Buy-to-let landlords should face new limits on the amount they can borrow, the Bank of England has proposed.
It suggested that lenders should be much stricter when deciding whether or not to grant landlords a mortgage.
Instead of just taking their rental income into account, the Bank wants lenders to look at their wider financial situation as well.
If adopted, the new rules could reduce lending to landlords by up to 20% over the next three years. — BBC
According to the Prudential Regulation Authority (PRA), the newly-proposed standards should "curtail inappropriate lending, and the potential for excessive credit losses."The new strictures would take into account the costs a landlord accrues in order to rent a property, tax liabilities associated...
Some New York City real estate agents have teamed up with their counterparts outside the five boroughs for organized seminars and “immersive tours” of the suburbs. The city agents get a cut of the commission if their clients decide to buy a house in the suburbs. The services, which reside somewhere between shrink session and sales pitch, intend to address the concerns of families unsure about leaving the city and guide them to suburbia, step by step. — nytimes.com
WeWork’s inspirational mottoes—"Do what you love," "Thank God it’s Monday," among many others—its evangelical faithful, and gatherings like the summit all have religious echoes..."Start imagining it a bit bigger," Neumann says about WeLive, stoking his idyllic view, "an entire building. And then instead of having just one building doing it, five buildings doing it. Then you’ll be able to imagine what a WeNeighborhood or a WeStreet would be." — Fast Company
This in-depth profile of WeWork founder and (pro-capitalist) visionary Adam Neumann is worth the read. Whether you like to freestyle your work and life or prefer the centuries-old model of deeded quiet, WeWork (and now, WeLive) is making a previously unsustainable model profitable. Is Neumann just...
New York collects about $60 million annually for allowing signs, ornamental lampposts, stand-alone clocks, benches, bollards, planters, permanent trash receptacles, delivery ramps and just about anything else imaginable on, over or under the city’s 12,000 miles of sidewalks. [...]
Overall revenue from sidewalk-permit fees has risen by about 50 percent in the past decade, the bulk of it from utility companies for pipes and transformers below ground. — nytimes.com
It's hard to remember that just a few decades ago it was difficult, if not impossible, for a woman alone to take out a mortgage. Federal legislation changed that.
And yet, it's still surprising to learn how dominant single women have become in the housing market today: Their share is second only to married couples, and twice that of single men. — npr.org
“I give it two years, max [...] It will be US business interests that finally push congress into lifting the embargo – they’re all going crazy being shut out of this market.” American architects and developers are already queuing up to be first in line, ready to pounce on investment opportunities when the embargo drops. Frank Gehry sailed into Havana in December, aboard a streamlined yacht he designed for himself, here to “offer his expertise to Cuba” according to a government statement. — theguardian.com
As an architectural historian, Ms. Clark, 30, has studied buildings throughout New York City in pursuit of her doctorate. [...]
Working for JDS, Ms. Clark felt she could have more than a theoretical effect on architectural history. “I think real estate in many ways is the story of New York, how the city grows and changes,” she said. [...]
As soon as JDS considers acquiring a property, Ms. Clark heads to the archives ... to start developing a case for or against the project. — nytimes.com
Rupert Murdoch has dropped his plans to relocate 21st Century Fox and News Corp. to 2 World Trade Center.
In a statement issued Friday afternoon, World Trade Center developer Larry Silverstein declared himself “disappointed” by the news. [...]
In June, the two media companies signed a letter of intent with Silverstein to occupy 1.5 million square feet for 30 years at a 2 World Trade Center designed by architect Bjarke Ingels. — capitalnewyork.com
"Concerned about illicit money flowing into luxury real estate, the Treasury Department said Wednesday that it would begin identifying and tracking secret buyers of high-end properties."
"The initiative is part of a broader federal effort to increase the focus on money laundering in real estate." — The New York Times
The project’s makeup is evidently still undergoing changes, as the developers have waffled between either hotel or office options in the base of the buildings...
Given the sky-high prices developers can obtain for office space in Meatpacking and surrounding blocks, office may indeed make more sense than hotel...
In any case, the buildings will become the most prominent in the neighborhood by a significant margin. The two towers will stand 28 and 38 floors apiece... — newyorkyimby.com
According to celebrity gossip juggernaut TMZ, the Playboy Mansion in Los Angeles is soon to go up for sale and the owner — Playboy Enterprises and not Hugh Hefner — hopes for a brazenly quixotic and international publicity assuring sale price “somewhere north of $200 million.”
[...] should someone sign on the dotted line they will be required to accept a lifetime tenancy by Mister Hefner, now 89 years old and married since 2012 to 29-year-old former Playmate of the Month Crystal Harris. — variety.com
Amid contentious debate on rezonings across the city, the late 2013 hubbub around an upzoning proposal for East Midtown has, for the moment, abated — but hasn’t disappeared. In a bid to spur significant new development for the first time in decades, the de Blasio administration is currently retooling the Bloomberg-era plan to allow developers to construct much larger buildings [...]
Whether this rezoning eventually occurs or not, the buildings in Manhattan’s core aren’t getting any younger. — urbanomnibus.net
China is reportedly planning to demolish three new high-rise [residential] buildings [in Tianjin, which] are up to 30 floors taller than originally planned...It’s the latest blow to the [city], which saw a devastating explosion at a warehouse in its port in August...state media pointed out that...the scale of illegal construction meant the building was unsafe, [deeming] the 'completely corrupt project' [as] unusable, and to be demolished was 'its destiny.' — International Business Times
A chain-link fence surrounds the stately brick mansion at 3201 Woodland Dr. NW in Woodley Park. Most of the windows are covered with plywood. Cars sometimes drive past slowly, with passengers leaning out...
In May, Savvas and Amy Savopoulos; their 10-year-old son, Philip; and their housekeeper, Veralicia Figueroa, were brutally killed inside. Now, less than six months after the shocking quadruple homicide that horrified Washington, the house is for sale.
Asking price? $3.25 million. — Washington Post
On Tuesday, Callison and architecture/engineering firm RTKL announced they have officially joined forces as CallisonRTKL...[CEO Lance] Josal said the merger is good news for both firms and 'especially for the Seattle office.' In talking to the firm's senior leaders, Josal said there has been 'a little bit of frustration on their part' because they felt the firm 'may have lost a bit of swagger locally' and wanted an owner that would invest in the firm... — Puget Sound Business Journal
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