Albuquerque Regional Economic Alliance CEO staying true to New Mexico when it comes to development
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Axios
16 hours ago
- Axios
An increasing share of American adults are going hungry
More Americans are going hungry, per new data from Morning Consult. The big picture: It's a shocking data point for the wealthiest country in the world, and comes at a time when the stock market is hitting record highs and President Trump just signed a bill slashing food benefits. The rise is like a slow-moving train wreck, says John Leer, chief economist at Morning Consult. "There's such a disconnect now between record highs on Wall Street and elevated levels of food insecurity." Zoom in: The share of adults who tell Morning Consult in monthly surveys that they sometimes or often don't have enough to eat — or are food insecure — has been creeping up over the past several years. In May, 15.6% of adults were food insecure, almost double the rate in 2021. At that time Congress had beefed up SNAP benefits and expanded the Child Tax Credit driving down poverty rates, and giving people more money for food. Zoom out: The rate appears higher than pre-pandemic levels. Morning Consult's data only goes back to 2021. However, federal data that measures food insecurity, and roughly lines up with Morning Consult's findings, shows the numbers were already above pro-COVID levels back in 2023. Demand for food is up 120% from three years ago at the Philadelphia-area food bank network where George Matysik is executive director. As soon as the government support pulled back in 2022, "we started to see the numbers go up," says Matysik, who is with the Share Food Network, which serves hundreds of thousands of people. Demand just continued to rise from there, along with grocery prices. Between the lines: Congress just passed a huge cut to food benefits, or SNAP, that is likely to make the situation far worse, says Matycik. The "big, beautiful bill" pushes states to provide more funding for SNAP, and tightens work requirements for benefits. Before, adults over age 54 weren't required to work; now the age limit is 64. And fewer parents are exempted from working, as well. It's expected that millions will lose benefits, and more would receive less. People will have less money for food, further driving folks to food banks, which had already been dealing with different spending cuts from the White House. Reality check: Some of the cuts to SNAP, involving state funding, don't take effect until 2028 — raising the possibility that they might not happen. The data also looks a bit volatile, bouncing around quite a bit — it spiked at the end of 2024, and it's not clear why. It is likely a reflection of how precarious it is to make ends meet for folks at the lower end of the wage scale — some are in hourly jobs with fluctuating schedules, which can be rough on one's personal finances. The other side: The White House and congressional Republicans argue that cuts to these benefits are a way to push more people into the labor market and reduce dependence on government assistance, as well as an effort to reduce waste, fraud and abuse.
Hamilton Spectator
2 days ago
- Hamilton Spectator
Toronto-area home prices plunge more than 5% in June — the largest year-over-year drop in years
Toronto-area home prices swooned by more than five per cent annually in June — the largest annual price drop the city has seen in more than two years as buyers continue to flex their negotiating power. It's the fifth consecutive year-over-year decline for GTA house prices, with the total decline from the February 2022 peak now sitting at more than 20 per cent. The average selling price fell to $1.101 million in June, a 5.4 per cent year-over-year fall and the largest annual price decline since April 2023, which saw a 7.8 per cent price drop. Detached homes were hit particularly hard, with a 6.5 per cent drop year-over-year. Despite some month-over-month momentum, which saw sales increase slightly in June compared with May, many would-be homebuyers remained on the sidelines due to economic uncertainty, according to the Toronto Regional Real Estate Board's (TRREB) June report. Sales declined slightly by 2.4 per cent annually in June. 'The GTA housing market continued to show signs of recovery in June. With more listings available, buyers are taking advantage of increased choice and negotiating discounts off asking prices,' TRREB president Elechia Barry-Sproule said in the report. 