The Breuer Building Gets Landmark Status—and Everything Else You Need to Know About This Week
A burgeoning cadre of thinkers is promoting the idea of abundance to solve America's biggest issues, including health care, energy, and housing: supply, they say, is the panacea. But in terms of transportation, are more cars really an answer? (Bloomberg)
The Breuer Building in New York, once home to the Whitney Museum of Modern Art, has been granted landmark status. But that designation only applies to certain parts of the modernist address, and doesn't include its galleries. Here's what the building's new owner, Sotheby's auction house, says it plans to do. (The New York Times)
For New York design week, Dwell's senior home guides editor Megan Reynolds popped by the Javits Center to scour its emerging designer showcase. From a spiky jewelry "box" to a loofahlike metal sconce, here's what she uncovered at North America's largest furniture fair. (Dwell)
Bad actors in Brooklyn have been bilking homeowners out of deeds through various schemes, and Black and brown residents are particularly at risk. Now, the borough's councilmembers have announced a plan to combat these white-collar criminals and dox them in the process. (Hell Gate)
As Spain faces a lack of housing, critics of Airbnb say the short-term rental platform is to blame, with mass demonstrations being held across the country. In response, the government has ordered Airbnb to remove 66,000 listings—but it won't happen overnight. (The New York Times)
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Business Insider
2 hours ago
- Business Insider
The biggest tech shift in travel isn't AGI — it's real-time translation, says a luxury hotel mogul
Picture yourself in a tiny sake bar on Japan's Noto Peninsula, swapping stories with the chef in flawless, real-time translation. Such frictionless conversations, Banyan Group founder Kwon Ping Ho says, will "open up the boundaries of travel in a big, big way." Ho, who launched his first resort on an abandoned tin mine in Phuket, Thailand in 1994, has spent over 30 years in the hospitality industry. The 72-year-old told Business Insider that when it comes to AI, tools like simultaneous translation will make a big splash in his industry. "The one AI that I think will revolutionize our industry and travel is oddly enough, not AGI. That's science fiction because nobody can imagine what it's really going to lead to," Ho said on the sidelines of the International Conference on Cohesive Societies held in Singapore last month. AGI, or artificial general intelligence, is a theoretical form of AI that is capable of thinking and reasoning like humans. Experts are split on when exactly AGI will be achieved. Some say AGI will be ready in two years, but others say it is decades away. Real-time translation software, on the other hand, could have a similar impact on travel as budget carriers did, Ho said. "One of the biggest impediments to tourism travel is the language barrier, and the places you can go to. It's never been a problem for people to go on group tours and have a tour guide who speaks the language. But as you go deeper into experiential travel, you want to go and talk to people directly," he added. Ho said such software would make travelers more confident to venture into far-flung destinations even if they do not speak the local language. He compared it to the rise of budget airline carriers, which took off in the 1990s and 2000s and opened up lower-cost travel to more people. "When you get instant translation, that's going to make people go into so many areas they normally wouldn't go," he added. "People can go to the remotest village in Japan or Indonesia and not feel strange at all." Ho isn't the only hospitality mogul who said that AI will impact the industry, albeit in a limited fashion, given that the technology is still in its nascent stages. Brian Chesky, the cofounder and CEO of Airbnb, said on the company's earnings call in February that he didn't think AI is "quite ready for prime time." Chesky said Airbnb would implement AI in its customer service functions first before expanding it to other areas. "It's still really early. It's probably similar to like, the mid to late-90s for the internet. So I think it's going to have a profound impact on travel, but I don't think it's yet fundamentally changed for any of the large travel platforms," Chesky said.
Yahoo
10 hours ago
- Yahoo
This Redditor Debates Renovating Their 1,400-Square-Foot Home—Is It Smart Investing or a Financial Trap?
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. When you own a home, you get more freedom and flexibility than if you rented a property. You don't have to worry about rent hikes and end up with full control over your property. You can make renovations as needed, but those costs can add up. A high-earner recently shared on Reddit that they bought a 1,400-square-foot home that was built in 1909. Since that purchase, which was two years ago, the Redditor has "sunk a lot of money in the house" for essential and non-essential renovations. The Redditor put $220,000 into the home, and other Redditors proceeded to debate whether it was savvy or not. Don't Miss: Accredited investors can —with up to 120% bonus shares—before this Uber-style disruption hits the public markets This Jeff Bezos-backed startup will allow you to . A House Is Not An Investment Most people won't make money with their primary residence. You're locked into monthly mortgage payments and won't collect rent unless you bought a multifamily property or you rent one of your rooms on Airbnb (NASDAQ:ABNB). You will also encounter various costs like maintenance and repairs that will bite deeper into your profits. Closing costs, home insurance, and property taxes will reduce your profit even more. It's important to keep these expenses and the real return in mind because it's easier to separate a primary residence from an investment. This separation makes it easier for someone to make renovations without feeling guilty. "Ultimately, if you can afford it and don't leave yourself at risk of losing your job, etc., go nuts," one commenter suggested. Trending: With Point, you can However, home renovations do not make as much sense if you feel as if you must stretch your budget to make it work. Taking out a bunch of loans to fund various renovations isn't the right approach, as you will have very little room for error, such as getting laid off or encountering a surprise expense. Lost Opportunities In The Stock Market Although home renovations can improve your quality of life, it's important to consider the lost opportunities in the stock market and similar investment vehicles. Investing $220,000 in the S&P 500 over multiple decades could have multiplied the money. It's best not to cry over spilled milk. That was one of the messages that came up in the comments. However, you also don't want to live in a dilapidated house and avoid making essential repairs just so your portfolio can generate a little extra alpha. If you have sufficient room in your budget and want to make home improvements, it's your money. People invest in the stock market so they have more options in