Must Read: UK regulators have given the go ahead for a new type of property exchange called IPSX where investors can trade shares in individual properties. If successful, this could eventually become an alternative to REITs. IPSX hopes to launch its first property IPOs by the end of the first quarter of 2019.
Uneven Recovery: Millennial women are the big winners in the jobs recovery as men continue to struggle.
Overshot: Two leading experts on the “gig economy” now say that their estimates of its impact were too high, skewed by spotty data and the recession of a decade ago.
Priced Out: The cost of living in vibrant cities is more than offsetting the higher wages available there for lower-earning employees.
Size Matters: Blackstone Group LP is about to finish raising the largest ever real estate fund which is projected to total $20 billion. Blackstone will focus on opportunistic investments and the fund’s massive size ($60 billion in buying power once leverage is applied) means that they will be focused on huge deals. (h/t Steve Sims)
Side Hustle: In news that should shock no one (at least not regular readers of this blog), the founder/CEO of WeWork is selling equity in his company and using it to buy buildings which he then leases back to WeWork. Looks like someone is trying to become the next Eddie Lampert.
Transformers: A developer out of New York has a plan to transform vacant malls into retail warehouse hybrids.
No Surprise Here: California’s housing supply is the tightest in the nation.
In A Hole: The plight of golf course home owners is an increasingly-real thing as courses continue to close and young people continue to lose interest in the sport.
Big Guns: Microsoft is pledging $500MM to develop more housing for low and middle income workers in the Puget Sound area, including $225MM earmarked to lend to developers at below-market interest rates in order to develop workforce housing (aimed at households making between $62k and $124k per year.
Dried Out: Research shows that ditching booze for a month has several health benefits—that sometimes last for quite a while.
RIP: Vanguard Investments founder John C. ‘Jack’ Bogle passed away on Wednesday at the age of 89. Bogle turned investing upside down by pioneering low cost, transparent index funds. There has probably never been a greater advocate for small investors.
Chart of the Day
Your horoscope for 2019:
Source: The Big Picture
Living Her Best Life: A woman who was busted drinking wine from a Pringles can while riding a motorized scooter around a Walmart parking lot has banned from said store because Texas.
Gotta Hear Both Sides: A Philadelphia woman was accused of attacking her girlfriend, and putting her dog in microwave after the Eagles were eliminated by the Saints because Eagles fans.
Show Me Your Assets: A stripper undressed in a bank in an effort to secure a loan because Russia.
Landmark Links – A candid look at the economy, real estate, and other things sometimes related.
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