Los Angeles mayoral candidate Nithya Raman has proposed amendments to Measure ULA, a real estate transfer tax affecting high-value property sales, including a 15-year exemption for new multifamily, commercial, and mixed-use construction and a carveout for natural disaster-impacted properties. The measure, which has raised over $1 billion since 2023, has been criticized for stalling housing and commercial development. Raman's stance reflects ongoing debates in the city's real estate and political landscape ahead of the June primary election.

The article discusses the ongoing debates and political dynamics surrounding Measure ULA in Los Angeles, which imposes a tax on high-value property sales, and the city's efforts to revitalize Downtown Los Angeles amid contrasting views on crime and vacancy rates. It also covers recent shifts in residential real estate brokerage teams in the Los Angeles area, highlighting notable agent movements among firms such as The Agency, Hilton Hilton, and Coldwell Banker Realty.

Marc Reinisch's Rushmore Properties affiliate faces foreclosure on a Gold Coast retail property at 100 East Walton Street in Chicago due to a significant drop in value and occupancy. The property's appraisal fell from $20.3 million in 2015 to $11.8 million in 2025, with occupancy declining from 86% to 67%, leading to insufficient income to cover debt payments. Despite efforts to sell the property, offers did not meet the asking price, and the loan matured without repayment, prompting foreclosure proceedings by LNR Partners while negotiations continue.

Michael Shvo’s Mandarin Oriental Residences on Fifth Avenue in New York are undergoing a sales reset with a new brokerage team and significant price reductions after sluggish sales since its 2021 launch. The luxury 65-unit condominium project has sold only about a third of its inventory, prompting a shift from bulk disposition to individual sales. The project, converted from the former Gucci headquarters, features hotel-branded amenities and is Mandarin Oriental’s first East Coast residential property. Additionally, Empire State Realty Trust listed a 540,000-square-foot office building on Billionaires Row in New York for $350 million, and a major affordable housing development, One45, is planned in Harlem following the eviction of the National Action Network. The article also touches on legal and criminal cases related to New York real estate but focuses primarily on condominium and office property developments in the state.

Samuel Hertz filed for bankruptcy on three rent-stabilized apartment buildings in Brooklyn, New York, due to financial losses caused by the 2019 Housing Stability and Tenant Protection Act, the pandemic, and rising operating costs. Despite conservative financing and efforts to subsidize operations, the properties continue to lose money monthly, leading to foreclosure actions by the lender ConnectOne Bank. The situation highlights the challenges of owning rent-stabilized multi-family properties under current regulations and market conditions.

The article details the federal sex trafficking trial of the Alexander brothers in Manhattan, focusing on testimonies from women alleging they were drugged and raped by the brothers during trips to the Hamptons and a party cruise. The defense challenges the credibility of the accusers, highlighting inconsistencies in their accounts. The case involves discussions of drug use, social media exchanges, and travel arrangements paid for by the brothers. The trial includes cross-examinations that question the victims' memories and actions surrounding the alleged assaults.

The article discusses New York City's proposed rules to implement the 485x tax abatement program aimed at supporting large rental housing projects, which require paying a minimum construction wage. Developers have expressed concerns about the onerous notification timeline, wage definitions, and the risk of losing benefits after violations. The proposal has sparked debate between developers, construction industry groups, and the comptroller's office. Additionally, the article highlights recent real estate transactions in New York, including a high-value condo sale and a mixed-use building sale, as well as political updates in New York and New Jersey.

In New York City, 197 real estate transactions totaling $299 million were recorded in 24 hours, including notable condo sales on the Upper West Side and mixed-use property deals in Soho. Key residential sales included high-value condos and penthouses with multiple bedrooms and baths, while commercial transactions featured mixed-use buildings with retail and residential units. Nationwide, affordable housing construction surged by 73% from 2020 to 2024, with Seattle leading in new affordable apartment completions.

