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San Francisco Chronicle
2 days ago
- Business
- San Francisco Chronicle
The Bay Area suburbs where renters are taking over the market
For decades, the path from renter to homeowner in America looked like this: You rent in a big city when you're just starting out, then once you've settled into your career and personal life, you buy a house in the suburbs. But high home prices combined with 30-year mortgage rates stubbornly stuck in the sixes have kept home ownership out of reach for many for the past few years, especially in the Bay Area. A new study from Point2Homes shows that renter households now outnumber homeowners in more than 200 metropolitan suburbs nationwide. Point2Homes provided the Chronicle with data on the share of renters in the smaller cities around the San Francisco, Oakland and Fremont metropolitan area (the data excludes San Jose and most of the South Bay, which are considered a separate metro). In 24 of the 54 cities analyzed, the percentage of the population that rents is rising. In seven of them, renters now represent larger shares of the population than homeowners. The trend is accelerating at an even faster rate on the East Coast, said Doug Ressler, the manager of business intelligence for data acquisition firm Yardi Matrix, who worked on the data cited in the Points2Homes study. Both companies are owned by Santa Barbara-based real estate software company Yardi Systems. In 15 metropolitan areas, suburban cities transitioned from majority-owner to majority-renter between 2018 and 2023; in another 15, the number of renter households more than doubled. In the Dallas, Minneapolis, Boston, Tampa and Baltimore areas, the suburbs gained renters faster than the big cities they surround. But that's not quite what's happening in the Bay Area. All the cities that are renter-majority as of 2023 in the San Francisco area were already that way in 2018. Of the 54 cities analyzed, the share of renters dropped in 30 of them, though in some of them not by a statistically significant amount. Taken together, the 54 cities experienced a modest net 1.9% increase in renter household growth during that period. The reason we're not seeing the same explosion in renting that some cities on the East Coast are is the same as the explanation for many of the Bay Area's problems: It's hard to build housing here. 'We don't build enough housing compared to the wealth and jobs we create,' said Matt Regan, senior vice president of policy for the Bay Area Council, a pro-housing advocacy group. The urban cores themselves 'make it ridiculously hard to build,' he said, which leads developers to look for opportunities in suburbs and exurbs. But even in smaller cities and suburban areas, Regan said, many local governments have determined that the right place to build more homes and apartments is 'somewhere else.' 'The Bay Area has been ground zero for 'not in my backyard,'' said Jeff Ostrowski, a housing market analyst for Bankrate. A combination of growth restrictions, lack of land and income growth have created what he called the 'perfect storm for an explosion of property prices.' As housing prices have risen, the age of the average first-time homebuyer in the U.S. has increased, meaning people are renting for longer. The median first-time homebuyer is now 38 years old, according to the National Association of Realtors. The years 2018 to 2023 are an interesting period for studying housing trends in America. The COVID-19 pandemic created a drastic shift: Rents rose, mortgage rates hit rock bottom, and remote work vaporized commutes. California's population declined by more than half a million people from April 2020 to July 2022, though it's bounced back since then. COVID played a dual role: Some people left because a fully remote job meant they could live somewhere more affordable. And the polarization of pandemic restrictions and vaccine policies drove some people to search for alternative political climates. Some workers who were given free rein to move to Texas or Idaho found themselves recalled by return-to-office policies. But even now, many offices in the Bay Area have only partial RTO: Office visits are down 44.6% in San Francisco this year compared with 2019, according to a study from location data analysis firm That makes the suburbs a more appealing place to live, Regan said. Only needing to drive to the office two or three days a week instead of five makes an onerous commute slightly less daunting. So there's interest in more housing in the suburbs — but challenges to build it. Regan said California's condo defect liability laws dissuade developers from building a type of housing that was traditionally a solid first rung on the property ladder. Many cities are out of space to build single-family homes. That leaves apartment buildings, which can be appealing to developers given the region's high incomes and high demand, but often face planning and permitting issues and anti-renter sentiment from homeowners. A standout on the list of cities with a high renter share is Emeryville. The share of renters increased by 28% from 2018 to 2023, with the city adding more than 1,100 renter households. Cities that have seen more renter growth tend to have certain things in common, said Ressler of Point2Homes. They're usually situated close to transit; have social amenities such as parks, community centers and museums; have less expensive land compared with the urban areas; and have local governments that are amenable to housing development. Regan said Emeryville's government has embraced housing growth alongside job growth from companies such as Pixar and commercial growth from major retailers including IKEA. Emeryville has 'been willing to accept that with economic growth comes a demand for housing, and they have built a commensurate amount of new housing units to accommodate their economic growth,' Regan said. 'Most cities in our region are happy to take the jobs and then increase their tax base, but have traditionally not been willing to build the housing.'
