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- BG Reads 8.17.2023
BG Reads 8.17.2023
BG Reads | News - August 17, 2023
August 17, 2023
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[AUSTIN METRO NEWS]
City Council approves Austin’s $5.5 billion budget for 2024 (Austin Monitor)
With Mayor Kirk Watson in the driver’s seat, City Council delivered the Fiscal Year 2023-24 budget of $5.5 billion just before 3:30 p.m. on Wednesday, including amendments requested by a variety of assistance groups and pushed forward by Council.
Council approved the budget and tax rate by a vote of 10-1, with Council Member Mackenzie Kelly opposed.
The overall tax rate will decrease by 1.69 cents. But because of increasing home values, a typical homeowner – “defined as the owner of a median valued ($499,524) non-senior home,” per the city – will see a 6.1 percent increase in their tax bill.
According to the city’s calculations, that means the typical homeowner will have a city tax bill of about $148 per month, which is up $102 from last year… (LINK TO FULL STORY)
Equity Action to continue push for community needs not met in new city budget (Austin Monitor)
Late changes to Austin’s next budget, which was adopted on Wednesday by City Council, include a mix of items from the Community Investment Budget.
A coalition of community groups led by Equity Action months ago released a proposal for what they called “long overdue investments in public safety.” Equity Action’s members criticized city management‘s budget priorities, including a preference for increasing the cash reserves over addressing more needs of residents.
The group put forth a $74.3 million list of proposed expenditures in the Community Investment Budget, including… (LINK TO FULL STORY)
Median home sales prices drop in Central Texas but market 'resilient.’ (Austin American-Statesman)
The cooldown continues in the Austin-area housing market, the latest figures show. But despite higher mortgage interest rates, the Central Texas market is showing resilience, the Austin Board of Realtors says.
In its July report, the board said home sales in the Austin region edged up 0.6% year-over-year, with 2,815 houses changing hands.
Half of those homes sold for $462,000 and half sold for less, for a 10.3% drop in the median price, the board said. The region covers Travis, Williamson, Hays, Bastrop and Caldwell counties.
Within Austin's city limits, home sales ticked up 1.3%, with 837 sales recorded. The median sold price was $550,000, a 12% decline from July 2022, the board said… (LINK TO FULL STORY)
Michael Hsu champions 'human-scale' architecture in rapidly changing Austin (Austin Business Journal)
Austin is in a golden age for architecture, to hear Michael Hsu tell it.
The renowned designer and founder of Michael Hsu Office of Architecture finds beauty in the ever-changing skyline, as well as in the many neighborhoods that continue to evolve across the city.
His firm has played a role in shaping modern Austin, from designing the common areas within the new 44 East Ave condo tower to leading the design of South Congress Hotel, not to mention the soaring Googie architecture of P. Terry's Burger Stand. That gives him a unique perch as Austin comes of age at a critical time. Now the nation's 10th largest city, it faces well-known challenges around affordability and mobility… (LINK TO FULL STORY)
[TEXAS NEWS]
New accusations: Ken Paxton used burner phone, secret email account, fake Uber name to hide ties to Nate Paul (Texas Tribune)
In new allegations revealed Wednesday, Texas House investigators accused suspended Attorney General Ken Paxton of engaging in a complex cover-up to hide his relationship with real estate investor Nate Paul as senior aides grew increasingly concerned about Paxton’s willingness to use his office to benefit Paul.
The subterfuge allegedly included Paxton and Paul creating an Uber account under an alias so they could meet each other and so the attorney general could visit the woman with whom he was having an extramarital affair.
And once Paxton learned several high-ranking officials in his office reported his behavior to the FBI, the House impeachment managers alleged, he took immediate steps to cover up his relationship with Paul, including wiring a $122,000 payment to a Paul-affiliated company in an effort to hide home renovations that Paul had provided for free.
The allegations, outlined in a series of filings with the Texas Senate’s court of impeachment, shed new light on the relationship between Paul and Paxton that is at the core of his impeachment proceedings… (LINK TO FULL STORY)
[NATIONAL NEWS]
Eye on China, Biden Pulls Japan and South Korea Closer (New York Times)
With threats growing in Asia, the leaders of the United States, Japan and South Korea will meet at Camp David on Friday, taking a major step toward a three-way military and economic partnership that would have been nearly inconceivable before Russia’s invasion of Ukraine.
As the United States has tried to counter challenges from both China and North Korea, one key obstacle has been the tense and sometimes downright hostile relationship between Japan and South Korea, its two most important friends in the region.
Now, Tokyo and Seoul are trying to quickly move past seemingly irresolvable disputes over the bitter history between them, as Russian aggression against Ukraine highlights their own vulnerabilities in a region dominated by China… (LINK TO FULL STORY)
Hawaii governor vows to block land grabs as fire-ravaged Maui rebuilds (NPR)
Wall Street firms are raising new funds to acquire office buildings, apartments and other troubled commercial real estate, looking to scoop up properties at a fraction of the price investors paid a few years ago.
Cohen & Steers, Goldman Sachs, EQT Exeter and BGO, formerly known as BentallGreenOak, are among the prominent names raising billions of dollars for funds to target distressed assets and other real estate with slumping values, according to regulatory filings.
“The last few weeks, I’ve been saying, ‘holy mackerel, they’re coming out of the woodwork,’” said Kevin Gannon, chief executive of Robert A. Stanger & Co., an investment-banking firm that tracks real-estate fundraising.
The new funds are seeking to capitalize on one of the most troubled commercial-property markets in decades. Values have nosedived since interest rates spiked last year, driving up borrowing costs in the highly leveraged business. The office market, one of the largest sectors, has also been clobbered by a sluggish return-to-office rate, which has sent vacancy rates soaring. Apartment buildings, an investor haven in the past, look vulnerable as owners try to refinance at much higher rates. Mall owners are contending with steep value declines, some of more than 70% over the past few years… (LINK TO FULL STORY)
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