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      America’s Affordable Housing Crisis

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      The housing crisis is likely to be solved in cities and states, not Washington. President Biden worries about high housing costs. So do Republicans in Congress. The consensus reflects a major problem: Tens of millions of families, across red and blue states, struggle with rent and home prices. The reason is a longstanding housing shortage.But action in Washington won’t make a huge difference. America’s affordable housing crisis is likely to be solved in cities and states. In today’s newsletter, I’ll explain how many are already doing so in bipartisan fashion.Local laboratoriesHome prices are up about 60 percent over the past decade, adjusted for inflation. About a quarter of renters — some 12 million households — spend more than half their income on housing, far in excess of the one-third level that is considered healthy. Homeless camps have expanded, and “super commuters” — who drive for 90 minutes or longer to work — have migrated well beyond the expensive coasts to smaller cities like Spokane, Wash., and fast-growing metropolitan areas like Dallas and Phoenix.Generally, Republican-led states have been more affordable than Democratic-led ones. They tend to have fewer construction and environmental rules, which allows the housing supply to expand faster. But as rent and home prices climb beyond middle-income budgets in more places, states are racing to add housing.The legislation in each state varies. But in general it removes permitting and design barriers so new construction can be approved faster. States are also trying to alter zoning rules to allow a greater diversity of units in more neighborhoods.In San Diego. Sandy Huffaker for The New York TimesWe 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

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      Shani Mott, Black Studies Scholar Who Examined Power All Around Her, Dies at 47

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      Her work looked at how race and power are experienced in America. In 2022, she filed a lawsuit saying that the appraisal of her home was undervalued because of bias.Shani Mott, a scholar of Black studies at Johns Hopkins University whose examinations of race and power in America extended beyond the classroom to her employer, her city and even her own home, has died in Baltimore. She was 47.She died of adrenal cancer on March 12, said her husband, Nathan Connolly, a professor of history at Johns Hopkins.Though Dr. Mott spent her career in some of academia’s elite spaces, she was firmly committed to the idea that scholarship should be grounded and tangible, not succumbing to ivory tower abstraction. She encouraged students to turn a critical eye to their own backgrounds and to the realities of the world around them. In a city like Baltimore, with its complicated and often cruel racial history, there was plenty to scrutinize.“How do we think about what we’re doing and how it relates to a city like Baltimore?” is how Minkah Makalani, the director of the university’s Center for Africana Studies, described some of the questions that drove Dr. Mott’s work. “There was this kind of demanding intellectual curiosity that she had that she brought to everything that really pushed the conversation and required that people think about what we’re doing in more tangible ways.”Her research focused on American books both popular and literary, and how they revealed the kind of conversation about race that was allowed by the publishing industry and other cultural gatekeepers. This work connected to a larger theme of her scholarship: how big institutions determine how race is discussed and experienced in America.As an active member of the Johns Hopkins faculty, she pointedly explored the ways the university engaged, or did not engage, with its own workers and the majority Black city in which it sits. In 2018 and 2019, Dr. Mott was a principal investigator for the Housing Our Story project, which interviewed Black staff workers at Johns Hopkins whose voices had not been included in the campus archives. 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

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      Chicago Voters Reject Real Estate Tax Change to Fund Homeless Programs

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      The referendum, backed by progressives but criticized by the real estate industry, called for raising transfer taxes on properties that sell for more than $1 million.Chicago voters rejected an increase to the city’s transfer tax on high-value properties in a Tuesday referendum, The Associated Press said, leaving unfulfilled a longtime goal of Mayor Brandon Johnson and progressive Democrats who wanted to use new revenue to address homelessness in the country’s third-largest city.The result came after days of counting ballots, including mail-in votes, that were not able to be reported on Election Day.Real estate groups had warned that the new rates would have been a potentially catastrophic blow to the downtown office market, which was already losing value and struggling with vacancies.The vote came at an uncertain political moment in Chicago, a Democrat-dominated city where homelessness has become more visible since the pandemic and an influx of migrants has strained resources. And the result raised questions about the strength of the city’s progressive movement, led by Mr. Johnson, which has become the dominant force in City Hall over the last decade and which mobilized its army of volunteers to knock on doors in support of the tax change.“Yes, it is a loss for Mayor Johnson and is a loss for the progressive movement,” said Dick W. Simpson, a former Chicago City Council member and an emeritus professor at the University of Illinois at Chicago who campaigned for the tax change.The referendum called for raising transfer taxes on properties that sell for more than $1 million while lowering that rate on properties that sell for less. Supporters described it as a chance to level the playing field and help the city’s most vulnerable residents. Some referred to it as a “mansion tax,” versions of which have been approved by voters in Los Angeles and Santa Fe, N.M.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

