personal and thoughtfully told stories on the state of mental health care in the U.S. Click here to learn more.

: newsy.com

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Judge Appears Willing To Unveil Some Of Mar-A-Lago Affidavit

By Associated Press

and Newsy Staff
August 18, 2022

The DOJ revealed that the investigation into whether Trump illegally stored classified records at his Florida estate is still “in its early stages.”

A federal judge on Thursday ordered the Justice Department to put forward proposed redactions as he committed to making public at least part of the affidavit supporting the search warrant for former President Donald Trump’s estate in Florida.

U.S. Magistrate Judge Bruce Reinhart gave prosecutors a week to submit a copy of the affidavit with proposed redactions for the information it wants to keep secret after the FBI seized classified and top secret information during a search at Trump’s Mar-a-Lago estate last week.

The Justice Department also revealed during Thursday’s hearing that the investigation into whether Trump illegally stored classified records at his Florida estate – and potentially violated the Espionage Act – is still “in its early stages.”

Jay Bratt, a top Justice Department national security prosecutor, had argued that the affidavit should remain hidden from the public. Unsealing it, he said, would provide a “road map” of the investigation — which is in its “early stages” — and expose the next steps to be taken by federal agents and prosecutors.

He argued it was in the public interest for the investigation, including interviews of witnesses, to go forward unhindered.

As the hearing kicked off, a small caravan of vehicles with Trump flags drove past the federal courthouse in West Palm Beach, Florida. An attorney for Trump, Christina Bobb, was in the courthouse on Thursday but said she was only there to observe the court proceeding.

Attorneys for several news organizations, including The Associated Press, argued the affidavit’s release would help the public determine if the Justice Department had legitimate reasons for the search or if it was part of a Biden administration vendetta against Trump, as the former president and his backers contend. Trump, in a Truth Social post last week, called for the release of the unredacted affidavit in the interest of transparency.

“The matter is one of utmost public interest, involving the actions of current and former government officials,” wrote attorney Carol Jean LoCiero, who is representing the Times and others. “President Trump decried the the search as an ‘assault that could only take place in Third World Countries,’ asserted agents ‘even broke into my safe,’ and otherwise challenged the validity of the search.”

Reinhart gave the government until next Thursday to submit its version with the proposed redactions. He said he would then review it and may meet lawyers for the government and give them a chance to make an argument for why specific information should be withheld.

Justice Department attorneys have argued in a court filings that the investigation into Trump’s handling of “highly classified material” is ongoing and that the document contains sensitive information about witnesses.

A recent filing by Juan Antonio Gonzalez, the U.S. attorney in Miami, and Bratt, a top Justice Department national security official, says making the affidavit public would “cause significant and irreparable damage to this ongoing criminal investigation.”

“If disclosed, the affidavit would serve as a roadmap to the government’s ongoing investigation, providing specific details about its direction and likely course, in a manner that is highly likely to compromise future investigative steps,” they wrote.

FBI agents searched Trump’s Mar-a-Lago estate on Aug. 8, removing 11 sets of classified documents, with some not only marked top secret but also “sensitive compartmented information,” according to a receipt of what was taken that was released Friday. That is a special category meant to protect the nation’s most important secrets that if revealed publicly could cause “exceptionally grave” damage to U.S. interests. The court records did not provide specific details about information the documents might contain.

Additional reporting by The Associated Press.

: newsy.com

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Media To Ask Judge To Release Trump Search Warrant Affidavit

DOJ attorneys argued that its investigation into Trump’s handling of “highly classified material” would be compromised if the document is made public.

Attorneys for many of the nation’s largest media companies will try to persuade a federal magistrate judge on Thursday afternoon to make public the affidavit supporting the warrant that allowed FBI agents to search former President Donald Trump’s Florida estate last week.

Newsy’s parent company, E.W. Scripps, along with the Associated Press, The New York Times, The Washington Post, The Wall Street Journal, the broadcast TV networks, CNN and others want U.S. Magistrate Judge Bruce E. Reinhart to release the affidavit over the objection of the U.S. Justice Department, which says its investigation of Trump’s handling of “highly classified material” would be compromised.