A 4.7-acre site in Woodland Hills, California, has been acquired by Wellpointe Incorporated to develop a fully affordable mixed-use housing project, replacing previous plans for market-rate residential and luxury hotel developments. The project aligns with the Warner Center 2035 Specific Plan to transform the area into a vibrant entertainment and residential district, with additional developments including Rams Village and a Toll Brothers housing project incorporating affordable units. The focus is on delivering high-density, quality affordable housing and complementary social infrastructure.

Greg Clark, former CEO of Symantec, purchased a waterfront mansion in Fort Lauderdale, Florida, for $21.5 million, a significant increase from the previous purchase price but a discount from the last asking price. The luxury real estate market in Fort Lauderdale is gaining momentum, with recent high-profile sales setting new records in the area. The mansion features extensive waterfront access and luxury amenities, highlighting the growing appeal of Fort Lauderdale's luxury housing market.

Cayre Equities sold a 16-story office building in Midtown South's Garment District, New York, for $26.2 million, realizing a $10 million profit in under two years. The property's value surged following a rezoning that permits high-density residential development, transforming the area from industrial to mixed-use zoning. The new owner, Joyland, secured financing and signed a long-term ground lease with a developer, indicating plans for residential conversion rather than direct development.

CW Capital Asset Management acquired the lower eight floors of an 11-story office building at 1155 Market Street in San Francisco through foreclosure after the city decided not to renew its lease. The building's lower portion, previously valued at $80 million in 2015, dropped to $8.5 million in 2023 and was fully vacant at the end of that year. CW now controls this portion, including the parking garage, roof, and land, and is seeking new investors or owners despite challenges due to split ownership with LightHouse for the Blind, which owns the top three floors. The foreclosure followed a default on a $48 million loan tied to the property.

A 6,400-acre ranch in East Texas, known as Bobcat Ridge Ranch, was sold under a conservation easement, marking a rare transaction in the Texas land market. The property, featuring a lodge and hunting facilities, is intended as a family compound and is mostly protected to preserve open space and wildlife. Conservation easements are uncommon in Texas but more typical in western states. The sale highlights the unique nature of large family-owned timberland transactions in East Texas, where most timber operations are institutional.

The Palisades Center mall in West Nyack, New York, was auctioned off after foreclosure, with Black Diamond Capital Management acquiring it through a $175 million credit bid. The mall, once valued at $881 million, has seen significant decline due to anchor tenant departures, the pandemic, and falling revenue and occupancy. Pyramid Management Group, the original developer, has also lost two other malls to foreclosure recently. The property remains partially occupied by tenants like Home Depot and Target but continues to struggle financially.

The article details Jeffrey Epstein's involvement with the Core Club, a private members-only club founded by Jennie Enterprise in 2005. Epstein was a founding investor and maintained influence in the club's business operations, including debt restructuring efforts and introducing potential investors like Nathan Myhrvold. Despite Epstein's controversial background, Core Club representatives deny his role in business development. The club faced financial difficulties, including unpaid rent and complex restructuring plans designed to manage tax risks. Epstein's connections extended to prominent real estate figures, and the club's history includes legal disputes and high-profile partnerships.

Brooklyn-based developer Shloime Goldstein purchased a 12,553-square-foot development site in Manhattan's Hell's Kitchen neighborhood for $30 million. The site, currently occupied by a former church and women's home, was previously owned by Excel Development Group, which had plans to build a 21-story residential tower with 71 units and community spaces. The future plans for the property under Goldstein's ownership are currently unknown.

Italian luxury knitwear brand Falconeri is opening a new 2,400-square-foot retail store on Madison Avenue in New York City's Upper East Side, marking its fourth location in the city. The lease spans two floors and is for 10 years, highlighting Madison Avenue's status as a premier luxury retail corridor. Falconeri's other Manhattan stores are located in SoHo, Midtown South, and Hudson Yards.