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      Family Settles in Battle for Ancestral Land in South Carolina

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      Josephine Wright, who died this year at 94, had been fighting to save family property. The developer, Bailey Point Investments, agreed to end the dispute, the family’s lawyer said.The family of a woman who fought a developer to keep their ancestral land in Hilton Head, S.C., has reached a settlement in the legal battle that recognized her ownership, a family lawyer said this week.Josephine Wright, who died in January at 94, had been leading the fight to retain rights to the land that had been in her husband’s family since the Civil War. Her quest had drawn support from celebrities, including Snoop Dogg and Kyrie Irving.The company that owns the development neighboring her property, Bailey Point Investment, had sued Ms. Wright in February 2023, claiming encroachment. The company said that her satellite dish, shed and screened porch trespassed on its land, which had “significantly delayed and hindered” development.The two parties had agreed on the terms of a settlement before Ms. Wright died in January, but the documents were not signed, so they had to wait until it was determined who would be authorized to sign on behalf of her estate, Roberts Vaux, the family’s lawyer said in an email.Mr. Vaux declined to provide details of the settlement, but said that the land that Ms. Wright claimed is “confirmed as hers.”A lawyer representing Bailey Point Investment did not immediately respond to requests for comment.A family spokeswoman, Altimese Nichole, told South Carolina Public Radio that the settlement requires that Bailey Point Investment stop contacting the family about acquiring the land and that it fix a roof on the property, put up a privacy fence and provide landscaping.Ms. Wright had previously told The New York Times that her husband inherited the 1.8-acre property from his parents, and that it was put in her name after he died in 1998.The property has been a gathering spot for Ms. Wright’s seven children, 40 grandchildren, 50 great-grandchildren and 16 great-great-grandchildren, she had said.Ms. Wright’s predicament, however, wasn’t all that unique among residents of Hilton Head, S.C., an island 100 miles from Charleston, S.C.Land in the area was owned by many Black families who had settled there long before developers arrived in the 1950s and made it a tourist destination, Mel Campbell, 75, a community elder previously told the Times. Many of the Black families were descendants of West and Central Africans who were enslaved and worked on rice, indigo and cotton plantations.Many families were offered large checks from developers for their land, Ms Wright said. She said that she had refused when she was offered $39,000 for the land years ago.Ms. Wright told The Times in August that the land’s value was not only monetary. “It’s a family thing,” she said then, “and we want to keep it that way forever.” More

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      NYCHA’s Outgoing Watchdog, Bart Schwartz, on the Difficult Work Ahead

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      For five years, Mr. Schwartz monitored the New York City Housing Authority and tried to root out problems and corruption. In a final report and interview, he said he was hopeful.When the federal government chose Bart M. Schwartz to watch over New York City’s troubled public housing system, home to more than 360,000 residents, he knew the job would be difficult. The agency, after all, had been caught lying about lead inspections, faced several other scandals, and was routinely criticized for mismanagement.Since he started in 2019, he has dealt with leaking sewage raining down from a ceiling and hundreds of meetings with frustrated tenants. He helped uncover a sprawling bribery and corruption scheme that broke a record for the Justice Department.And yet, he remains optimistic that change is possible for the New York City Housing Authority. On Wednesday, Mr. Schwartz, 77, released his final report on NYCHA’s progress toward meeting the terms of a federal settlement, in which the agency agreed to improve its handling of persistent problems residents face.Bart Schwartz helped uncover a sprawling corruption scheme that saw the arrests of dozens of NYCHA employees.Brittainy Newman for The New York TimesSome successes from the past five years include a 40 percent drop in complaints about heat, a 50 percent drop in mold cases and a rapid uptick in lead abatement, which occurred at 700 apartments in all of 2019 and takes place at an average of 400 per month now.In an interview, Mr. Schwartz talked about some of the highs and lows of his term, and said there was more work to do. The conversation has been edited and condensed for clarity.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

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      Five Ways Buying and Selling a House Could Change

