BG Reads 11.1.2023

🗞️ BG Reads | News - November 1, 2023

November 01, 2023

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November 1, 2023

In today's BG Reads:

âś… Austin losing homebuyers to other cities for 1st time on record

âś… Samsung's economic impact more than doubled to $13.6B in 2022

âś… WeWork plans to file for bankruptcy as early as next week

Read on!

[BINGHAM GROUP]

Council to consider city manager search firm this week 🎙️ BG Podcast Ep. 222:

  • On this episode the Bingham Group CEO A.J. Bingham and Associate Hannah Garcia wrap up the week of October 9th in Austin politics.

  • The BG Podcast is also available on Apple Podcasts and Spotify.

🔎 Jobs List

[AUSTIN METRO NEWS]

Report: Austin losing homebuyers to other cities for 1st time on record (KXAN)

Homebuyers are looking to leave Austin as housing costs stay high, according to a report by real estate brokerage Redfin.

“More homebuyers looked to leave Austin, TX than move in during the third quarter, the first time on record there hasn’t been a net inflow into the Texas capital,” the report claimed.

The report said data is based on the searches of about two million Redfin users who viewed for-sale homes online across more than 100 metro areas from July 2023 to September 2023... (LINK TO FULL STORY)

Austin officials prepare for state-imposed parkland dedication cuts (Community Impact)

Austin officials are readying for the replacement of longstanding local parkland dedication practices—trade-offs of money or green space to pace the city park system's growth with new development—to comply with new state legislation approved this year.House Bill 1526, authored by state Reps. Cody Harris, R-Palestine, and Valoree Swanson, R-Spring, updates parkland dedication in large Texas cities by adjusting the amount of land or fees that can be asked of developers.Harris and Swanson represent rural and suburban legislative districts in eastern Texas that are home to cities with tens of thousands of residents, while HB 1526 affects only cities with populations greater than 800,000 including Austin. The new law's changes stem from the belief of some "interested parties" that civic parkland dedication is hampering new housing development, according to a state legislative analysis... (LINK TO FULL STORY)

Report: Samsung's economic impact more than doubled to $13.6B in 2022 (Austin Business Journal)

With construction humming along at a new campus in Taylor, and work remaining steady at its longtime home in North Austin, Samsung Austin Semiconductor says its economic impact on Central Texas more than doubled last year.

It was already huge.

The chipmaker – part of the South Korea-based Samsung Electronics Co. Ltd. – apparently pumped $13.6 billion into the local economy at its two sites in 2022, up from $6.3 billion the year prior, while also supporting 21,000 direct and indirect jobs. That's according to newly released research conducted on behalf of the chipmaker by Austin-based Impact DataSource LLC using information from the company, tax rates and some estimates and assumptions.

Jon Taylor, Samsung Austin's corporate vice president of fab engineering and public affairs, in comments shared with the Austin Business Journal, said: "While this region has undergone tremendous change across the past twenty-seven years, our commitment to this community and its families is that we’ll continue to be a trusted partner for decades to come."

Samsung was put on Austin's map in 1996, when it broke ground on its North Austin semiconductor factory.

The report's findings underscore the impact the company continues to have on Central Texas — and how much its impact will grow as Samsung gets closer to opening the next-generation chipmaking facility northeast of Austin next year. Once operational, the Taylor facility could pump $42 billion into the Central Texas economy alone, officials have said… (LINK TO FULL STORY)

[TEXAS NEWS]

Houston lawmaker stands behind viral outburst over GOP border bills (Houston Chronicle)

State Rep. Armando Walle fondly remembers his sisters’ quinceañeras, marking their 15th birthdays alongside family and friends through the coming-of-age tradition celebrated by millions of Latina teenagers every year. But the Houston Democrat and second-generation American says that for Latino communities, those sorts of “sacred traditions” — and even basic parts of everyday life — may soon face a chilling effect from a Republican-backed bill that establishes stiffer penalties for human smuggling. Though the bill aims to deter cartels from illegally moving migrants across the southern border, Walle said it is just as likely to sweep up people who are driving undocumented family members from quinceañeras and other day-to-day gatherings.