David and Victoria Beckham sold their full-floor condo at the luxury One Thousand Museum in downtown Miami for $24.6 million, a property they purchased in 2020 for $19.8 million. The article highlights the booming high-end condo market in Miami, particularly for units over $20 million, despite a slight decline in sales of condos priced above $1 million. It also mentions the Beckhams' record-setting $72.3 million waterfront mansion purchase in Miami Beach and the development of a major mixed-use soccer complex by Inter Miami, the MLS team co-owned by Beckham, near Miami International Airport.

The Roman Catholic Diocese of Santa Rosa is selling multiple properties in Northern California as part of its bankruptcy reorganization, including vacant land, a vineyard, a small home, and a former clergy residence. These properties are located in Sebastopol, Yountville, Napa, Rio Dell, and Santa Rosa, with sales subject to court approval and potential bidding. The diocese aims to offload these assets to address financial and legal challenges.

BDT & MSD Partners received endorsement from Boca Raton’s Planning and Zoning Board for an eight-story condominium and a three-story fitness center development on the grounds of The Boca Raton resort. The project will replace the golf maintenance facility with a 76-unit multifamily highrise and a large fitness center. The Boca Raton resort, a historic luxury resort with extensive amenities, was purchased by MSD Partners in 2019 and later merged with BDT & Company. The development reflects growing interest in Boca Raton from affluent residents and developers, with additional condo projects planned nearby.

Eric Ruderman and Stacey Empson purchased a long-vacant lakefront lot in Evanston, Illinois, near Northwestern University, and developed a custom home after overcoming local political and environmental challenges. The design balanced historic neighborhood aesthetics with modern elements and included features for aging in place, such as an elevator and indoor pool, accommodating Empson's Parkinson's diagnosis. The project involved specialized construction to address shoreline erosion and a high water table.

Private equity billionaire Greg Mondre sold a teardown property in Palm Beach, Florida, for $36.3 million, after purchasing it for $31 million less than a year ago. The 0.8-acre oceanfront property includes a 6,100-square-foot home with seven bedrooms and seven bathrooms. Mondre also recently acquired a larger oceanfront parcel nearby for $58 million and owns another home in North Palm Beach. The sale is part of a series of high-value real estate transactions in the Palm Beach area involving luxury waterfront estates.

U.S. Immigration and Customs Enforcement (ICE) has purchased a warehouse in San Antonio, Texas, and is reportedly considering acquiring another large warehouse in Hutchins, Texas, to expand federal detention facilities. The San Antonio property is a nearly 640,000-square-foot industrial building, while the Hutchins site is a 1-million-square-foot warehouse near Interstate 45. Both purchases have sparked local opposition and concerns about the impact on communities, including tax revenue loss and infrastructure capacity. ICE has not disclosed full details or confirmed all transactions, but the expansions are linked to new federal funding for detention facilities.

Lauren Eckhart Smith is overseeing the $10 billion One Beverly Hills project, a landmark mixed-use development in Beverly Hills, California, featuring luxury Aman-branded hotel and residences, high-end retail, and an 8-acre botanical garden. The project aims to redefine Beverly Hills' skyline and enhance its identity as a global mixed-use destination, with a focus on community engagement, strategic construction management, and long-term urban planning.

Khosla Capital secured a $96 million Freddie Mac-backed refinancing loan for Prospect Place, a luxury multifamily residential complex in Hackensack, New Jersey, consisting of two buildings with a total of 360 units. The financing aims to support ongoing investments and enhancements to the property. Hackensack has experienced a development boom with multiple projects, including a new 2.7-acre site planned for up to 350 units with retail and parking. Additionally, Ursa Development Group and Fields Grade obtained a $150 million loan to refinance The Devan, a 336-unit multifamily complex in Jersey City, New Jersey.

