Australia’s building activity picked up in the three months through September, highlighting the government’s push to tackle a once-in-a-generation housing shortage and offering a boost to economic growth https://t.co/zDk4hETBjc ...

London's housing shortage will keep getting worse without massive new private investment, writes @PensionmanUK (via @opinion) https://t.co/rcrIQxkl5D ...

Market Trend & Conversion Overview - Manhattan sees a trend of converting 12.4 million square feet of old offices into housing, equivalent to about four Empire State buildings [2] - New York's office supply has already dropped nearly 2% since 2023, with a potential further decrease of 7% if all proposed projects are realized [3] - This additional 7% represents more than 21 million square feet of office space [4] Location & Driving Factors - Half of the office conversions are happening in Midtown Manhattan [2] - High interest rates and remote work have dragged down Midtown office values, making conversions attractive [2] - Before the pandemic, conversions were primarily downtown due to cheaper buildings and zoning incentives [2] Financials & Incentives - Similar office conversion units in the area project monthly rents ranging from $4,000 for a studio to $20,000 for a 3-bedroom [1] - New York offers tax breaks like 467 million for up to 35 years as incentives for conversions [4] Challenges & Considerations - Building interiors need redesign, including wall removal, window replacement, and plumbing relaying, making conversions complex and costly [5] - Not every building is suitable for conversion into apartments [4]

Funding & Investment - Dwight Securities Management raised funding to originate up to $1 billion in construction loans [1] Market Focus - The funding targets the US housing shortage, which has driven up costs [1]

Group 1 - The current high interest rates are exacerbating housing affordability issues, potentially hindering household formation and wealth accumulation for certain population segments [1] - The housing sector is significantly influenced by monetary policy, with low rates during the pandemic providing crucial support to housing companies [2][3] - Lower borrowing rates for builders are expected to help increase supply, but substantial changes in rates are needed for a significant impact on the housing sector [3] Group 2 - There is a nationwide housing shortage that is not cyclical and cannot be addressed solely by Federal Reserve policies [4] - Forecasting in the current economic climate is particularly challenging, with forecasters expressing uncertainty about their projections [5]

Housing Market & Monetary Policy - Interest rate hikes exacerbate housing affordability issues, potentially hindering household formation and wealth accumulation [1][2] - Lowering interest rates aggressively during the pandemic helped housing companies by providing credit and financing [2] - Rate changes tend to affect mortgage rates, which in turn influence housing demand [2] - Analysts believe significant rate changes are needed to substantially impact the housing sector [3] - Achieving maximum employment and price stability creates a strong economy beneficial for housing [3] Housing Supply & Demand - A nationwide housing shortage exists, particularly around metropolitan areas [4] - Building farther from metropolitan areas increases costs [4] Economic Forecasting - Forecasting is very difficult, especially in uncertain times [5] - Forecasters currently lack great confidence in their projections [5]

Housing Market - Irish universities are facing a severe housing shortage [1] - The housing shortage is impacting Americans studying in Ireland [1]

Welcome back to the exchange. California is one of the most populous and expensive states in the country to live in. It's facing a severe housing shortage.Today in our California economy series, Kate Rogers is back with a look at how the state's construction industry could be impacted to changes in trade and immigration policy. Kate, >> hi John. The construction sector is facing a shortage of workers nationwide.And in California, the industry has one of the highest populations of immigrant workers. Over 60% ...

Canada’s budget watchdog says slower immigration means current homebuilding can ease shortages and lift vacancies https://t.co/pzqfvjWXG7 ...

Housing Market Challenges - Housing market is facing difficulties due to people being locked in their current homes because of high mortgage costs [1] - High interest rates are impacting the housing industry and its customers [2] - There is a national housing shortage [3] Monetary Policy Considerations - The primary goal is to bring inflation down sustainably to 2% and maintain it over a long period [1] - The Federal Reserve's (Fed) tool is for the entire US economy, not just housing [3] - The Fed considers the housing market when addressing interest rates [4] - The Fed focuses on the overall US economy, not any single sector [5] Future Outlook - Normalization in housing is expected as rates come down in the medium term [3]