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      The National Association of Realtors has agreed to change its policies to settle several lawsuits brought by home sellers — a move that could reduce commissions.A settlement reached this week threatens to strike a blow to an established standard of residential real estate: the 6 percent sales commission. It also will change who pays it. The deal, reached after a yearslong court battle initially brought by a group of home sellers in Missouri, calls for the powerful National Association of Realtors, which has long regulated the way U.S. homes are sold, to amend its rules on how Realtors for sellers and buyers are compensated.In most real estate transactions in the United States, both the seller and buyer have an agent representing them. For decades, there’s been a standard for paying these agents: a commission of between 5 and 6 percent of the home’s sale price, covered by the seller and split between the two agents.Commission rates are significantly lower in many other countries. In Britain, they are just above 1 percent, while in Singapore, the Netherlands and Denmark, they hover between 2 and 3 percent, according to a study by the investment firm Keefe, Bruyette & Woods. The homeowners who sued in federal court in Missouri said that N.A.R., through its rules on agent compensation, conspired to artificially inflate the commissions paid to real estate agents.Now those rules are set to change as early as July, pending court approval of the settlement that includes N.A.R.’s agreement to pay $418 million in damages.There could be more room for negotiation.Real estate agents argue that commissions have long been negotiable, and the standard 5 to 6 percent is practice rather than precept.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

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      The Obstacles to Buying Your First Home

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      The rate of homeownership continues to lag among Black, Latino, Asian American and Native American people, compared with America’s white population.This article is also a weekly newsletter. Sign up for Race/Related here.Every year, the Real Estate section of The New York Times tackles the subject of first-time home buying with all of the disappointments and joys that are associated with finally owning a house.For many Americans, a house is the biggest investment they will ever make. Their home is their biggest asset, paving the path to financial stability and even to generational wealth. But the rate of homeownership continues to lag among Black, Latino, Asian American and Native American people, compared with the country’s white population.As we developed stories that included buying your childhood home and buying while single, we were conscious of the imbalance of homeownership in the United States. In the past, the Real Estate desk has explored racial bias in home appraisals and the discrimination Black real estate agents face.For these most recent stories, Colette Coleman, a freelance reporter who contributes to The New York Times, found an optimistic trend in Latino homeownership. Speaking to the Urban Institute, a think tank, she learned that the homeownership rate among Hispanics increased more than any other demographic group between 2019 and 2022. The think tank estimated that an overwhelming majority of net new homeowners in the next 20 years will be Hispanic.Looking at the current market, Colette dug into a trend among Hispanic households: co-borrowing to afford a mortgage and pooling together resources to pay the mortgage. She talked to Danae Vega, who bought a home with her sister Ashley a year ago in San Bernardino County, Calif. Their whole family, including another sister, three brothers and their parents pitched in.In Las Vegas, Alexandra García and her father, Rosalio, bought a house for their family together, qualifying for a loan after she added her father, who is an auto mechanic, to her credit cards so that he could have an established credit history, they told Colette.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

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      Fed Chair Powell Signals a Retreat on Banking Rules

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      The Fed chair said regulators could scale back or rework a sweeping capital-requirements proposal that Wall Street has been fighting for months.Jay Powell, the Fed chair, stunned Wall Street yesterday with an apparent U-turn in bank regulation.Kenny Holston/The New York TimesJay Powell’s surprise For months, Wall Street C.E.O.s have been complaining bitterly and lobbying against the prospect of higher capital requirements, which would require them to keep more money on hand and would lower their profits. It appears they have scored a big win.Jay Powell dropped the bombshell in his testimony before the House on Wednesday. Markets were still digesting the Fed chair’s go-slow comments on interest rate cuts when he signaled that proposed new rules to force lenders to beef up their books would be scaled back, or reworked.“I do expect that there will be broad and material changes to the proposal,” he said.The capital rules, known as the “Basel III Endgame,” would apply to the largest banks. They would have to set aside a bigger emergency cushion to soak up losses stemming from shocks like the bank run last year that led to the collapse of Silicon Valley Bank and prompted a wider crisis.But the proposals have come under fire from bank chiefs, industry lobbyists, Republican lawmakers and even some liberal members of Congress, who fear that a mandate to set aside billions to fight the next potential crisis could feed another one.Critics fear that Basel III would crimp lending just as banks grapple with upheaval in commercial real estate. Lenders face a looming “maturity wall” of as much as $1.5 trillion in commercial real estate loans set to come over the next two years.That risk came into blaring focus during Powell’s testimony. The stock price of New York Community Bank, a Long Island-based lender with a mountain of souring real estate loans, plummeted on news it was seeking emergency funding. (More on that below.)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