Weekly News (March 8, 2017)

1. Former ‘Syms’ site will be used for Used Card dealer ‘CarMax’

• Route 17 North bound in Paramus: 65,000 SF SYMS closed in 2012
• One of largest and longest-standing retail vacancies in Paramus
• Founded 1958, profitable till 2000→facing new competition: T.J. Maxx

2. Leonia, NJ declares ‘Welcoming City’ resolution instead of Sanctuary city

• Originally proposed Sanctuary city on March 6
• Addendum : 1. illegal → Undocumented
  2. Police will not ask immigration status except criminal indictment
  3. City is duty bound to cooperate criminal investigation and share relevant info with local, state and federal authorities
• Concerning about future federal fund support/ Cherishing diverse community

3. Wells Fargo branch office in Teaneck closed (opened in 2007) 

• At Cedar Lane and Garrison Ave
• 300 Wells Fargo branches in NJ
• In general, teller transactions fell 45% from 1992 to 2013.
• City Councilman Mark Swartz mentioned to see Mixed use building at the site

4. NJ State is trying to levy Airbnb sales tax for less than 30 days rental

• Proposed a law to levy sales tax like hotel (max. 18%)
• Let each town issue short term rent license : $100 fine per day for a violation
• Fort Lee, Pal Park, Paramus etc. banned short term rental

5. NJ State is preparing another law on tax deduction for FHB 

• ‘Tax-free saving account program’
• Open saving account → funds to be used only for closing home purchasing → Allow Tax deduction for the funds (for FHB)
• FHB without age discrimination – Buyer who never purchased a house before

6. Chinese Investors turning to Asia instead of US

• According to Colliers Int’l, Change to move to Asia is detected
• 1. Concern on Chinese currency devalue stopped.  2. Trump’s policy
• Asian RE investment to US:$33B in 2015 ( Chinese portion:43%)
• In 2016, Asian investment dropped by 12% to $29B (Investment to Asia:$70B→Chinese portion:17.4%)
• Chinese investors avoid Hong Kong ( they see Hong Kong as US extension ← Hong Kong $ == US $)

7. Yellen (Fed Reseve Chair) indicates IR increase in March

• Will increase if “Price(inflation around 2%)” and “employment” (near max employment ) are manageable reasonably
• Will make decision at FOMC between March 14 ~15
• According to “Beige book”, US economy is growing with modest/moderate speed
• According to FT’s 43 experts, possible 3 times IR increase ← Fast economy growth ← Consumer spending up, De-regulation, Tax reduction

8. ‘Trump Care’ Plan revealed for replacement of Obama Care 

• No penalty for not joining insurance
• No obligation for company to have insurance policy
• Reduce Medicare recipient ( It was up to 130% of poverty line)→10M in 31 states might loose the benefits by 2020
• Tax Deduction plan : $6550/person, $13,100 per family ( Currently, $3700/p, $6750/f)
• Many politicians objected.(→Support funding reduced for low income family)

9. 3D Printer House built in a day by ‘Apis Cor’ in San Francisco, CA 

• Size: 400 sf / Studio – Bath, kitchen
• Exterior: Concrete / Interior: Sheet Rock
• Cost: $13,682. Construction in 1 hour→70% cost saving CMT conventional
• Will help disaster area, homeless, Refugees, etc.

10. Tech News:

• Subway robot(‘Promobot’) guide in Moscow introduced – hands, eye
• Contacting, remembering someone it met before… ( Android based ‘AI’)