News

Proposition 33: The Heated Debate Over California’s Rent Control Measure

California’s Proposition 33 has sparked a fierce debate as it heads to the November 2024 ballot. This controversial measure, which could transform the state’s rental market, has supporters and opponents clashing over its potential impacts on housing affordability and the broader economy. With both sides launching aggressive campaigns, the conversation around Prop 33 is becoming increasingly heated, dominating airwaves and online platforms. What is Proposition 33? Proposition 33 aims to address California’s ongoing housing affordability crisis by repealing the Costa-Hawkins Rental Housing Act of 1995. Currently, Costa-Hawkins allows rent control only on housing units built before 1995. It also permits

October 9, 2024 No Comments

News

Silver Lake’s Silva Apartment: A New Landmark in LA’s Hot Market

A new chapter begins in Silver Lake, Los Angeles, as Cityview and Wafra secure a $73 million loan from 3650 REIT to acquire Silva, a newly built Class-A apartment community. Located at 235 N. Hoover Ave, Silva boasts 360-degree views of iconic landmarks like Hollywood, Downtown LA, and West Los Angeles, offering residents a unique combination of luxury and convenience. With 221 units averaging nearly 1,000 square feet, each home features modern amenities such as 9-foot ceilings and floor-to-ceiling windows. This prime location, only a mile from the heart of Silver Lake, is renowned for its vibrant culinary scene and

October 4, 2024 No Comments

News

New Yorkers Say ‘Yes’ to Affordable Housing: The “City of Yes” Initiative

New Yorkers are uniting for a future where affordable housing is within reach, thanks to the approval of the “City of Yes for Housing Opportunity” proposal. This initiative, marking a pivotal change in the city’s zoning code, aims to address the housing crisis and meet the growing demand for affordable homes. With the city’s vacancy rate at a low 1.4%, rent prices are skyrocketing, forcing families out of their homes. Mayor Eric Adams, alongside state officials, has taken proactive steps to tackle this crisis head-on. Now, it’s up to the City Council to join forces and pass this landmark proposal,

October 3, 2024 No Comments

News

Hackney Wick Gets Green Light for 337-Home Co-Living Development

Hackney Wick, a vibrant and creative area in East London, is set to welcome a new co-living development after receiving approval from the London Legacy Development Corporation (LLDC). This exciting project, led by investor Mitheridge and developer Halcyon, will deliver 337 co-living homes in two modern blocks located along the canalside at 115-119 Wallis Road. The development is set to transform the waterside location, which currently houses three low-rise warehouses, into a thriving residential and commercial hub. The co-living scheme will feature a mix of five- and eight-storey blocks, offering studio apartments designed for individuals who value a community-oriented lifestyle.

September 30, 2024 No Comments

Hong Kong News

How Shanghai and Shenzhen’s Eased Property Restrictions are Revitalizing China’s Real Estate Market in 2024

China’s real estate market, a critical pillar of its economy, has faced unprecedented pressure in recent years. A combination of strict purchase restrictions, cooling market sentiment, and high home prices had led to a slowdown, particularly in major cities like Shanghai and Shenzhen. To combat this, China has introduced a series of measures aimed at stimulating demand and ensuring the sector’s recovery. Most notably, in 2024, both Shanghai and Shenzhen have lifted significant home purchase restrictions in an effort to reinvigorate their real estate markets and stabilize economic growth. Easing of Restrictions in Shanghai Shanghai, one of China’s most economically

September 28, 2024 No Comments

News

Caltrans Property Sales: LA Residents Left Out of Homeownership

California’s transportation department, Caltrans, is selling over 500 properties it seized decades ago for a defunct highway project along the 710 Corridor. While this sale offers a unique chance for reparations to communities harmed by urban renewal projects, many local residents feel excluded from the process, sparking controversy and frustration. Historically, government projects often targeted Black and Latino neighborhoods, displacing families and depriving them of generational wealth. The recent property sales, intended to provide opportunities for homeownership, are failing to fully address these historical injustices. Many long-time tenants who live in the homes being sold are now struggling to secure

September 25, 2024 No Comments

News

New JLL and Richmont Partnership Unlocks Lucrative UK Property Investment Opportunities for Thai Buyers

A new partnership between Jones Lang LaSalle’s (JLL) International Residential business and Richmont’s Co Ltd is opening fresh opportunities for Thai investors to venture into the UK property market. This collaboration promises a wide range of property types and price points in London and other global investment hubs, catering to both high-end buyers and those looking to diversify their portfolios with lower-price assets. James Puddle, head of International Residential for JLL in Southeast Asia, emphasized the significance of this agreement at a press conference. He highlighted that London remains an attractive market due to low global interest rates and a

September 21, 2024 No Comments

News

Step Up On Second Faces Lawsuit Over Failed California Motel-to-Housing Conversions

Step Up On Second, a once-prominent nonprofit in homeless services, is now embroiled in controversy due to the failure of multiple housing projects. The organization was instrumental in shaping California’s Project Homekey, an initiative aimed at converting old motels into affordable housing for the homeless. In partnership with real estate firm Shangri-La Industries, Step Up secured over $114 million in state grants to carry out seven motel-to-housing conversions across the state. However, the projects quickly ran into financial trouble. The properties went into foreclosure, leaving some vacant and incomplete. In response, the state of California has filed a lawsuit against

September 19, 2024 No Comments

New Zealand News

Rents continue at $580 a week despite the home price drop.

Despite a decrease in home prices, November saw New Zealand rents remain at record highs, as reported by Trade Me. In November, the statistics indicated that the median weekly rent throughout the country was $580. A 4% increase compared to the same month in 2021 “leaves it matching the all-time high initially recorded in April this year,” said Gavin Lloyd, sales director at Trade Me Property. But if we look at the figures more closely, there was a lot of variation throughout the nation, with most areas seeing rents increase, but Auckland and Wellington are experiencing no year-on-year gain, as

March 27, 2024 No Comments

Australia News

How the Australian real estate market has progressed over the past year.

The housing market is among the most susceptible to changes in interest rates. Eight consecutive rate hikes in 2022 to combat rising inflation sent shockwaves across the market and are still at the heart of the decline in Australian property prices. When comparing national home prices from November 2017 to November 2018, we see a yearly decline of 3.2 percent. However, Eliza Owen, chief of research at CoreLogic, says the decline’s speed has slowed “broadly since September.” Although some might consider this good news, she warned that next year could see a resumption of the slide. CoreLogic data reveals that

March 6, 2024 No Comments