What I’m Reading
More Help Wanted: Labor shortages are helping to keep more homes from being built, making housing even less affordable. The problem does not appear to be going away anytime soon. The Economist
Surprising Result: About half of US states ended enhanced federal unemployment benefits early. So far, they have seen about the same job growth as states that continued offering enhanced aid. Wall Street Journal
Backlog: Supply chain management issues have become a major issue for value add apartment operators. Owners are responding by pre-buying materials in bulk, driving up storage costs but providing more timing certainty. Globe Street
Kicking the Can: Companies keep pushing their office return dates back as delta variant issues complicate reopening. The longer this continues, the more difficult it will be to implement full time office policies, IMO. New York Times
Easing Up: The Biden administration is trying to make affordable housing easier to finance by boosting a regulatory lending cap on apartments supported by the Low Income Housing Tax Credit. In addition, the administration is also expanding the Community Development Financial Institutions competitive grant program. The Real Deal
Chart of the Day
Only Idaho and Utah have more jobs than before the pandemic. Arizona, Montana, North Carolina, and South Dakota are on the cusp of turning positive.
Source: National Association of Realtors
WTF
Up In Smoke: Tourists recorded a crazy video of smoke pouring out of an alligator after it ate a drone because Florida. New York Post
Pissed Off: A mask-less Canadian man was so angry about the face covering mandate at a Dairy Queen that he was caught on video urinating on the restaurant’s counter. New York Post
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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