Latest news with #2034
Time of India
6 days ago
- Business
- Time of India
Mumbai's ‘Iconic Buildings'policy faces pushback from local heritage association
Mumbai: Almost a month after the BMC invited suggestions and objections to a proposed amendment in the Development Control and Promotion Regulation (DCPR) 2034—aimed at introducing a new policy under Regulation 33(27) for the development of 'Iconic Buildings'—the Fort Heritage Conservation Association has written to the BMC, calling the definition of iconic buildings itself 'vague'. The proposed policy defines 'Iconic Buildings or Spaces' as structures that possess unique or distinctive characteristics such as size, shape, aesthetics, look, concept, theme, urban design, architectural design, or structural elements. "What is iconic to a select group of people might not be considered iconic to everyone. 'Iconic' is defined in vague and subjective terms, opening the door to arbitrary or purely commercial interpretations. Iconicity should be redefined based on urban contribution, cultural context, sustainability, and public value, not just shape or scale," stated a letter by the Fort Heritage Conservation Association to the Chief Engineer (Development Plan). You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The letter is backed by a working group comprising key South Mumbai associations, including the OVAL Trust, Oval Cooperage Residents' Association (OCRA), Art Deco Mumbai Trust (ADMT), Urban Design Research Institute (UDRI), Kala Ghoda Association (KGA), and the Nariman Point Churchgate Citizens Association (NPCCA). The BMC's plans are for the city to boast of iconic buildings like global cities have, namely The Gherkin skyscraper in London, Tornado Tower—a high-rise office skyscraper in the city of Doha, Qatar, and Dubai's iconic skyscraper—Burj Khalifa. Meanwhile, the association's letter also states that the regulation prioritises visual and formal uniqueness (shape, size, aesthetics, look) but is silent on contextual integration, cultural relevance, or urban coherence. "Only the architectural and aesthetic features do not make a building 'iconic'; it also comes from its cultural, historical, and symbolic meaning, which must be documented and reflected in the design of the iconic building," states the letter, also pointing towards there being a lack of clarity on the scale and open space allocation. "There is no mention of the scale of the proposals/built-up area and the green spaces percentage. Without this, it is difficult to understand the density, intensity of use, or infrastructure load the proposal may generate. This must be evaluated, and the regulation must reflect the necessary details."
Time of India
6 days ago
- Lifestyle
- Time of India
Mumbai's iconic building policy faces pushback from local heritage association
Mumbai: Almost a month after the BMC invited suggestions and objections to a proposed amendment in the Development Control and Promotion Regulation (DCPR) 2034—aimed at introducing a new policy under Regulation 33(27) for the development of 'Iconic Buildings'—the Fort Heritage Conservation Association has written to the BMC, calling the definition of iconic buildings itself 'vague'. The proposed policy defines 'Iconic Buildings or Spaces' as structures that possess unique or distinctive characteristics such as size, shape, aesthetics, look, concept, theme, urban design, architectural design, or structural elements. "What is iconic to a select group of people might not be considered iconic to everyone. 'Iconic' is defined in vague and subjective terms, opening the door to arbitrary or purely commercial interpretations. Iconicity should be redefined based on urban contribution, cultural context, sustainability, and public value, not just shape or scale," stated a letter by the Fort Heritage Conservation Association to the Chief Engineer (Development Plan). You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai The letter is backed by a working group comprising key South Mumbai associations, including the OVAL Trust, Oval Cooperage Residents' Association (OCRA), Art Deco Mumbai Trust (ADMT), Urban Design Research Institute (UDRI), Kala Ghoda Association (KGA), and the Nariman Point Churchgate Citizens Association (NPCCA). by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Gentle Japanese hair growth method for men and women's scalp Hair's Rich Learn More Undo The BMC's plans are for the city to boast of iconic buildings like global cities have, namely The Gherkin skyscraper in London, Tornado Tower—a high-rise office skyscraper in the city of Doha, Qatar, and Dubai's iconic skyscraper—Burj Khalifa. Meanwhile, the association's letter also states that the regulation prioritises visual and formal uniqueness (shape, size, aesthetics, look) but is silent on contextual integration, cultural relevance, or urban coherence. "Only the architectural and aesthetic features do not make a building 'iconic'; it also comes from its cultural, historical, and symbolic meaning, which must be documented and reflected in the design of the iconic building," states the letter, also pointing towards there being a lack of clarity on the scale and open space allocation. "There is no mention of the scale of the proposals/built-up area and the green spaces percentage. Without this, it is difficult to understand the density, intensity of use, or infrastructure load the proposal may generate. This must be evaluated, and the regulation must reflect the necessary details."
Bloomberg
09-07-2025
- Business
- Bloomberg
Deep In a Fiscal Hole, Congress Just Keeps Digging
In a remarkable achievement, the One Big Beautiful Bill Act got worse with each iteration before finally being enacted last week. On plausible assumptions, the final version will add more than $5 trillion to deficits over the next 10 years, moving the track of public debt from unsustainable to all but unhinged. As Congress turns to its budget for next year, it must grapple realistically with this looming crisis. As written, the measure will add about $3 trillion to the expected 10-year deficit. Include interest payments, and the cost rises to nearly $4 trillion. Assume that assorted 'temporary' measures are made permanent — which seems reasonable, given that most of the bill's cost comes from extending supposedly temporary tax cuts passed in 2017 — and the total could be as much as $6 trillion. Federal debt held by the public would climb from 100% of gross domestic product today to 130% by 2034. (After that, it just keeps going up.)
