Lawmakers in Congress are edging the federal government closer to a shutdown, with a Tuesday midnight looming as the date to pass a temporary funding bill. Without a deal, the impacts will be felt nationwide — including among seniors.

During a shutdown, non-essential government functions pause, while essential operations such as defense, law enforcement, air traffic control, and Treasury debt services continue. Mandatory spending programs, including Social Security and Medicare, also remain funded.

Still, seniors would likely encounter disruptions. While Social Security checks would continue, services at the Social Security Administration (SSA) — such as issuing new cards, processing benefit applications and handling overpayment cases — would be limited or halted.

Medicare, Medicaid, and disability beneficiaries would continue to receive benefits, but a shutdown can cause administrative delays and longer call wait times for certain services.

“A government shutdown would jeopardize critical services that seniors rely on, from Social Security offices and Medicare assistance to veterans’ benefits and health programs,” said Andy Mangione, senior vice president of Association of Mature American Citizens (AMAC), in a statement. “The confusion, backlogs, and service disruptions that accompany a shutdown create needless anxiety and hardship for older Americans living on fixed incomes.” 

AMAC, which has more than 2 million members nationwide, is urging Congress to pass a clean Continuing Resolution (CR).

Economists note the broader economic fallout from shutdowns is typically modest. Bank of America Global Research estimates a full shutdown starting Oct. 1 would shave about 0.1 percentage point off gross domestic product growth per week, though that drag is usually reversed in future quarters.

Since 1977, there have been 20 shutdowns, seven of which lasted longer than the eight-day average. Recent high-profile lapses include the 16-day shutdown in 2013 and the record 35-day impasse in 2018-19.

Operationally, shutdowns have historically furloughed around 800,000 federal employees, though the number would be somewhat lower today due to reduced staffing levels. 

President Donald Trump has said he would seek large-scale permanent federal workforce cuts if a shutdown takes effect. Any plan to avert a shutdown will need bipartisan support to clear the 60-vote threshold in the Senate.

Living in a New York City apartment means being in close proximity to your neighbors 24/7—and dealing with a fair share of noise as a result. But what if noise from next door, above, or below is so disruptive that it interferes with your life?

According to a recent New York Times article analyzing NYC’s 311 service logs, noise complaints topped the list with 738,816 requests—an average of more than 2,000 every day, and up from about 19 percent over 2023. Residential noise accounts for approximately half of those, including common nuisances such as loud music, shouting, and parties. No surprise, the problems peak after 10 p.m.

“We get calls like this all the time,” said Alan Fierstein, founder and president of NYC acoustical consulting services firm Acoustilog. He’s heard it all: An upstairs neighbor moves furniture and vacuums in the middle of the night, or a family just moved in with ‘active children’ running around above your bedroom.

While excessively noisy neighbors in NYC can be challenging, there are practical steps you can take to address the issue while maintaining a good relationship or at least avoiding escalation.

The first tip is not to address a noise problem while it’s happening (unless you fear someone’s life is at stake—then you should call 911). Instead, pick a time when you are calm.

“Hearing noise from a neighbor can be very emotional—it’s frustrating, irritating, and feels like you are being disrespected, so the first thing I tell clients is that the noise is not personal,” said Altagracia Pierre-Outerbridge, attorney and founder of Outerbridge Law (FYI, a Brick sponsor) representing residential tenants, condo owners, and landlords.
 
The second tip is that a landlord or owner is required to maintain your apartment’s safety and livability at all times, and excessive noise is one of the conditions they must address under the warranty of habitability.
 
That said, NYC’s dense, vertical environment means some noise is inevitable. Courts and law enforcement often expect residents to tolerate a reasonable amount.
 
Here’s a concise guide to dealing with extremely noisy neighbors based on the realities of NYC living.

Document and record the noise

To effectively address a noise issue, it’s essential to keep a detailed log of disturbances, including dates, times, and the nature of the noise. This log serves as crucial evidence of a recurring problem when communicating with your neighbor or landlord about the issue.
 
Use a dedicated calendar to record every instance of the noise, including the date, time, and type of each disturbance. Record audio or video if possible (from within your own space to avoid legal issues). Apps like Decibel X, Decibel Pro, and SmarterNoise can transform your smartphone into a decibel meter, enabling you to measure, monitor, and record noise levels.
 
While initial documentation provides a sense of control, it may not be sufficient for legal action. For legal proceedings, you may need professional, costly sound level measurements, making a peaceful resolution a more practical goal.

Recruit other neighbors

If the noise is an issue throughout the building, or at least on your floor and the adjacent ones, you will stand a better chance of addressing it collectively. It’s relatively easy for a landlord or board to shrug off one person’s complaint, but not so easy to ignore multiple reports.
 
