Real Estate and Housing (Residential)

Subterms

    Latest story

    163 Shares59 Views

    Buying a Home? Without the CFPB, You Need to Be Your Own Watchdog.

    by

    The C.F.P.B. had kept a close eye on mortgage lenders. But with the bureau hobbled, consumers should take several steps, starting with shopping for the best mortgage rates.House prices are stubbornly high, and mortgage rates remain substantially above their prepandemic level. Now, with the spring home buying season looming, shoppers have a new worry: A major federal consumer watchdog has been hobbled.Without the Consumer Financial Protection Bureau, the agency responsible for overseeing most aspects of the home buying process, consumer advocates say home buyers need to be their own watchdogs.“Now, when you buy a house, you are much more vulnerable to being misled,” said Sharon Cornelissen, housing director with the Consumer Federation of America. “It’s important to be on guard, because guardrails are being taken away.”Buying a home is the biggest financial decision most Americans will make in their lives. The typical home price is about $397,000, according to the National Association of Realtors, but prices are far higher in some parts of the country. In several California counties, for instance, the median price at the end of last year was over $1.5 million, with monthly mortgage payments over $8,000.What role has the consumer bureau played in home buying?The consumer bureau was created after the financial and housing crisis in 2007-8 to streamline oversight of lenders and financial companies serving consumers. Over the years, the bureau has moved to ease the mortgage shopping process by offering simplified forms and educational tools, and has taken action against an array of banks and lenders. In 2022, for instance, the bureau ordered Wells Fargo to pay $3.7 billion for mishandling a variety of customer accounts, including improperly denying thousands of requests for mortgage loan modifications that in some cases led borrowers to lose their homes to “wrongful” foreclosures.On Jan. 17, in the final days of the Biden administration, the bureau reached a settlement with Draper and Kramer Mortgage Corporation for discouraging borrowers from applying for loans to buy homes in majority Black and Hispanic neighborhoods in Chicago and Boston. In an email, the lender’s lawyers said Draper and Kramer “considers the matter closed and denies” the bureau’s claims, but chose to settle in part to avoid “protracted legal costs.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 150 Shares99 Views

      in Elections

      Trump’s ‘Gold Card’ Set Off Panic in an Unexpected Place: Real Estate

      by

      The president initially said his $5 million green card alternative would replace a visa for foreign investors that has become a favorite financing tool of major developers.President Trump’s plan to sell green cards for $5 million each, a program he is calling a “gold card,” has largely been met with a shrug. It’s not clear exactly how the program would work, if it’s legal or how many potential immigrants would really pay $5 million for a path to U.S. citizenship.But in a niche area of dealmaking, alarm bells are blaring.Howard Lutnick, the commerce secretary, said on Tuesday that the plan to effectively sell green cards would replace the EB-5 investor visa, a favorite source of funding for major real estate projects.Massive developments — from New York’s Hudson Yards to the San Francisco Shipyard to, yes, Trump Plaza in Jersey City — have been financed in part by overseas investors applying to the EB-5 program, which grants permanent U.S. residence. Such investors are motivated by a green card, not by maximizing returns, and so for developers their capital tends to be less expensive than borrowing money from a typical commercial lender.The real estate company owned by the family of Trump’s son-in-law, Kushner Capital, drew scrutiny for its use of EB-5 funding during the first Trump administration.Overall, the EB-5 program does not bring in a lot of money — about $4 billion last year in the context of the $28 trillion U.S. economy — but it represents a huge profit bump for a small but powerful political contingency: major real estate developers. They are not likely to see EB-5 killed without a fight.“Cheap capital is the crack cocaine to the real estate industry and probably every other industry,” said Matt Gordon, the C.E.O. of E3iG, which advises both foreign investment-based visa applicants and U.S. companies seeking funding.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares117 Views

      in Elections

      More Women File Lawsuits Against Brothers Accused of Sex Crimes

      by

      Tal Alexander and his brothers, Oren Alexander and Alon Alexander, who are twins, now face at least 24 civil lawsuits, as they await trial on federal sex-trafficking charges.Seven lawsuits were filed this week against one or more of the Alexander brothers, who are facing multiple accusations of sexual assault in both civil and criminal court. The newest allegations against Tal Alexander and his brothers, Oren Alexander and Alon Alexander, who are twins, came this week in a flurry of last-minute claims all brought against the men as a legal window for decades-old allegations is closing. Two of the lawsuits were filed on Friday night to meet a midnight deadline.The Alexanders are collectively now facing at least 24 lawsuits, deepening the legal troubles for the brothers once known for their jet-setting lifestyles fueled by the work of Tal Alexander and Oren Alexander in the luxury residential real estate. In the latest batch of lawsuits, the net of allegations has widened to include their parents; Douglas Elliman, the real estate brokerage where Tal Alexander and Oren Alexander once worked; the Alexander family business; and the owner of an estate in the Hamptons who frequently hosted parties that the brothers attended.The claims add new twists to the maze of sexual assault allegations against the brothers who were arrested in December in Miami Beach on federal sex-trafficking charges. Currently jailed in New York, they are scheduled to go to trial early next year. All three have pleaded not guilty.Just a few years ago, the brothers were fixtures of a social circuit in Miami and Manhattan, making their nightlife adventures part of their brand. Tal Alexander and Oren Alexander were among the country’s most prominent real estate agents, while Alon Alexander, who ran the family business Kent Security Services and did not work in real estate, accompanied them on the circuit.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 63 Shares102 Views