“I come from a big Mexican family, and when we have quinceañeras, it's not just our brothers and sisters. It’s a family affair,” Walle said, offering a hypothetical: “If I'm traveling from the quinceañera mass to the quinceañera reception hall, and I have my cousins with me that may or may not be documented, and I get pulled over, I can face a 10-year mandatory minimum.”

That was running through Walle’s mind when, in a now viral moment, he confronted another representative who led the effort to limit debate about related legislation. “Y'all don't understand the (expletive) that y'all do hurts our community,” he said on the House floor last week. “It hurts us to our (expletive) core. And y'all don't understand that. You don't live in our (expletive) skin.”

His concerns come as GOP lawmakers are considering a package of bills that would mark the biggest ever expansion of Texas’ immigration enforcement powers. Along with the anti-smuggling bill, the measures would effectively empower police to deport people they suspect of being in the country illegally and earmark $1.5 billion to continue building a state-funded border wall. If passed and signed into law by Gov. Greg Abbott, the deportation proposal is almost certain to be challenged in court — which could lead the Supreme Court to revisit a key 2012 ruling that restricts state immigration enforcement in deference to the federal government… (LINK TO FULL STORY)

Powerful Granger not running again for Congress, sources say (Fort Worth Report)

U.S. Rep. Kay Granger, R-Fort Worth, won’t run for reelection, five well-placed sources who know the longtime congresswoman’s plans told the Fort Worth Report and KERA News. “I think she’s tired,” said one source. “She’s accomplished so much.” When contacted by the Report about her plans, Granger said, “We haven’t figured it out yet. We’ll figure it out soon. Keep in touch.” Granger, 80, decided some time ago that she did not want to run for a 15th two-year term, according to multiple sources, who spoke on condition of anonymity so as to allow the lawmaker to make the announcement herself. The filing for elections begins Nov. 11 and lasts until Dec. 11. Granger represents Texas’ 12th Congressional District, which covers western Tarrant County and much of Parker County. She is the chair of the powerful House Appropriations Committee, which is responsible for funding most of the federal government’s activities.

Granger played a key role as part of a group of 20 Republicans who blocked Rep. Jim Jordan, R-Ohio, from becoming speaker. She supported Louisiana Republican Mike Johnson’s successful race for the spot. As chair of the Appropriations Committee, Granger was in the middle of spending battles inside her party. She delivered on a number of projects important to Fort Worth: the Panther Island/Center City flood control project; defense funding; and the USS Fort Worth, the city’s namesake ship – she’s the ship’s sponsor – that she has protected from U.S. Navy cost-cutters. Granger also has championed the federal government’s use of the F-35 fighter jet – a plane built at Fort Worth’s Lockheed Martin facility. Some of her top donors are from the defense and air transport industries, Bloomberg reports.

“She’s the most powerful Texan we’ve got,” said Ben Barnes, a lobbyist and former lieutenant governor of Texas who is a Democrat but has known and admired Granger for years. “I hope she runs.” For decades, Granger was the public face of Panther Island, a $1.16 billion flood control project that will reroute part of the Trinity River and create hundreds of acres of riverfront development near downtown Fort Worth. Thomas Marshall, a political science professor at the University of Texas at Arlington, said Granger’s absence will leave a big void for Fort Worth in Congress. He described Granger as “a giant in the Texas delegation.” “She helped Fort Worth punch above its weight,” Marshall said… (LINK TO FULL STORY)

Houston region continues to expand with Sugar Land, Atascocita among fastest-growing places in U.S. (Houston Chronicle)

“Over the last decade, Fort Bend’s business community has seen an astonishing surge, with the number of businesses rising from 8,600 to 15,000,” said Bob Harvey, GHP president and CEO, citing data from the Fort Bend County Economic Development Council. The businesses range from mom-and-pop restaurants and fashion boutiques to major corporations such as Frito-Lay, which in 2021 announced a $200 million expansion of its Rosenberg facility, and nonprofits such as Memorial Hermann, which in 2022 announced a $231 million expansion of its Sugar Land hospital. The growth of the Houston region has been such that it can be described in terms of geography as well as population and the economy, Harvey said. When he began his tenure at the partnership, the GHP conceptualized a Houston region of 10 counties; today, it’s 12. 

