NYC Developers Are Suddenly Obsessed With the Number 99.
A city government program that was enacted in 2024 offers a tax exemption
to developers of most apartment buildings that have fewer than 100 units and include some affordable housing.
Anyone building bigger than that has to abide by stricter requirements to get the same tax break.
They have to pay construction workers at least $40 an hour,
or more than double the standard minimum wage.
The tax program also requires more units be rent-stabilized and affordably priced.
These property developers are assembling complexes with hundreds of apartments,
but they are slicing them up into 99-unit pieces when seeking permitting approval from the city.
Town Battles to Be ‘Submarine Capital’ Again
Thirty five years ago, the end of the Cold War drained this hardscrabble coastal manufacturing town of its chief purpose:
building America’s submarines. Now the Navy needs the shipyard along the Thames River to rev its engines back into high gear.
The military’s orders have left Groton with a high-stakes challenge:
how to resurrect a bygone era of military might in a far-flung seaside town short on workers, homes and transit.
In its race against China’s advances in maritime technology, the Defense
Department is focused on upgrading its nuclear-submarine fleet, and it
is the job of Groton-based manufacturer General Dynamics Electric Boat
and a slew of local suppliers to keep up. After a string of delays,
the Navy recently added $16 billion in funding for Electric Boat to continue
work on new submarines, stressing that timely construction is its top priority.
High Costs Drive Away Florida’s Middle Class
Florida’s migration patterns are changing dramatically. Residents in their
prime working years are heading to other states, often citing affordability
concerns. At the same time, the stream of people arriving from other states is shrinking.
Meanwhile, an influx of wealthy people from other states—turbocharged
during the pandemic—has helped drive up home prices. Inflation in parts of
Florida outpaced the national average over the past decade, and home-insurance rates soared.
These side-by-side trends could spell trouble for a state whose economy relies
on continued population growth and real-estate development.
Soaring home prices, together with other factors like elevated mortgage rates,
have depressed the housing market. In Tampa, the median sale price of
homes was $478,000 in February, compared with $298,000 five years earlier, according to brokerage Redfin.
Home-Builder Sentiment Slips Amid Economic Uncertainty.
Confidence among U. S. home builders fell in April as rising building
materials prices, elevated interest rates and an increased economic
uncertainty weighed during the heart of spring buying season.
The National Association of Home Builders’ latest report Wednesday
showed the NAHB/ Wells Fargo Housing Market Index, a gauge of builder
confidence in the market for newly built single family housing, was 34 in April, down from 38 in March.
The reading was the lowest level since September 2025.
Economists polled by The Wall Street Journal expected a reading of 37.
The reading below 50 means builder perceptions of current sales and sales expectations are net negative.
“ With oil prices higher in the U. S., 62% of builders reported suppliers have
increased building material costs due to higher fuel prices, including gas
and diesel,” said NAHB Chief Economist Robert Dietz.
Fed Faces Unprecedented Leadership Vacuum Crisis.
The Federal Reserve (Fed) is facing a potential leadership vacuum as the confirmation of a new chair is delayed,
compounded by President Donald Trump’s threats to dismiss current Chair Jerome Powell.
While Powell’s term ends on May 15, the confirmation of Kevin Warsh—President
Trump’s nominee for the next chair—is uncertain. Although the Senate Banking
Committee hearing is scheduled for the 21st, Republican Senator Thom Tillis has
signaled he may block the nomination until issues regarding a federal investigation into Powell are resolved.
President Trump has criticized Powell for refusing to lower interest rates and
has pressured him regarding the costs associated with the renovation of the Fed headquarters.
This leadership uncertainty comes at a sensitive time. With energy prices fluctuating
due to conflicts in the Middle East, the Fed’s independence and its interest rate
policies are under intense scrutiny.
Stocks Climb to Records, Led by Tech.
Investors are piling into tech stocks again.
As a fragile cease-fire holds in the Middle East and AI disruption fears fade,
investors are finding a surprise safe harbor in everything from semiconductors to enterprise software.
On Thursday, the S&P 500 and Nasdaq composite climbed to fresh record
highs, extending a week long rally after President Trump said Israel and
Lebanon have reached a 10-day cease-fire agreement and the U.S. might hold
discussions with Iran this weekend.
The S&P 500 gained 0.3%, while the Dow Jones Industrial Average rose 0.2%.
The tech-focused Nasdaq composite added 0.4%, marking its 12th
consecutive winning session, the index’s longest streak of gains since 2009.
More Young Adults Shun Bars, Head to the Gym for Social Hour.
Young adults have traditionally met up with co-workers at a local bar to rehash
the week’s events or with friends for weekend cocktails to catch up on life. But
now, many in my generation are choosing to spend more of our
downtime—and our money—socializing around fitness, not booze.
The workout hangout : The workouts definitely feel like a better use of our time
and money. And an extension of that awareness, Palmer says, is young people
“increasingly meeting friends for workouts instead of going to happy hour.”
Changing priorities: Experienced financial whiplash after the pandemic,
youngsters also started seeing the “dry January” trend on social media and
noticed that more of my friends were taking breaks from alcohol.
A way to make friends : Yes, giving priority to wellness earlier in life is good for
our health, but it can come with another positive side effect: new friends.
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