Yahoo
04-03-2025
- Business
- Yahoo
Micreos Pharmaceuticals Partners With Biologics CDMO Northway Biotech for Its Engineered Endolysin Therapeutic Manufacturing Program
ZUG, SWITZERLAND AND VILNIUS, LITHUANIA / / March 4, 2025 / Micreos Pharmaceuticals AG ("Micreos"), a preclinical-stage biopharmaceutical company, specializing in developing Engineered Endolysin therapies to target harmful pathogens that cause disease aggravation, has entered into a strategic partnership with Northway Biotech ("NBT"), a Contract Development and Manufacturing Organization (CDMO) to develop scalable cGMP production processes for Micreos' biologic therapeutic MEndoB, which is the first-in-class dual-active domain targeted medicine that will enter the clinic in the coming months as an investigational therapeutic to treat Atopic Dermatitis. Micreos is focused on developing best-in-class targeted therapeutics to precisely target harmful pathogens that cause disease flares to help address significant unmet medical needs in dermatology and oncology. As part of the partnership, Northway Biotech will apply its significant expertise in biologics manufacturing to develop a scalable GMP production process for Micreos' engineered endolysin technology. The collaboration will also include developing and validating robust analytical methods, cell bank manufacturing, technology scale-up for cGMP Drug Substance generation, and IND/IMPD supporting documentation preparation, to ensure that the production of Micreos' engineered endolysins complies with stringent regulatory standards for clinical trials. Matt Regan, CEO of Micreos, stated: "This partnership with Northway Biotech marks a significant milestone for Micreos as we advance our engineered endolysins into scalable therapeutics for clinical trials. By developing targeted medicines that address the underlying pathophysiology associated with disease aggravation in conditions such as atopic dermatitis and cutaneous T-Cell lymphoma, and by leveraging Northway's significant manufacturing expertise, we are poised to make a meaningful impact on patient care in areas of great unmet medical need." Prof. Vladas Algirdas Bumelis, CEO and Chairman of Northway Biotech, highlighted the mutual commitment to high-quality manufacturing: "We are honored to contribute to Micreos' innovative engineered endolysin therapies. With a dedicated and highly experienced team in recombinant protein process development and scale-up, we aim to accelerate Micreos' development by providing cGMP drug substance material available by the end of summer 2024." André Markmann, PhD, VP of Business Development at Northway Biotech, added: "Micreos' engineered endolysins address critical healthcare challenges. We are excited to support Micreos in advancing their breakthrough therapy into clinical trials at a rapid pace while ensuring the highest standards." About MEndoB Micreos' MEndoB is the first-in-class and potentially best-in-class dual-active domain, targeted medicine designed for optimum activity on human skin. It works through targeted enzymatic degradation of the targets cell wall, rapidly killing the harmful pathogen, but without triggering drug resistance or having any off target affects. Micreos' engineering expertise has enhanced drug stability and activity but has also been validated to effectively penetrate biofilms, eliminate dormant & hard to kill pathogenic cells, and potentially deliver synergies with other medications. With demonstrated preclinical efficacy, MEndoB holds significant promise for treating chronic and difficult-to-treat conditions in dermatology and oncology. About Micreos Micreos is a preclinical-stage biopharmaceutical company developing highly innovative, targeted therapies as a new way to treat chronic conditions in dermatology and oncology where there is a high unmet medical need. With its advanced engineering platform, Micreos is developing targeted medicines that selectively eliminate harmful pathogens while preserving the beneficial microbiome, paving the way for future indications in dermatology, oncology, and beyond. For more information, visit About Northway Biotech Northway Biotech is a leading contract development and manufacturing organization (CDMO) supporting customers worldwide. Its highly experienced and professional team executes projects at every stage, from cell line construction and process development to cGMP manufacturing of biopharmaceutical products. The company's extensive expertise and vertically integrated service offering enables rapid execution of multiple projects from its state-of-the-art GMP facilities while ensuring full process and product compliance at all stages of research, development, and commercial manufacturing. Northway Biotech is a privately owned company founded in 2004 and operates locations in Vilnius, Lithuania; London, United Kingdom; and Waltham, MA, USA. For more information, please visit Micreos Contact: Matt ReganCEO and Board member, Micreos Pharmaceutical Northway Biotech Contact: Vladas Algirdas BumelisCEO and Chairman of the Contact Information Vladas Bumelis CEO and Chairman of the SOURCE: Northway Biotech View the original press release on ACCESS Newswire
Associated Press
07-02-2025
- Business
- Associated Press
RISR Partners with Wealthcare Capital Management to Drive Deeper Relationships with Business Owner Clients