A joint venture led by Related Companies and Related Group sold The Falls of Bonaventure, a 300-unit affordable housing complex in Broward County, Florida, for $50.5 million. The buyers, including Foundation for Affordable Housing and Spira Equity Partners, secured $53.1 million in financing for the acquisition. The property, consisting of two five-story buildings on 20 acres, was originally purchased in 1993 by Roizman Development. Related Companies and Related Group have roots in affordable housing development, with Related Group now Miami's largest condominium developer and Related Companies known for Hudson Yards in New York.

Gencom, a real estate investment firm, has acquired the 253-key Ritz-Carlton New York, Central Park hotel, marking its third luxury hotel purchase in New York City within 16 months. The acquisition strengthens Gencom's portfolio of luxury hotels in one of the world's premier leisure and business travel destinations. The deal is part of a broader buying spree in New York City, with previous purchases including the Thompson Central Park New York and InterContinental New York Times Square hotels. The Ritz-Carlton, built in 1930, features upscale amenities and is located at the heart of Manhattan's luxury ecosystem.

The former Westminster Mall in Westminster, California, is being redeveloped by Shopoff Realty Investments into Bolsa Pacific, a large mixed-use project featuring 2,250 residential units, retail space, a 120-room hotel, and public parks. The project is in the entitlement phase with demolition and construction planned to start this year. This redevelopment is part of a broader trend in Orange County to transform aging shopping centers into mixed-use communities, including projects at South Coast Plaza in Santa Ana and Lakewood Center in Lakewood.

Affordable housing construction in the U.S. surged by 73% from 2020 to 2024 compared to the previous five years, with Seattle leading in total units built and San Antonio showing the fastest growth rate. Key factors driving this increase include government policies like the low-income tax credit and the American Rescue Plan. Other notable markets with significant growth include Phoenix, Charlotte, and New York City.

New York Life is selling the Woodfield Corporate Center, a two-building office complex in the Chicago suburbs, after holding it for nearly two decades following a foreclosure in 2011. The sale reflects challenges in the suburban office market, including high vacancy rates and reduced demand post-pandemic. The property is being marketed by Colliers, and the sale highlights broader trends of institutional owners exiting troubled suburban office assets amid high interest rates and shifting work patterns.

Westbrook Partners has sold two Ritz-Carlton hotels located in Midtown Manhattan, New York, and Washington, D.C., to Miami-based investors Gencom and Trinity Investments, respectively. Gencom acquired the 253-room Manhattan hotel, marking its third NYC acquisition in under 18 months, while Trinity is close to finalizing a deal for the 300-key D.C. hotel. These transactions reflect a trend of luxury hotel sales driven by strong demand and limited supply, despite challenges in the D.C. market due to reduced business travel and international travel uncertainties.

The Norton Museum of Art in West Palm Beach, Florida, is planning a $200 million expansion to add about 100,000 square feet to its campus, allowing it to display more of its extensive art collection. The expansion follows a major renovation completed in 2019 and is driven by increased donations and community support. The project is designed by Foster + Partners and awaits approval from the West Palm Beach City Commission.

Bayshore Properties acquired the Woodlands of Crest Hill Apartments, a 730-unit garden-style multifamily community in Crest Hill, Illinois, for $110 million. The acquisition was financed with $94.9 million in agency debt provided by Greystone, including a 10-year fixed-rate Fannie Mae-backed loan and a separate mezzanine loan. The property features studio, one-bedroom, and two-bedroom units along with amenities such as a clubhouse, fitness center, swimming pool, and outdoor volleyball courts.

The article details the trial of the Alexander brothers, who are accused of a decade-long sex trafficking scheme involving the use of drugs such as MDMA, ketamine, and GHB to incapacitate women before assaulting them. Evidence includes messages and emails showing coordination to obtain and use these drugs during parties and trips, including events in New York and Miami. The brothers deny the allegations, which form part of a 12-count indictment. The case highlights the use of sedative-hypnotic drugs to facilitate sexual assault and the involvement of associates in the scheme.

