According to the Federal Government, the Suburbs Don’t Exist – News | Planetizen
Shawn Bucholtz and Jed Kolko describe one of the facts of American life: most U.S. residents live in suburbs, but the federal government doesn’t actually categorize communities as suburban. The federal government makes a distinction between urban and rural, but not for suburban. “The lack of an official federal definition of suburban means that government data are not reported separately for suburban areas. That makes it hard to measure the reach and impact of federal programs and to produce vital statis
Source: According to the Federal Government, the Suburbs Don’t Exist – News | Planetizen
Banks are far more exposed to risky real estate loans than you think — thanks to this loophole Big Banks increasingly back debt funds and mortgage REITs
…But below the surface, banks are far more exposed to risky real estate loans than commonly thought thanks to a skyscraper-sized loophole: Instead of lending to construction projects directly, they increasingly lend to debt funds and mortgage trusts managed by private equity firms, which in turn lend to developers. Slate insists that the RiverTower deal wasn’t particularly risky, that it came with a big equity buffer and that it gets low interest rates on its loans. But in other cases, such as ground-up construction loans, the risk to lenders is more obvious…
By Konrad Putzier and Rich Bockmann | November 06, 2017
With 31,000 New Units Expected to Open By 2020, NYC Neighborhoods Brace for Change – Localize Labs
New York City saw more 12,800 units open in the first half of this year, with another 31,000 expected to open by 2020, according to an analysis from Localize.city.Nearly 60 percent of the new units are opening in the top 10 neighborhoods; more than a quarter are in just three neighborhoods: Long Island City, Williamsburg and Bushwick.
Source: With 31,000 New Units Expected to Open By 2020, NYC Neighborhoods Brace for Change – Localize Labs
Figure of the week: Africa is home to the 10 fastest growing cities in the world
The United Nations Department of Economic and Social Affairs projects that the world’s 10 fastest growing cities, between 2018 and 2035, will all be in Africa. The visualization below first maps the location of the fastest growing cities in the world with a population greater than 2.5 million. Interestingly, many of the fastest growing African cities are specifically located on the Gulf of Guinea including Lagos, Abuja, Abidjan, Doula, and Kumasi.
Source: Figure of the week: Africa is home to the 10 fastest growing cities in the world
Wildfires can’t cool hot real estate markets | Grist
More people than ever want to live on the wild edges of Western cities, despite the risk wildfires pose to their homes. A recent study by researchers at the University of Nevada, Las Vegas, found that wildfires drive down real estate prices only in the immediate aftermath of a disaster. Home prices in burned areas typically rebound to pre-fire levels within one to two years.
Yet developers will continue to build in high-risk areas as long as there’s a demand. Residential growth in forested areas across the United States has exploded in recent years, from an estimated 12.5 million housing units in 2000 to 44 million by 2010. “We should be worried about that,” said University of Nevada, Las Vegas, research economist Shawn McCoy, who led the study. “The societal costs of wildfire will increase, because people continue to develop there. They know that those homes will sell regardless of the risk.”
The researchers found that the value of homes within sight of burn scars did dip after a fire and was slower to rebound. But even there, homebuyers’ awareness of fire risk didn’t impact their willingness to invest in those properties. Overall, housing values in the high-risk zones dropped in the year following a wildfire, but rebounded to pre-fire prices in one to two years.
….wildfire suppression accounts for 52 percent of the Forest Service’s budget; by 2021, it’s projected to increase to 67 percent….
Source: Wildfires can’t cool hot real estate markets | Grist
Rising seas could wipe out $1 trillion worth of U.S. homes and businesses | Grist
Some 2.4 million American homes and businesses worth more than $1 trillion are at risk of “chronic inundation” by the end of the century, according to a report out Monday. That’s about 15 percent of all U.S. coastal real estate, or roughly as much built infrastructure as Houston and Los Angeles combined.
The sweeping new study from the Union of Concerned Scientists is the most comprehensive analysis of the risks posed by sea level rise to the United States coastal economy. Taken in context with the lack of action to match the scale of the problem, it describes a country plowing headlong into a flood-driven financial crisis of enormous scale.
Check out interactive map to see how your home, zip code or community does: http://US Coastal Property at Risk from Rising Seas.
Union of Concerned Scientists report at: Underwater: Rising Seas, Chronic Floods, and the Implications for US Coastal Real Estate (2018)
Grist: Rising seas could wipe out $1 trillion worth of U.S. homes and businesses
Is the global economy just a giant debt scam? What the financial elite doesn’t want you to know | Salon.com
Let’s restate that, because it gets more shocking the more you think about it. The bailout money came from the European Central Bank and the IMF, largely meaning the taxpayers of France, Germany and other prosperous nations of Western Europe. Exactly none of it went to restore social services or repair roads in Greece. All of it was used to make payments on the Greek government’s existing debt — most of which was to banks in Western Europe. So Angela Merkel and François Hollande (then the French president) and other political leaders extorted money from their own taxpayers, on the pretense that they were helping out a small, struggling nation on Europe’s southern fringe, and siphoned it directly to the biggest European banks, largely in their own countries. It was a direct wealth transfer from ordinary people to the financial elite.
Source: Is the global economy just a giant debt scam? What the financial elite doesn’t want you to know | Salon.com
As California’s largest lake dries up, it threatens nearby communities with clouds of toxic dust – The Verge
Dying lakes release dust, often polluted dust, that is literally killing people who can’t afford to move.
Though we often think of lakes as permanent landmarks, global warming, irrigation, and our constant thirst threaten these resources around the world. Terminal lakes like the Salton Sea, bodies of water that have no natural drain, are particularly vulnerable. Iran’s Lake Urmia — once the largest body of water in the Middle East — has shrunk by almost 90 percent over the last 30 years; Africa’s Lake Chad is also 90 percent smaller than it was in the 1960s; and Kazakhstan’s Aral Sea, once the fourth largest salt lake in the world, has practically been wiped off the map.
When these lakes evaporate, they can upend industries and erase surrounding communities. For residents near the Salton Sea, the most pressing problem is the threat of toxic dust. The receding Salton Sea will reveal at least 75 square miles of playa, the lake bed that the water once hid. When that soil dries, it will begin to emit dust laced with industrial runoff from the surrounding farms: up to 100 tons of dust could blow off the playa daily. If it isn’t captured, that dust will push the area’s asthma crisis from bad to dire. The Salton Sea is a dust bomb that has already begun going off.
Source: As California’s largest lake dries up, it threatens nearby communities with clouds of toxic dust – The Verge
Naiipa Art Complex / Stu/D/O Architects | ArchDaily
Worthwhile to go to website and check out the photos.
Text description provided by the architects. Naiipa (Literally means ‘Deep in the Forest’) is a mixed use project consisted of an Art Gallery, Sound Recording Studio, Dance Studio, Restaurants, Coffee Shops, and Office Spaces. It is located on Sukhumvit 46, a small street that connects Rama 4 road to Phrakanong BTS Station on Sukhumvit road. The project is named after the concept of concealing the architecture in the forest as the vision of greenery is expanded by using reflective glass all around.