CALIFORNIA PROPOSITION 33: RENT CONTROL
CALIFORNIA PROPOSITION 33: RENT CONTROL

This November, California voters will decide if cities and counties can impose rent control on all apartments and single-family homes. If approved, the measure – Proposition 33 – could create unintended consequences for renters while also broadly impacting apartment owners and builders. Foremost among these could be the impact to development. Rent control could alter developers’ projected returns and suppress the long-term supply of apartments, prolonging the state’s housing shortage....

Read More
ResearchCasey SandersResearch
RISING JOBLESSNESS PUTS PRESSURE ON THE FED
RISING JOBLESSNESS PUTS PRESSURE ON THE FED

Unemployment rate hits a near three-year high. Total employment increased by 114,000 jobs in July, the second-lowest monthly gain in 2024 and falling well under the trailing-year average of 215,000 roles added. That hiring slowdown contributed to unemployment rising by 20 basis points month-over-month to 4.3 percent, the highest measure since October 2021 ...

Read More
ResearchCasey SandersResearch
CONSUMERS PROPEL GDP TO LARGER INCREASE
CONSUMERS PROPEL GDP TO LARGER INCREASE

Consumers propel GDP to larger increase. The annualized pace of GDP growth accelerated to 2.8 percent in the second quarter, up from 1.4 percent in the opening period of 2024. Momentum came predominantly from gains in consumer spending and private nonresidential investment, particularly for transportation equipment. These drivers are likely to ease moving ...   

Read More
ResearchCasey SandersResearch
APARTMENT DEMAND MOUNTS
APARTMENT DEMAND MOUNTS

Housing market remains in a state of disruption. Existing home sales slid to a six-month low in June 2024 as the median price eased by just 0.2 percent from May's all-time high and the average 30-year fixed-rate mortgage held near 7 percent. Softer purchase activity signals that buyers should gain leverage in the current climate, although a lack of entry-level home  ...

Read More
ResearchCasey SandersResearch
JUNE HIRING POSES IMPLICATIONS
JUNE HIRING POSES IMPLICATIONS

Job creation supported by business-cycle-agnostic sectors. The creation of 206,000 jobs in June brings total net hiring for the second quarter to 532,000, the lowest three-month total for employment growth since January of 2021. Much of the recent hiring slowdown has come from industries tied to the business cycle, including ...

Read More
ResearchCasey SandersResearch