Must Read: The construction sector has been a massive drag on US GDP for decades as development activity slows over time.
Trending Downward: The soft CPI numbers for April throw some cold water on the Fed’s expectation that recent weak inflation data will prove to be transitory.
Hitting the Wall: The world’s population is projected to nearly stop growing by the end of the century.
Running on Empty: Some signs that the US economy really is running low on workers.
Off Target: Opportunity zones were created to help drive investment to undeserved communities but thanks to a loose definition of what areas qualified, much the actual investment is going toward regions that were already recovering rather than the truly marginalized neighborhoods where it is needed most.
Goals AF: Greg O’Connell was born and raised in Queens and became an NYC police officer. He started buying buildings in the Red Hook neighborhood of Brooklyn back in the 1970s, decades before the it had gentrified for next to nothing. Today, he is 77 years old and his real estate portfolio is worth an estimated $400MM.
Target Rich: Makers of luxury goods from liquor to perfume think they have found the antidote the the fading American shopping mall: airport terminals.
Easy Does It: As purchase applications stall in the heart of home buying season despite mortgage rates nearing two-year lows, lenders continued to loosen credit standards, which are now the easiest that they have been since the crash. See Also: Falling mortgage rates spur application frenzy.
Changing Tide? Contingencies are up and bidding wars are down. In other words, there are some telling signs that home buyers may get the upper hand over sellers this summer.
The Downside: Demand for lithium to build electric car batteries is wreaking environmental havoc on a region where it is mined in Chile.
Stay In The Game: Without giving too much away, this will be the best thing you read today. I promise.
Reinvented: Mike Tyson is developing a cannabis themed resort in the Coachella Valley that will feature the world’s longest lazy river.
Chart of the Day
Its impossible to overstate how bullish this is for multifamily in coastal markets.
Hot Wheels: A South Carolina woman driving a kids Power Wheels car down the street was arrested for DUI.
Bottoms Up: There is a group of people that gets together once a month at the public library to drink their own pee for ‘health benefits’ because Boulder.
Playing Doctor: A man wearing an unofficial doctor’s lab coat and claiming to be an OBGYN has been spotted roaming the hallways in several hospitals because Florida. (h/t Darren Fancher)
Landmark Links – A candid look at the economy, real estate, and other things sometimes related.
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