Santa Fe, known for its unique culture, is implementing a pioneering ordinance to combat a housing affordability crisis by directly linking wages to both consumer prices and fair market rent. This groundbreaking approach, which will raise the minimum wage to $17.50 by 2027, aims to help approximately 9,000 workers, or about 20% of the city’s workforce, afford to live in Santa Fe. City officials are also pursuing additional strategies like increased housing permits and a mansion tax to ensure the city’s diverse population can continue to thrive. Ultimately, this effort represents a critical step in preserving Santa Fe’s identity as “The City Different”.
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Canada plans to establish a new permanent residency pathway in 2025, based on the existing Economic Mobility Pathways Pilot (EMPP), which has facilitated nearly 970 settlements since 2018. This new pathway, announced in the IRCC’s Departmental Plan, will offer a permanent route for displaced individuals and skilled refugees to live and work in Canada. While the specific eligibility criteria and program structure are still pending, the government intends to launch the program before the EMPP expires at the end of 2025. The EMPP currently offers federal and regional streams, with applicants needing to prove their refugee status and meet certain requirements based on work experience, education, and language proficiency.
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In response to Spain’s housing crisis and protests against short-term rentals, the Consumer Rights Ministry ordered Airbnb to remove over 65,000 listings for lacking proper licensing or registration information. This follows a court decision upholding the ministry’s authority and is part of broader efforts to address affordability concerns exacerbated by platforms like Airbnb. Airbnb plans to appeal, arguing the ministry’s methodology was indiscriminate and that it overstepped its authority. The removal process will occur in phases, with the first phase impacting thousands of listings nationwide.
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San Diego’s City Council passed an ordinance, 8-1, prohibiting landlords from using private data-driven algorithms to determine rental prices. This measure, targeting companies like RealPage, aims to prevent potentially anti-competitive practices currently under legal challenge. The ordinance, while excluding algorithms using public data, intends to protect tenants from unfair rent increases and is enforceable through tenant lawsuits. However, opponents argue the ordinance is overly broad and could hinder the development of new housing.
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In a move mirroring the Opposition’s stance, the Federal Labor government will temporarily ban foreign investment in established Australian homes for two years, commencing April 1, 2024. This moratorium, exempting developments of 20 or more properties, aims to address concerns about housing affordability for Australians. The ban follows a year where foreign investors purchased 5360 residential properties totaling $4.9 billion. The government asserts this policy prioritizes homeownership for young Australians, despite the relatively small scale of foreign investment in established housing.
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To address Spain’s housing crisis, the government proposes a new tax of up to 100% on properties purchased by non-EU residents, aiming to prioritize housing for Spanish citizens. This unprecedented measure, modeled after similar policies in Denmark and Canada, targets the significant number of properties acquired by non-EU buyers for investment purposes. The plan, part of a broader housing affordability initiative, also includes tax breaks for affordable housing providers, public housing expansion, and stricter regulations on short-term rentals. Further details regarding implementation and parliamentary approval remain pending.
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While Donald Trump’s return to the White House has been met with anticipation by some, it’s unlikely to bring much relief to Americans struggling with the affordability crisis in the housing market. His policies, including increased tariffs and immigration restrictions, could lead to higher construction costs and potentially reduce the supply of homes. Conversely, efforts to loosen regulations and incentivize homebuilding could have positive effects on the market. However, the overall impact on housing affordability remains uncertain and depends on how Trump prioritizes these competing policies during his second term.
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California’s population grew in 2023, halting 3 years of decline. This news might come as a surprise to many, especially considering the ongoing narratives about people fleeing the state in droves. But the data tells a different story. While more people did leave California in 2023 than moved here from other states, the numbers were significantly lower than in previous years. It seems that the exodus that some have been touting may not be as significant as they claim.
One of the factors that contributed to the population growth in California was the rebound in legal international immigration. For decades, this has been the state’s growth engine, and in 2023, there was a net gain of 114,200 people from international immigration.… Continue reading
The issue of rent gouging by landlords and the soaring housing costs across the country are critical problems that are impacting working-class individuals and families. The current housing crisis, coupled with the exorbitant rent prices, is a pressing concern that needs to be addressed urgently. It is heartening to see President Biden taking steps to target corporate landlords who engage in rent gouging practices.
The use of computer-assisted rent pricing tools like RealPage has perpetuated a de-facto collusion among landlords to keep rental prices artificially high, creating an artificial scarcity model that benefits only the landlords at the expense of tenants.… Continue reading
John Q. Hosedrinker