Erez Asset Management, a major shareholder in multifamily REIT Veris Residential, has called for the company to explore strategic alternatives including a potential sale, believing the REIT is undervalued and could fetch a 40% to 70% premium over current stock prices. Veris owns 17 apartment developments primarily in New Jersey and Massachusetts, and despite strong occupancy and recent asset sales, its stock has traded at a discount to net asset value. Erez cites recent REIT sales and market conditions as favorable for a buyout and has requested a meeting with Veris management to discuss its proposal.

Milan has become Europe's hottest luxury housing market, with prices rising significantly due to international buyers, favorable tax policies, and redevelopment linked to the Winter Olympics. The city’s high-end residential market, especially in areas like Brera and Scalo Romana, is experiencing record prices and strong demand, including a shift toward panoramic penthouses and student housing conversions. Surrounding suburbs like Monza and Brianza are also seeing increased property values as Milan undergoes a decade-long transformation.

Starwood Property Trust acquired The National, a 52-story mixed-use skyscraper in downtown Dallas, Texas, after a foreclosure auction due to financial difficulties faced by developer Todd Interests. The redevelopment project, which transformed the former First National Bank Tower into a mix of apartments, hotel rooms, offices, retail, and restaurants, struggled with high interest rates, falling property values, and low occupancy. The foreclosure reflects broader challenges in downtown Dallas office and mixed-use markets, with the future of the property and its tenants uncertain.

January 2026 experienced the highest number of layoffs since 2009, particularly impacting business and professional services with a 118 percent increase in job cuts compared to January 2025. Hiring intentions also dropped by 13 percent, signaling employer pessimism for 2026. Despite the layoffs, wages remained stable with average increases of 4.5 percent, and those rehired saw wage growth averaging 6.4 percent. This data highlights a challenging labor market outlook early in 2026.

The University of Illinois-led Discovery Partners Institute is set to purchase a distressed 16-story office building at 250 South Wacker Drive in Chicago for about $25 million. The building, largely vacant after Molson Coors Brewing Company relocated its headquarters, was previously bought for $90 million in 2011. The institute, focused on AI and quantum computing, plans to establish a permanent home there after abandoning a previous plan to anchor a facility in The 78 megadevelopment. The purchase adds to a trend of discounted sales of older office buildings in Chicago, Illinois.

Two condominium towers in downtown San Jose, California, comprising 640 units, are being marketed for sale by Machine Investment Group and Centurion Real Estate Partners following a foreclosure acquisition. The owners are investing $30 million in renovations and upgrades to attract buyers amid strong housing demand in the area. While many units remain unsold, interest is growing, including from current residents seeking larger units.

The Godfrey Hotel in Chicago, a 221-room hospitality property owned by Oxford Capital and financed partly through foreign EB-5 investors, is facing foreclosure by its senior lender Quadrum Global due to loan defaults and depleted financial reserves. The $63 million loan, refinanced in 2023, is now in default with $57 million still owed, risking the loss of equity for the EB-5 investors. Oxford Capital has a history of amicably handing properties back to lenders while continuing to operate them. This situation reflects broader financial distress in Chicago's hotel market, including other EB-5 related litigation involving hotel projects in the city.

The U.S. Department of Homeland Security purchased a 418,000-square-foot warehouse in Surprise, Arizona, for over $70 million to convert it into a 1,500-bed detention facility for Immigration and Customs Enforcement. The acquisition is part of a broader DHS effort to expand detention space nationwide amid increased federal immigration activity. The purchase faced local opposition, with Surprise city officials stating they had no prior knowledge or control over the transaction or the facility's intended use due to federal jurisdiction.

Compass's lawsuit against Zillow over its listing policy was dealt a setback when a federal judge denied Compass's request for a preliminary injunction, allowing Zillow to continue enforcing its policy while the case proceeds. The judge found no direct evidence of anticompetitive behavior or monopoly power by Zillow. The dispute centers on Zillow's listing policy and its impact on competition and marketing strategies in the real estate industry, with both companies emphasizing the policy's importance to their business models.