'Combined with lower borrowing costs compared to a year ago, home ownership is becoming a more attainable goal for many households in 2025.' Historically, April, May or June will have the best month in terms of sales for the year, and this year June fared better than the spring months, said TRREB's chief information officer, Jason Mercer. Interest rates are lower than this time last year and the average price of homes has fallen, offering some relief for buyers, he added. New listings in June amounted to 19,839 — up by 7.7 per cent year-over-year, with the sales-to-new-listings ratio hitting 31 per cent, meaning it's a buyers' market, where buyers have more choice and ability to negotiate better terms. The economic turbulence with the U.S. is impacting consumer confidence, leading to fewer people buying and selling, said Mercer. 'A firm trade deal with the U.S. accompanied by an end to cross-border sabre-rattling would go a long way to alleviating a weakened economy and improving consumer confidence,' he said. On top of this, 'two additional interest rate cuts would make monthly mortgage payments more comfortable for average GTA households. This could strengthen the momentum experienced over the last few months and provide some support for selling prices.' In April and June, the Bank of Canada held its key interest rate at 2.75 per cent. If the central bank were to drop its rate to 2.25 per cent, it would have a meaningful impact, Mercer said. In Toronto, the 6.5 per cent year-over-year drop in detached home prices was the largest decline, followed by townhomes at 5.3 per cent, condos at 4.3 per cent, and semi-detached homes at 0.4 per cent. Prices for detached homes could have fallen because fewer 'higher-end' or luxury homes sold this year compared with last, Mercer said. For sales, semi-detached homes saw the largest sales increase year-over-year by almost 19 per cent. That's because the 'stock is at a more affordable price point for single-family homes' and for 'first-entry buyers,' he added. The Bank of Canada's next interest rate announcement is July 30, and if it cuts its key interest rate it could provide some momentum heading into the fall market.
Business Insider
3 days ago
- Business Insider
The billionaires making moves to buy or sell sports teams this year
Buyer: Mark Walter Guggenheim Partners CEO Mark Walter, who is already the primary owner of the Los Angeles Dodgers, reportedly bought the Los Angeles Lakers for a record $10 billion in June. Walter is also a primary owner of an F1 team and the WNBA's Los Angeles Sparks. Buyer: Bill Chisholm A Boston-area native, Bill Chisholm made his fortune in Silicon Valley as managing partner of STG Partners. In March, a group led by Chisholm bought the NBA's Boston Celtics for $6.1 billion, a record amount for a North American sports franchise before the Lakers' staggering sale price. Chisholm and Walker's agreements are still pending approval of the NBA's Board of Governors. Forbes estimates that Chisholm is worth $3.2 billion. Buyer: Marc Lore Wonder CEO Marc Lore and MLB great Alex Rodriguez teamed up to buy the NBA's Minnesota Timberwolves for $1.5 billion. The WNBA's Minnesota Lynx were also included in the sale. The deal dates back to 2021, but talks turned sour after then-owner Glen Taylor tried to nullify it. After four years of back and forth, Taylor decided not to challenge an April arbitration ruling that went in Lore's favor. The NBA approved the sale in June. Former Google CEO Eric Schmidt and former New York Mayor Michael Bloomberg are also part of the ownership group. Lore made his fortune in e-commerce, co-founding parent company and which was later sold to Walmart for $3.3 billion in 2016. Buyer: Woody Johnson Jets owner Woody Johnson bought a 43% in Crystal Palace, an English Premier League team, for a reported $254 million in June. Johnson, a GOP megadonor and former US ambassador to the United Kingdom, is an heir to the Johnson & Johnson fortune. He bought the stake from John Textor, who is a former executive chairman of FuboTV. The deal is still pending league approval. Buyer: Tom Gores Tom Gores, who runs the Beverly Hills-based Platinum Equity, is among a handful of billionaires who will own one of the three WNBA expansion franchises. Each ownership group paid a $250 million expansion fee, a record amount for a new team in a women's league, according to Sportico. The WNBA has exploded in popularity, largely due to the arrival of Caitlin Clark. The WNBA announced the expansion teams in June. Gores, who is the sole