      in Elections

      $4,400 Rentals in Los Angeles

      by

      A Craftsman house near Culver City, a 1970s condo in West Hollywood and a 1920s bungalow in Hollywood.To provide a resource for those displaced by the Los Angeles fires, this edition of “What You Get” focuses on rentals rather than for-sale properties.Michael GoviaMichael GoviaMichael GoviaMichael GoviaMichael GoviaMichael GoviaMichael GoviaLos Angeles | $4,400A 1919 Craftsman house, on 0.1 acresThis three-bedroom, one-bathroom house is in a neighborhood south of Interstate 10, within a 15-minute drive of both Culver City and downtown Los Angeles. A public elementary school is three blocks away, and both West Adams and West Jefferson Avenues, nearby major thoroughfares, are lined with shopping and dining options, including a 24-hour hot dog and sandwich stand, a taqueria and a Creole restaurant.Rancho Cienega Recreation Center, with tennis courts, a pool, and a track, is a five-minute drive. The USC campus takes 15 minutes by car and LAX takes 25.Size: 1,344 square feetPrice per square foot: $3Indoors: Paved steps lead from the street to the red front door, which opens to the living room. The walls are painted teal with white trim, and original built-in bookshelves flank a gas fireplace with a black tile hearth. There’s a window above each bookshelf and a larger window faces the front yard. The home is available partially furnished.On the other side of the living room, through a wide doorway flanked by white columns, is the formal dining room. There’s a pass-through window to the kitchen, which has a white tile backsplash above granite counters.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares193 Views

      in Elections

      California Bill Would Force Insurers to Pay Full Coverage Without Requiring Itemization

      by

      A proposed new law would release homeowners from the onerous process of listing every object lost in a destroyed home.California’s insurance commissioner joined with state legislators on Friday to propose a new law that would force insurers to pay homeowners 100 percent of the coverage for belongings inside destroyed homes, releasing them from the mentally taxing process of listing every object they lost — a requirement of many insurers, and one that consumer advocates say only compounds the trauma.If passed, the legislation would make California the only state in the country requiring 100 percent insurance payouts without such itemization. Similar legislation in Oregon and Colorado following catastrophic fires in those states require insurers to pay 70 and 65 percent of the coverage limit, without an inventory, according to Emily Rogan, a senior program officer for United Policyholders, which supports the rights of consumers.The bill applies only to homes that were destroyed in a disaster and calls on insurance companies to pay a homeowner’s total contents coverage without forcing them to provide an inventory, according to the bill’s sponsor, California Insurance Commissioner Ricardo Lara, and the bill’s author, State Senator Ben Allen.“The idea here is, we say, ‘Look, this is the insurance plan that you own. You have a total loss, and we’re not going to require you to draw up this itemized list in this moment of incredible pain and vulnerability,’” said Mr. Allen, whose district includes the Pacific Palisades burn zone.Forcing homeowners to account for every last item in their former house is “inhumane,” said Mr. Lara, adding that he was inspired to name the bill “Eliminate ‘The List’” after The New York Times published an article detailing the experience of a homeowner in Altadena, Calif., as she attempted to itemize every T-shirt burned in the flames. “It’s hard to describe the agony in people’s faces,” he said.The proposed law comes a week after Mr. Lara issued a bulletin imploring insurance companies to voluntarily pay 100 percent of the contents coverage for homes destroyed in the recent fires. That notice did not have the force of law, and the commissioner said that “it’s clear that we need to go further,” based both on the Times’s reporting and on the feedback his office has received from distressed homeowners.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares138 Views

      in Elections

      The Housing Crisis Forces Change on a Low-Rise Pocket of Brooklyn

      by

      A contentious plan to build two 10-story towers illustrates how a pressing shortage of affordable apartments has started to change the politics around development.Change doesn’t always come easily in Brooklyn’s liberal strongholds.But New York’s push to build more housing in every corner of the city — even in places that have sometimes been skeptical of new development — is set to clear a significant hurdle on Wednesday, when a key City Council committee is expected to approve a zoning change that will clear the way for new apartment towers on the border between Park Slope and Windsor Terrace.Two 10-story buildings are planned for the site of an industrial laundry business, Arrow Linen. Forty percent of the 250 units will rent below market rate.The so-called Arrow Linen proposal had all the makings of the sort of fight that has become familiar in middle-class parts of the city with enough political influence to alter or defeat unpopular projects. It was subject to more than a year of contentious debate.Yet the conclusion demonstrates just how much the politics around development have started to morph as the housing crunch has become one of the city’s most pressing crises.That dynamic is playing out beyond New York, too, as leaders in liberal communities across the country are confronting housing shortages so profound that some of their once-reliable voters have begun to drift rightward, expressing skepticism about Democrats’ ability to tackle affordability issues.Progressive politicians who are often sharply critical of real estate developers when running for office have become increasingly supportive of new construction once they are elected.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 163 Shares169 Views