Westbrook Partners has sold two Ritz-Carlton hotels located in New York City and Washington, D.C., with buyers Gencom and Trinity Investments respectively. The luxury hotel market shows growth in revenue per available room, despite an overall industry decline. Additionally, Blackstone purchased the Four Seasons hotel in San Francisco, marking its first hotel acquisition in the city in a decade. Gencom, along with other investors, also acquired the InterContinental New York Times Square hotel. These transactions highlight active investment and divestment in the hotel sector across major U.S. cities.

Sky Zone, an indoor play experience featuring trampolines and obstacle courses, is expanding its presence in New York with new leases totaling over 190,000 square feet across multiple locations including East Harlem, the Bronx, Queens, and Brooklyn. The brand continues to grow its footprint in the boroughs with plans to open several large facilities by 2027, offering various pricing options and memberships to attract families and children.

Work on New York's Gateway Tunnel project, aimed at replacing century-old Amtrak tunnels under the Hudson River, has halted due to the federal government withholding funding. This stoppage has led to the loss of about 1,000 jobs and threatens the integrity of the North River Tunnel. The funding dispute involves political negotiations and legal action, with significant impacts on transportation infrastructure in New York and New Jersey, including the Second Avenue Subway extension.

DRA Advisors and KPR Centers secured a $415 million loan from HPS Investment Partners to refinance a portfolio of 13 grocery-anchored open-air shopping centers totaling 2.4 million square feet in the Northeast U.S. The properties are located in Pennsylvania, Connecticut, Massachusetts, and New Jersey. Newmark arranged the debt financing for the transaction.

The article details significant personnel moves and recruitment activities among luxury real estate brokerages in Beverly Hills and surrounding Los Angeles areas, including Hilton Hilton, The Agency, Compass, Resident Group, Coldwell Banker Realty, and Rodeo Realty. Key agents and teams have shifted firms, with notable sales volumes and high-profile client transactions highlighted. The focus is on residential real estate services, including advisory, design, and development, with no mention of commercial or other property types.

Ranco Capital and the Gilardian family secured $115 million refinancing for 162 East 36th Street, a 22-story multifamily building with 160 units in New York City. The financing from Affinius Capital will support construction completion and lease-up stabilization. The building, located in Manhattan's Murray Hill neighborhood, will include studios, one-bedroom, and two-bedroom units, along with ground-floor retail space, addressing the high demand for quality multifamily housing in the area.

Equity Residential, a housing-focused REIT, reported strong occupancy of 96.4% and increased funds from operations in Q4 2025 despite economic challenges. The company saw robust rental growth in coastal markets like San Francisco and New York, purchased 2,439 housing units totaling $636.8 million in 2025, and sold 803 apartment units in Los Angeles, Seattle, and Hoboken, New Jersey. Equity Residential also initiated significant share repurchasing programs to reduce shares outstanding, attributing strong resident retention to customer service and housing affordability issues.

APF Properties lost ownership of a Midtown office building at 25 West 45th Street after foreclosure proceedings, with Wells Fargo acquiring the 200,000-square-foot property for $45.1 million. The building faced high vacancy and financial difficulties following WeWork's lease termination and the pandemic's impact on the office market. Additionally, Stefan Soloviev's firm purchased a nearby site at 24 West 57th Street from APF for over $67 million, with plans for a large office development.

A 4.8-acre lot in Paradise Valley, Arizona, sold for $14.3 million, marking the highest price-per-acre in the state this year. The property, which includes a nine-bedroom home likely to be demolished, was purchased for use as a primary residence. This sale reflects strong land value and increased sales activity in the area, with neighboring lots also seeing significant transactions in recent years.

