We might be headed for a rail strike by Thanksgiving that could cripple US supply chains and push the economy ‘over the edge’
Yahoo Finance / Fortune, November 5, 2022
Even though a rail strike was avoided only months ago, not every rail union has voted to ratify the resulting agreement. As a result, it is still possible for a strike to begin as soon as November 19 is no deal is reached. According to RESI Chief Economist Daraius Irani, such a strike could contribute to the expected recession in our near future. “We’re already facing a supply chain crisis, and now with this on top of it, it could just be a fast accelerant towards a recession,” said Irani. This would be particularly bad timing, disrupting U.S. logistics right before the heaviest shopping days of the year.
Housing Committee Reviews Rent Increase Protection Bill
Montgomery Community Media, October 28, 2022
In late October, the Montgomery County Planning, Housing and Economic Development (PHED) Committee considered a bill to cap rent increases, preventing more than a 4.4% increase for the six months following passage of the bill. Since May of 2022, following a previous rent-protection period, the county received numerous complaints about rent increases as high as 90%. However, opponents of the bill expressed concern that the bill would discourage housing development in the county and lower property tax revenues. They cited a RESI study, completed in 2015, which concluded that “implementing rent control would result in reductions in property values of existing multifamily properties and would significantly decrease county property tax revenue.”