      in Elections

      Kris Jenner Puts the ‘Keeping Up With the Kardashians’ House Up for Sale

      by

      The six-bedroom home in Los Angeles, where the family’s reality TV show was filmed for more than a decade, is being listed for $13.5 million.A slice of television history is hitting the market: Kris Jenner, momager and matriarch of the Kardashian family, is selling the clan’s longtime family home. Viewers who have kept up with the lives of Kim, Kylie, Kendall, Kourtney and Khloe (and sometimes Rob) will instantly recognize its iconic foyer with its black-and-white checkered floor; the backyard that hosted their extravagant Christmas parties; and the kitchen table where so many La Scala chopped salads were consumed over more than a decade of episodes of “Keeping Up with the Kardashians.”The home is full of custom upgrades. The family’s longtime real estate agent estimates the Kardashian-Jenner clan spent millions on design and renovation alone.Wayne FordThe six-bedroom, eight-bath home, which sprawls more than 8,000 square feet and sits on more than an acre of land in the exclusive Los Angeles neighborhood of Hidden Hills, is being listed for $13.5 million.“I’ve shared so many unforgettable memories in this incredible home with my family, and I’m excited to see it start a new chapter with its next owners,” Ms. Jenner told The New York Times in a statement.Ms. Jenner bought the home in 2010 with the media personality and retired Olympic athlete Caitlyn Jenner, who was then her husband and known as Bruce Jenner. They needed space: The couple each had four grown children from previous relationships, plus their daughters — Kylie and Kendall — who were teenagers and still living at home.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 113 Shares139 Views

      in Elections

      California Asks Insurers to Spare Wildfire Victims ‘the List’

      by

      The state’s regulator wants insurance carriers to pay full policy limits without requiring victims to itemize every object in their destroyed homes.California’s top insurance regulator urged insurance carriers on Thursday to pay policyholders the full amount of the belongings in their coverage without requiring them to itemize every object lost — an undertaking that has burdened thousands of residents whose homes were destroyed by wildfires last month.In a notice that said policyholders are “overwhelmed,” Ricardo Lara, California’s insurance commissioner, gave insurance companies a deadline of Feb. 28 to inform the state agency on whether they would comply.Consumer advocates have long criticized the demand by many insurance carriers that homeowners to make detailed lists if they hope to get their full coverage amount.The stress is compounded in places like California’s burn zone, where many families are scrambling to find new places to live and new schools for their children. The monumental task of remembering all items inside a home that no longer exists is adding unbearable strain, said Michael Soller, the deputy insurance commissioner, in an interview.Mr. Soller said he and his colleagues continue to hear from homeowners about “the agony of having to go through the process of filling out an inventory after you just lost everything.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 163 Shares169 Views

      in Elections

      In Fight Over San Francisco Building, Bitcoin Pioneer Is Rejected by Democratic Elite

      by

      A Bitcoin pioneer’s apartment purchase was rejected by the building’s residents after he was in escrow. The sellers — including a powerful Democrat — say they don’t care about his politics.In San Francisco, it is informally called “Susie’s Building” in deference to the owner of the 12th-floor penthouse with wraparound views of the bay. Susie Tompkins Buell, a power broker in Democratic politics, is known for throwing lavish fund-raising parties and writing checks so large they can start a campaign.A who’s who of the Democratic Party has made a point of stopping by over the years. Bill and Hillary Clinton. Barack Obama. Kamala Harris. Nancy Pelosi. The political elite in San Francisco still recall the time Mr. Clinton’s Secret Service agents got trapped in Ms. Tompkins Buell’s elevator and had to be rescued by firefighters.In other words, the Pacific Heights tower built in the 1920s is not the sort of place where you would expect to find an acerbic, conservative cryptocurrency executive with a fondness for President Trump and Elon Musk.Nonetheless, Jesse Powell wanted in.Mr. Powell, an early Bitcoin proponent and the founder of the cryptocurrency exchange Kraken, had his heart set on unit No. 9 and its sprawling 3,500 square feet three levels below Ms. Tompkins Buell’s penthouse. The living room’s picture windows offer stunning views of the sparkling bay, the Golden Gate Bridge and Alcatraz Island.He could have figured there would be problems, given his conservative politics and his past. But what would unfold wasn’t just a feud between a co-op board and a buyer whose reputation preceded him. The dispute in Susie’s Building would lead to a lawsuit this week and would become the latest political skirmish in a polarized nation.Jesse Powell, the founder of the cryptocurrency exchange Kraken, said he believed residents of a San Francisco co-op rejected his purchase of a unit in their building because of his political views.David Paul Morris/BloombergWe are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More