owner of the NBA's Detroit Pistons, will run a team also based in Detroit. Buyer: Josh Harris Josh Harris, a cofounder of Apollo Global Management, will share in the ownership of a new Philadelphia WNBA team. Harris is a cofounder of Harris Blitzer Sports & Entertainment, which he created with Blackstone executive David Blitzer. Their group also owns the NBA's Philadelphia 76ers and the NHL's New Jersey Devils. Outside of the group, Harris is also the managing partner of the Washington Commanders. In 2023, Harris led a group that bought the NFL team for a then-record-breaking $6.05 billion. Buyer: Dan Gilbert Dan Gilbert, cofounder of what is now Quicken Loans, will own the future WNBA team in Cleveland, complementing his existing ownership of the NBA's Cleveland Cavaliers. Gilbert made headlines in 2010 for writing an open letter that mocked LeBron James after the Ohio native left the Cavaliers for the Miami Heat. James and Gilbert later made up and celebrated the 2016 NBA title, which capped James' return to Ohio. According to Forbes, Gilbert is worth an estimated $25.9 billion. He also founded StockX, a resale platform that reached unicorn status in 2019. Seller: Jeanie Buss and family Jeanie Buss, controlling owner of the Lakers, is selling the 17-time NBA champion to Walker for a reported $10 billion. Jerry Buss, Jeannie's father, purchased the team in 1979 for $67.5 million in a deal that included the Forum Arena and the NHL's Los Angeles Kings. Under the Buss family, the Lakers have become one of the world's most valuable sports franchises and won 11 NBA titles. Last year, Forbes valued the Lakers at $7.1 billion. (Buss herself is not on the billionaires list.) Buss took over the Lakers after her father died in 2013. In a statement announcing the sale in June, the Lakers said Jeannie Buss will remain the team's governor after the sale is completed. Seller: Wyc Grousbeck Wyc Grousbeck, who co-owns the Celtics with his father, Irving, is selling the team to Chisholm for a reported $6.1 billion. The deal was first announced in March. The Grousbecks led the purchase of the team in 2002. Since then, the Celtics have won two NBA championships. Their 2024 title was the franchise's 18th overall, the most in league history. Last year, Forbes estimated that the team was worth $6 billion and was the 19th-most valuable sports franchise in the world. Forbes estimates Irving Grousbeck and his family are worth $2.2 billion. Seller: Glen Taylor Glen Taylor, founder of a Minnesota-based printing firm, has agreed to sell the Timberwolves to a group led by fellow billionaire Marc Lore for $1.5 billion. Taylor's initial 2021 deal called for him to retain a 20% stake in the team. ESPN reported that Lore, Rodriguez, and the rest of their group are poised to buy Taylor out completely. Taylor bought the Timberwolves in 1994 for roughly $88 million, which also prevented the franchise from moving to New Orleans. Seller: Jody Allen and Paul Allen's estate The estate of Microsoft cofounder Paul Allen is selling the Trailblazers. After a lengthy dispute, the NBA confirmed in May that the team was available. Jody Allen, Paul's sister, has been acting as the team's top executive since Allen's death from cancer in 2018. The team was official put up for sale in May. In 2018, Forbes estimated that Allen was worth $20.3 billion. Possible future buyer: Justin Ishbia Justin Ishbia, the founder of Shore Capital Partners, a Chicago-based private equity firm. In June, the Chicago White Sox announced a deal that could lead to Ishbia becoming the future owner of the MLB franchise. Ishbia, who already owns a minority stake in the team, will make unspecified cash infusions into the club in 2025 and 2026. As early as 2029, Ishbia could take over the team from Jerry Reinsdorf. There is no guarantee that such a transaction will occur. Ishiba's brother, Mat, owns the NBA's Phoenix Suns and the WNBA's Phoenix Mercury, which Justin Ishiba also shares in. Possible future seller: Jerry Reinsdorf Jerry Reinsdorf, the longtime owner of the Chicago Bulls and White Sox, has reached an agreement to potentially sell control of the South Side MLB team as soon as 2029. If they reach an agreement, Reinsdorf could eventually turn over control of the White Sox to Justin Ishbia. Their agreement was first announced in June. Reinsdorf, who made his initial fortune in real estate, has also overseen a massive increase in the Bulls' value. He and his investment partners bought the NBA team one year after Michael Jordan was drafted.