Sugar Land had the sixth-highest population growth of any U.S. city from 2017 to 2022, according to a new ranking from SmartAsset, a personal-finance website, with population growth of 23.6% over the period. The Census Bureau estimated the city’s population in 2022 at about 109,400. And it’s not just Sugar Land, SmartAsset noted.

The ranking highlighted a “sudden shift” in Atascocita, an unincorporated community in northeastern Harris County, that stood out last year: In 2022, Atascocita’s population grew by 25%, the fastest rate of any census-designated area in the country. The Census Bureau’s most recent tally, in 2020, put the area’s population at almost 90,000. The growth of the region presents its challenges, and has elicited some pushback. Colony Ridge, a development northeast of Harris County not far from Atascocita, has in recent months become the subject of viral anti-immigrant conspiracy theories. Meanwhile, Khawaja, who moved to Sugar Land from New York two years ago, says Fort Bend County continues to offer attractive amenities: good schools, lovely parks, a sense of peace. “Everything has been changing, day by day.

You do see growth, that’s for sure,” Khawaja said. “I’ll say about my personal experience, whomever I’ve met, or the people I know, I know for sure they love it here.”… (LINK TO FULL STORY)

[US/WORLD NEWS]

FBI Director Wray warns of increased terrorist threat, says U.S. is in a 'dangerous period' (NPR)

FBI Director Christopher Wray said Tuesday the war between Israel and Hamas has led to a spike in threats against the United States, warning that "we are in a dangerous period" as various terrorist groups look to leverage the conflict for their own causes.

The threat of international terrorism in the U.S. had largely subsided in recent years, particularly since the defeat of the Islamic State in Iraq and Syria. But senior American officials say Hamas' deadly Oct. 7 attack on Israel has created a new dynamic with dangerous implications at home and abroad.

"The reality is that the terrorism threat has been elevated throughout 2023, but the ongoing war in the Middle East has raised the threat of an attack against Americans in the United States to a whole other level," Wray said in testimony before the Senate Homeland Security and Governmental Affairs Committee… (LINK TO FULL STORY)

As economy falters, more Chinese migrants take perilous journey to the U.S. border to seek asylum (Associated Press)

The young Chinese man looked lost and exhausted when Border Patrol agents left him at a transit station. Deng Guangsen, 28, had spent the last two months traveling to San Diego from the southern Chinese province of Guangdong, through seven countries on plane, bus and foot, including traversing Panama’s dangerous DariĂ©n Gap jungle. 

“I feel nothing,” Deng said in the San Diego parking lot, insisting on using the broken English he learned from “Harry Potter” movies. “I have no brother, no sister. I have nobody.”

Deng is part of a major influx of Chinese migration to the United States on a relatively new and perilous route that has become increasingly popular with the help of social media.

Chinese people were the fourth-highest nationality, after Venezuelans,Ecuadorians and Haitians, crossing the DariĂ©n Gap during the first nine months of this year, according to Panamanian immigration authorities... (LINK TO FULL STORY)

WeWork plans to file for bankruptcy as early as next week (Wall Street Journal)

WeWork is planning to file for bankruptcy as early as next week, according to people familiar with the matter, in what would mark a stunning reversal for the flexible-office-space venture that was once valued at $47 billion. 

New York-based WeWork is considering filing a chapter 11 petition in New Jersey, the people said. 

WeWork missed interest payments owed to its bondholders on Oct. 2, kicking off a 30-day grace period in which it needs to make the payments. Failing to do so would be considered an event of default. On Tuesday, the company said it has struck an agreement with the bondholders to allow it another seven days to negotiate with the stakeholders before a default is triggered. 

WeWork declined to comment on what a spokesperson called “speculation.” The spokesperson also pointed to a securities filing early Tuesday that “the forbearance agreement provides time to continue in the positive conversations with our key financial stakeholders and engage with them to implement our ongoing strategic efforts to enhance our capital structure.”… (LINK TO FULL STORY)

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