A historic Beverly Hills estate originally built for actor James Cagney is listed for $38.5 million. The 5-acre compound includes a main house expanded to 6,000 square feet, a guest house, pool, outdoor kitchen, and sports courts. Despite new transfer taxes and potential billionaire tax, the luxury real estate market in Los Angeles is seeing increased buyer interest and limited inventory.

Spira Equity Partners and Foundation For Affordable Housing acquired a 300-unit low-income apartment complex called The Falls of Bonaventure in Weston, Florida, for $50.5 million. The property consists of two five-story apartment buildings and a clubhouse on nearly 20 acres. Both firms have extensive portfolios in affordable housing, with Foundation For Affordable Housing owning nearly 38,000 units nationwide. The article also highlights other recent affordable housing transactions in South Florida, including sales and renovations of apartment complexes and senior independent living facilities, reflecting strong investor interest driven by regional housing demand and affordability challenges.

Griffin Capital secured a $47 million refinancing loan for 1900 Parmer, a 364-unit apartment complex in north Austin, Texas, despite a challenging multifamily market caused by an oversupply of new apartments. The property, completed in 2024 and nearly fully occupied, benefits from its location near the Domain, a strong office submarket in Austin. Griffin developed the complex as part of its first Qualified Opportunity Zone Fund and has since raised $2 billion in equity across multiple funds managing 32 properties in the Sun Belt.

The article highlights several high-value real estate transactions in South Florida, including the sale of a mansion in Manalapan for $31.5 million, a shopping center in Miami for $23.2 million, a newly built single-family home in Miami Beach for $16.2 million, and a condo in Miami for $10.6 million. These deals involve residential and commercial properties with notable buyers and sellers, reflecting the active luxury real estate market in the region.

The article discusses New York City's $38.4 million investment to install heat pumps in 712 public housing units managed by the Housing Authority, highlighting ongoing issues with heating reliability in NYCHA developments. It also covers challenges faced by private landlords and government housing programs, the foreclosure and bankruptcy of the Fordham Landing mixed-use project, and recent real estate transactions and developments in New York City, including residential and commercial deals and new building permits.

In New York City, there were 206 real estate transactions totaling $353 million within 24 hours on February 5, 2026. Notable sales included a $19 million townhouse in the West Village, a $30 million commercial land parcel in Hell’s Kitchen planned for a 71-unit apartment building, and a $26.2 million office building in the Garment District. Other significant residential sales involved townhouses and luxury units on the Upper East Side, Midtown, and Greenwich Village, with prices ranging from $11.2 million to $18.2 million. The city’s residential mortgage market shows a lower troubled mortgage rate compared to the national average, despite some localized difficulties.

The article discusses the Cook County Assessor race in Chicago, focusing on candidates Patrick Hynes and incumbent Fritz Kaegi. Real estate developers and construction unions have heavily supported Hynes, who promises more predictable property tax assessments and plans to attract business development. Kaegi, elected in 2019 as a reform candidate, has faced criticism for his handling of commercial property reassessments post-pandemic and delayed tax bills but retains support from some real estate investors and government worker unions. The property tax system's impact on multifamily construction and residential tax burdens in lower-income areas is a key issue in the campaign.

The U.S. population growth slowed to 0.5% in 2025, driven by a sharp decline in international migration and a record low fertility rate. This demographic shift is expected to impact apartment markets, particularly in gateway cities, by putting downward pressure on home prices and rents. Despite a surge in new apartment construction during the pandemic, rent growth has slowed, with some markets like Miami and Phoenix experiencing rent declines. Immigration remains a key driver of population growth in many states, but recent deportation policies and reduced migration are causing uncertainty for developers. Fast-growing states include Texas, Arizona, North Carolina, South Carolina, Idaho, Utah, Delaware, and Washington, while Florida's growth has slowed. Major cities like New York and Chicago continue to face housing shortages and high rents despite the slowdown.