PHILADELPHIA--(BUSINESS WIRE)--Feb 7, 2025-- RISR, the first comprehensive business owner engagement platform for financial advisors, today announced its partnership with Wealthcare Capital Management (Wealthcare), a technology-enabled registered investment advisor (RIA) with more than $8 billion in assets under management (AUM), that supports independent financial advisors. Through this union, Wealthcare advisors have access to a more in-depth look at the needs of their business owner clients and are better equipped to support their advisor-client relationships. Business owners have faced a relentless series of economic challenges over the past several years. First, the pandemic disrupted daily operations, causing significant labor shortages. Then, just as the economy started to rebound, inflation and rising interest rates left many business owners feeling the impact on a deeper level–tainting their outlook for the future. These ongoing pressures, among other factors, contributed to a sense of pessimism, resulting in paused succession planning and retirement preparations for many, which has in turn caused pent up demand. But failure to plan for the future comes with its own set of consequences. Advisors can no longer treat the business like any other asset on the balance sheet of an owner. Being equipped with the tools and technology to help them navigate succession planning is critical as owners start to think about what's next. 'A business owner's journey is deeply personal, and so are the goals they have for their business,' said Matt Regan, chief executive officer of Wealthcare. 'Our team works closely with our clients to understand their unique goals, priorities and vision for the future. We use best practices to help them maximize their business potential by planning early, setting clear goals and developing consistent, repeatable processes that create personalized client experiences. RISR was the clear choice for serving this integral client segment.' Founded as a technology company more than 20 years ago, Wealthcare has maintained value at the forefront of its offerings, highlighted by its proprietary GDX financial planning technology, a goals-based wealth management platform that creates a personal client experience, enhancing advisor-client relationships and inspiring collaboration. Wealthcare's strategic partnership with RISR underscores that value, offering Wealthcare's more than 170 affiliated advisors the ability to improve client engagement, streamline operations and drive organic growth, providing them with the resources needed to succeed in an increasingly competitive market. 'Business owners need an advisor who has the right data at their fingertips to guide them through critical decisions,' said Jason Early, founder and chief executive officer of RISR. 'Whether it's transitioning to retirement, selling their business for maximum value or implementing a succession plan that ensures their business thrives for the next generation, our team is eager to see the Wealthcare team take hold of our technology to positively impact their clients in the present and in the future.' Additionally, RISR has partnered with FS Investments, a leading alternative asset manager with more than $83 billion in AUM. Known for its commitment to helping advisors better serve their clients, FS Investments has integrated RISR into its value-add program. As business owners navigate transitions and liquidity events, the RISR platform offers invaluable resources to provide the strategic guidance needed during these critical moments. This partnership will enable FS Investments' network of advisors to access powerful tools to improve client engagement and streamline operations, ultimately driving stronger outcomes for both advisors and their clients. Financial professionals interested in planning enablement tools for business owner clients can book a demo with RISR here. About RISR Founded in 2024 and backed by financial industry veterans, RISR is a first-of-its-kind engagement platform designed to empower advisors and the business owners they serve. By providing deep insights into valuation, growth opportunities, risk assessment and more, RISR helps advisors deliver more impactful advice. Its platform supports succession and exit planning, estate and legacy planning, retirement planning, insurance coverage, tax planning and capital and liquidity planning. RISR is committed to unlocking growth for advisors and ensuring the success of small business owners who form the backbone of the U.S. economy. For more information, please follow RISR on LinkedIn or visit About Wealthcare Capital Management Wealthcare, a business unit of Financeware, architected its original goals-based planning and investing methodology 26 years ago and holds 12 patents on its established goals management process. Powered by its patented Comfort Zone®, Wealthcare's approach features innovative, personalized experiences and step-by-step tools that create deeper relationships between advisors and investors. Wealthcare empowers firms and advisors to go independent and grow their advisory businesses by providing GDX360® – Wealthcare's proven fiduciary process that seamlessly integrates planning, investing, and trading – and a full-suite of practice-management services. Wealthcare is comprised of three RIAs, Wealthcare Advisory Partners LLC, Wealthcare Capital Management LLC, and Wealthcare Capital Partners LLC. Learn more at About FS Investments FS Investments is a global alternative asset manager dedicated to delivering superior performance and innovative investment and capital solutions. The firm manages over $83 billion in assets for a wide range of clients, including institutional investors, financial professionals and individual investors. FS Investments provides access to a broad suite of alternative asset classes and strategies through its best-in-class investment teams and partners. With its diversified platform and flexible capital solutions, the firm is a valued partner to general partners, asset owners and portfolio companies. FS Investments is grounded in its high-performance culture and guided by its commitment to building value for its clients, investing in its colleagues and giving back to its communities. The firm has more than 500 employees across offices in the U.S., Europe and Asia and is headquartered in Philadelphia. StreetCred PR [email protected] Love 865-253-6082 [email protected] Moock 610-304-4570 [email protected] INDUSTRY KEYWORD: SOFTWARE BANKING ACCOUNTING PROFESSIONAL SERVICES BUSINESS FINTECH DATA MANAGEMENT TECHNOLOGY SMALL BUSINESS DATA ANALYTICS FINANCE CONSULTING SOURCE: RISR Copyright Business Wire 2025. PUB: 02/07/2025 09:08 AM/DISC: 02/07/2025 09:08 AM
