What I’m Reading
We’re Number One: Money laundering is a problem across the economy but nowhere is it more prevalent than in the real estate – especially in the US. Miami Herald
Less for More: While many companies have responded to supply chain shortages and wage inflation by raising prices, others have responded by reducing their level of service. New York Times
Recruiting: As remote work gains traction, cities and small towns are luring workers with perks ranging from cash payments to grandparent stand-ins and free coffee. In the past, a town would attempt to lure a large employer with tax breaks or other incentives and jobs would follow. Now these cities and towns are going direct to the workers. The goal is to attract a desirable workforce that will eventually entice companies to locate there as well. Wall Street Journal
Under Water: A new report found that roughly one fourth of the United States’ critical infrastructure (think utilities, airports, ports and emergency services) is at increasing risk of floods. The highest concentration of community flood risk is in Louisiana, Florida, Kentucky and West Virginia. USA Today
Taking Share: Class B and C apartments are taking a larger share of net absorption, at the expense of Class A, according to a recent report from the National Association of Realtors. Globe Street
Chart of the Day
Demos were strong for household formation before COVID hit. Then we threw this base-base effect laden gasoline on the fire:
Source: Odeta Kushi
WTF
If This Stalls a Rockin’: Two Philadelphia Eagles fans were arrested for getting busy in a bathroom stall in Bank of America Stadium while their team was taking on the Carolina Panthers. Total Pro Sports
Boom: A woman allegedly told police that the reason one tire of her 2012 Hyundai was on a rim, another tire was missing and her driver side mirror was broken off was because “it might have blown up” was arrested for DUI because Florida. Boca News
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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