Yahoo
30-06-2025
- Business
- Yahoo
The Social Security crisis is coming one year earlier than we thought
The Social Security shortfall date just moved a little nearer. New federal projection released June 18 show the combined Social Security trust funds will pay 100% of benefits until 2034 before becoming depleted. That date is one year earlier than the Social Security Administration reported a year ago. 'As in prior years, we found that the Social Security and Medicare programs both continue to face significant financing issues,' program trustees wrote in a summary of their 2025 annual report. The Social Security Administration faces a funding crisis. Trustees say the projected shortfall in retirement benefits has risen to $25.1 trillion through 2099, up from $22.6 trillion a year ago. The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays benefits to retirees and their families, is projected to pay total scheduled benefits until 2033, the report shows. 'At that time, the fund's reserves will become depleted and continuing program income will be sufficient to pay 77% of total scheduled benefits,' the report says. The separate Disability Insurance Trust Fund is fully funded through at least 2099, the agency reports. The combined programs, however, can pay 100% of benefits only through 2034. At that point, the program's reserves would be advocates sounded alarm at the findings. The new projections "show the trust fund for Social Security is going to be depleted one year sooner than was projected last year, which means that Social Security recipients may see a 19% reduction in their Social Security income one year sooner," Myechia Minter-Jordan, CEO of AARP, said in a statement. "Congress must act to protect and strengthen the Social Security that Americans have earned and paid into throughout their working lives. More than 69 million Americans rely on Social Security today and as America's population ages, the stability of this vital program only becomes more important." Social Security faces a shortfall because the program spends more than it takes in. In 2024, the OASI Trust Fund cost $1,327 billion to administer, but income totaled only $1,224 billion, a shortfall of $103 billion. The notion that Social Security faces a shortfall suffuses the national conversation about preparing for retirement. Older Americans wonder if their monthly checks will go down midway through their golden years. Younger Americans have doubled down on retirement savings, partly out of fear that Social Security won't fully support them. In more bad tidings, the trustees reported that a crucial Medicare trust fund will face a shortfall in 2033, three years earlier than projected a year ago. The Hospital Insurance Trust Fund pays for health care services at hospitals and nursing homes, among other categories. By 2033, the fund will cover only 89% of all scheduled benefits, according to the report. The trust funds' financial health "remains a top priority for the Trump Administration," Frank Bisignano, the Social Security commissioner, said in a statement. (This story was updated to add new information.) This article originally appeared on USA TODAY: The Social Security shortfall is coming one year sooner
Yahoo
29-06-2025
- Business
- Yahoo
Seniors on Social Security Just Got Some Really Tough News
Social Security's trust funds will be depleted by 2034. This is a year earlier than expected. It's likely the government will reform the program so significant benefit cuts aren't necessary. The $23,760 Social Security bonus most retirees completely overlook › You probably know by now that retirement isn't all about carefree fun. Living off a fixed income can be tough, especially if you weren't able to save as much as you wanted to when you were younger. So every dollar you have, including your Social Security checks, matters. Unfortunately, the latest Social Security Trustees Report has raised concerns about the program's solvency. This is a serious issue for seniors who rely heavily on their Social Security benefits to carry them through the next few decades. But that doesn't mean you'll soon be covering your expenses all on your own either. Social Security has been spending more money than it's taken in every year since 2021, and that problem continues to worsen. Baby boomers retiring en masse and fewer workers in younger generations to replace them has meant that Social Security tax revenue isn't enough to pay out everyone's benefits. So far, the program has stayed afloat by making up the difference with money in the program's trust funds. But this won't work forever. Eventually, those trust funds will run out, and Social Security could face a shortfall when it does. When Social Security will run out of money has always been a bit of a moving target. Last year, the Trustees Report predicted depletion in 2035. But this year's report now estimates that the trust funds will be depleted a year earlier. This may be due to the passage of the Social Security Fairness Act earlier this year, which increased benefits for certain retirees, and which was projected to accelerate trust fund depletion by six months. This wouldn't be the end of Social Security, though. It would continue to receive revenue from workers paying Social Security payroll taxes and seniors who owe income taxes on a portion of their benefits. Together, this would be enough to cover the majority of Social Security benefits payable today. The 2024 Trustees Report estimated that after trust fund depletion, the program could pay out about 83% of scheduled benefits. The 2025 report puts this a little lower -- around 81%. In either case, you'd definitely continue to get something from the program in 2035 and beyond. That said, a nearly 20% benefit cut is a serious concern, particularly for those who have little to no personal savings. But it probably won't happen. Though the deadline has moved up a little, the government has been aware of Social Security's looming insolvency for years, and this isn't the first time this has happened either. Last time, Congress made changes, like adding Social Security benefit taxes, to bring in more money so it wouldn't have to slash benefits. It's likely this happens again, though we don't know when Washington will make the changes or what they'll look like. Benefit cuts remain a possibility, but it's unlikely they would be 20%. And they may not happen at all. The government might decide to increase the Social Security payroll tax rate that workers pay or increase the ceiling on income subject to Social Security tax (currently $176,100 in 2025). This would force wealthier Americans to pay more into the program. For now, all we can do is wait to see what happens. But once there's a plan in place, it'll be time to revisit your budget and figure out how you'll cover your expenses moving forward. If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Seniors on Social Security Just Got Some Really Tough News was originally published by The Motley Fool