the future. Part of those choices may include home renovations in the present instead of penny-pinching for your entire Are A Part Of Homeownership Renovations are a part of owning a home. Your kitchen, bathroom, and other rooms will endure wear and tear that make home improvements necessary. Some homes can last longer than others before needing renovations, but when you're buying a home that's more than 100 years old, you'll likely have to make some renovations right out of the gate. The Redditor mentioned that the 1909 home had a 40-year-old kitchen, sewer pipes, air conditioning, and other things that needed improvements. We don't have pictures to determine the condition of those rooms, but rooms that haven't been modified in over 40 years likely need some renovations. It's not like the Redditor renovated a kitchen that was two years old just to make it look slightly different or use modern aesthetics. The renovations the Redditor described sound like practical investments that had to be made. Fixer-upper homes have lower asking prices than new homes, and that price difference gives the Redditor flexibility to make the necessary renovations. Read Next: Maximize saving for your retirement and cut down on taxes: . Image: Shutterstock This article This Redditor Debates Renovating Their 1,400-Square-Foot Home—Is It Smart Investing or a Financial Trap? originally appeared on
Boston Globe
16 hours ago
- Boston Globe
Student loan debt may be tougher to pay off and expand the wealth divide after passage of Trump's big bill
'I'm at an age when people are advancing in their careers, starting families, buying houses,' she said. '[The debt] takes a huge emotional and financial toll. I'm very pro-active, I create budgets. On every spreadsheet, I have to budget for this dark cloud.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up German Roman is one of the Advertisement Recent efforts by the Trump administration and Republican-led Congress to restrict access to federal student loans may further deepen these disparities. By limiting funds historically under-represented communities have relied on, students of color and women may be pushed toward private lending, or skip higher education altogether. As part of the 'Big Beautiful Bill,' signed by President Trump on July 4, federal loans for medical and law students will be capped at $200,000, below Advertisement The bill also limits repayment options, with fewer flexibilities, restricted pathways to debt forgiveness, and faster repayment requirements. According to the Student Borrower Protection Center, an advocacy and research group, all students, regardless of income or whether they've completed their degree, will face higher monthly payments as a result of these changes. Outside of the legislation, the Trump administration The Student Debt Crisis Center, a separate advocacy group, estimates these fees will amount to about $300 a month. Already 5 million Americans have defaulted on their student loans, with another 2 million projected to default this month. Natalie Abrams, president and founder of the debt crisis center, now expects these numbers to grow. Advertisement 'This is a bad bill for borrowers,' she said. Advocates who have been raising alarm bells for years about rising student debt are now stuck in a strange position: Advocating for federal loans to continue, while also calling for major changes to the system through debt cancellation and lowered tuition. On its face, the Republican-led changes seem to acknowledge concerns about the country's But critics counter that in the face of federal loan caps, borrowers will rely on higher-priced, more risky private loans, or skip school altogether. Borrowers of color, who have less family wealth to tap into and are therefore more reliant on student loans, will be hurt the most. Student debt diminishes the ability of historically under-represented communities to build generational wealth, diverting money that could go toward savings, retirement, or investing in big-ticket items that traditionally fuel family wealth, such as homes. Advertisement 'Generations of systemic racism have forced Black and brown folks — especially Black women — to borrow at higher rates than our white peers and bear an enormous financial burden, denying us the opportunity to succeed and build generational wealth,' Representative Ayanna Pressley told the Globe in an emailed statement. Changes by the Trump administration, while reducing a reliance on federal student loans, could actually worsen the divide. Lending limits 'means fewer people who are not already rich will be able to go to college, and the people who still need to get education and training that are not already rich are going to be targeted for predatory private loan projects,' said Eileen Connor, executive director of the Project on Predatory Student Lending, a legal and policy organization focused on predatory for-profit colleges and lenders that started at Harvard Law School. 'There's been a fair amount of talk about Trump policies leading to resegregation,' Persis Yu, deputy executive director and managing council at the Student Borrower Protection Center, an advocacy group that aims to improve the student loan system, said. 'And I think this is part of that project.' Amina Khamsi will be starting her third year at Boston University School of Medicine this fall. Originally from El Paso, Texas, Khamsi, who is a first-generation immigrant with Moroccan and Colombian roots, has already taken out nearly $120,000 in federal student debt, which has accrued nearly $10,000 in interest. She's already considering whether she can afford to stay in Boston for residency, and worries doctors will have to reconsider whether they can work in underserved communities, where positions pay less, if they have to take on more private debt. Advertisement 'You are forcing people to make decisions not based on ethical practices or how they want to practice medicine, but 'how am I going to cope with this.' I fear in the long run we're going to have less doctors who look like me, who look like a lot of patients across America, and that could have detrimental effects to health care.' Private lenders seem primed for the potential influx. In the weeks leading up to the legislation's passage, Sallie Mae calling for caps on federal student lending. The CEO of Navient, a major private student lender, As students consider their now whittled-down options, German Roman encourages them to be informed. She doesn't regret going to college, but she does regret taking on debt, even as she feels she should consider herself lucky, since the $20,000 she owes is half tuition-free college. 'No one is arguing for the status quo,' said Yu. 'But until there is a real investment in higher education, both on the federal and state level,' millions of students and their families will continue to rely on federal debt, with now-tightened conditions. 'These proposals,' Yu said, 'are going to make the crisis worse, not better.' Advertisement This story was produced by the Globe's team, which covers the racial wealth gap in Greater Boston. You can sign up for the newsletter . Mara Kardas-Nelson can be reached at