The media companies argue the affidavit’s release would help the public determine if the Justice Department had legitimate reasons for the search or if it was part of a Biden administration vendetta against Trump, as the former president and his backers contend. Trump, in a Truth Social post last week, called for the release of the unredacted affidavit in the interest of transparency.

“The matter is one of utmost public interest, involving the actions of current and former government officials,” wrote attorney Carol Jean LoCiero, who is representing the Times and others. “President Trump decried the search as an ‘assault that could only take place in Third World Countries,’ asserted agents ‘even broke into my safe,’ and otherwise challenged the validity of the search.”

Justice Department attorneys argued in a court filing that its investigation into Trump’s handling of “highly classified material” is ongoing and that the document contains sensitive information about witnesses.

The filing by Juan Antonio Gonzalez, the U.S. attorney in Miami, and Jay Bratt, a top Justice Department national security official, says making the affidavit public would “cause significant and irreparable damage to this ongoing criminal investigation.”

As of Wednesday afternoon, Trump’s attorneys had not indicated on the court’s docket that they plan to take part in the hearing.

Additional reporting by The Associated Press.

: newsy.com

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It Was the Housing Crisis Epicenter. Now the Sun Belt Is an Inflation Vanguard.

A.J. Frank watched the Phoenix real estate market and its entire economy implode as he was graduating from high school in 2009, a scarring experience that has made him a cautious saver. He is again living through a major economic upheaval as the cost of living climbs sharply.

Phoenix — among the hardest-hit cities during the housing crisis — is now on the leading edge of another painful economic trend as the United States faces the most rapid inflation in 40 years. The city is experiencing some of the fastest price increases in the nation, something Mr. Frank has felt firsthand.

His landlord tried to raise his rent nearly 30 percent this year, prompting him to move. Mr. Frank, a 31-year-old engineer, is still paying $250 a month more than he was previously, and rising grocery and gas bills have reduced his disposable income.

national rate of 8.5 percent in July. Prices in the Southern United States have risen 9.4 percent over the past year, the fastest pace of any large region in the nation and more rapid than in the Northeast, where prices are up 7.3 percent.

surged earlier this year. Because many Sun Belt cities depend on cars and air-conditioning, those purchases make up a larger percentage of consumer budgets in the region. And, just as it did in 2008, housing is playing a crucial role — this time, through the rental market, which is a major contributor to overall inflation. In Phoenix, rents are up 21 percent from a year ago, and in Miami, they are up about 14 percent. For urban dwellers nationally, rent is up only about half as much, 6.3 percent.

The Sun Belt’s intense bout of inflation matters for several reasons. While inflation is painful everywhere, it is having a disproportionate impact on families in cities like Tampa Bay, where prices have shot up faster than in areas like New York City. Demand at food banks and for eviction counselors has jumped across the region, providers said, as signs of that distress manifest.

Real-time market rent trackers that reported prices shooting up in Sun Belt cities last year are now showing bigger increases in places like New York, San Jose and Seattle.

Those market rent increases take time to trickle into official inflation figures because of the way the government calculates its data. Much as Phoenix’s official inflation numbers are surging now partly because of the run-up in market rents in 2021, nascent increases in big coastal cities could keep pressure on inflation in months to come. And the effect could be palpable at a national level: New York and its suburbs account for about 11 percent of the nation’s rental housing-related costs in the Consumer Price Index, compared to about 1 percent for Phoenix.

“Even if we get a slowdown in the Sun Belt, it may not be enough to offset what we’re seeing in other markets,” said Omair Sharif, founder of Inflation Insights.

Federal Reserve officials noted that risk at their July meeting, according to minutes released Wednesday, observing that “in some product categories, the rate of price increase could well pick up further in the short run, with sizable additional increases in residential rental expenses being especially likely.”

The Fed has been raising interest rates since March to try to slow consumer and business demand and cool inflation and is expected to lift them again at its meeting in September.

To date, much of the regional divide in price increases — from rents to consumer goods and services — has traced back to migration. People have been flocking to less expensive cities from big coastal ones for years, but that trend accelerated sharply with the onset of the pandemic. The pattern is playing out across both the Mountain West, where inflation is also remarkably high, and the Sun Belt.

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