If you are nervous about talking to your neighbors, consider how relieved you would feel if they approached you with the same issue. Employ the same tactful approach as you would with the culprit—do not use hostile language or engage in idle gossip. Keep the conversation objective and focused on the noise, rather than the person causing it. Ask your neighbors’ permission to record your conversations or take careful notes to document dates and times as described above. You can also create a Google Doc and share it with your neighbors, allowing them to comment directly and in real-time.

Talk to your neighbor

If it feels safe, approach your neighbor politely—never in the heat of the moment, when you’re more likely to come off as hostile and use words you’ll regret, suggested Michele Kirschbaum, director of programs at New York Peace Institute, which offers free mediation services for disputes in Manhattan and Brooklyn, including harassment, civil or criminal matters, and noise complaints.
 
Do this when you are calm to avoid confrontation—and in a spirit of collaboration and mutual understanding. One conspiratorial approach is to blame the noise on the building’s thin walls, treating it as an issue that affects everyone, and keep the focus off the individual offender.
 
Just be clear about what noise you are talking about—they may not even realize that their noise bothers others, especially in close quarters like apartment buildings. Try a friendly note or in-person chat, e.g., “Hey, I’ve been hearing some loud music late at night and having a hard time sleeping—any chance you could lower the volume after 10 p.m.?”
 
However, Jacob Wood, a broker at Coldwell Banker Warburg who manages rentals for his owner-clients, cautioned against going this route. 

“Unless you already have a good relationship with your neighbor, you may as well go directly to your landlord at the first sign of the issue to avoid an unnecessary confrontation,” he said. “It’s only the landlord’s authority that carries weight anyway.”
 
Wood cited a recent situation where a subtenant in a co-op left multiple notes for their upstairs neighbor, complaining about noise, and the co-op came down on the subtenant for harassment. “It’s best to go through the proper channels—your landlord or the building’s managing agent—with any complaint, rather than contacting the offending party directly,” he said.
 
Patricia Gilman, another broker at Coldwell Banker Warburg who also manages rentals, agreed with that strategy. 

“If the noise is constant and incessant, I would hope the renter contacts me as the property manager, even if they have already contacted the building staff. I instruct my tenants to contact me with any concerns, and then we can determine how to address them,” she said.

Alert your landlord

Start by reviewing your lease or building policies for any “quiet enjoyment” clauses or specific noise rules.
 
“Hopefully, the lease includes rules related to noise and repercussions for violations. If so, you should immediately and consistently enforce the terms of your lease,” Wood said.
 
Even if you don’t spot anything relevant, landlords must address conditions (including tenant-caused noise) that significantly disrupt your ability to use your apartment under what’s called the warranty of habitability. This is a set of livability requirements guaranteed by law in every lease, whether it is spelled out or not. 
 
Contact your landlord or property manager in writing, detailing the issue and requesting intervention. Consider attaching your log and recordings to back up your complaint.
 
Before alerting the landlord, Fierstein recommends having the super, doorman, or other building staff stand in your apartment when the noise is happening to hear it firsthand. 

“If they agree that the noise is pretty bad, they may go up and talk to your neighbor themselves, which is helpful because they have the authority of being related to the management,” he said. They can also serve as a double check to make sure that you are not being overly sensitive, he added.
 
If the landlord doesn’t act—which, according to the experts Brick spoke to, is all too common—you may want to hire an acoustical expert to substantiate the noise level or go the legal route. (More on both options below.)
 
You can also consider free mediation services offered by organizations like the New York Peace Institute. They can facilitate a neutral conversation with your neighbor or landlord to find a resolution.

Hire a pro

The NYC noise code, enforced by the Department of Environmental Protection (DEP) and NYPD, regulates “unreasonable” noise levels (e.g., above 42 decibels indoors at night).

That can be a tough measure to prove without hiring an acoustical engineer, which can be pricey but essential if the matter escalates and you decide to sue in housing court. Fierstein noted that his company is also sometimes hired to make a recording to bring to a meeting with management or the board, with the goal of avoiding the time and expense of a lawsuit.

As he explained, smartphone recordings do not accurately capture low frequencies, such as footfalls and bass music—among the more common sounds that cause complaints. There’s also no way to verify that the recordings are genuine or manipulated. (Visit the residential tab on Acoustilog’s website for more information.)

That’s why “calibrated recordings” by acoustical engineers are often necessary to prove your case. Fierstein said he will leave his recording system in your apartment for a week, and it can either run around the clock or you can turn it on when the noise is happening. The date and exact time of each occurrence are documented on the recording, allowing time-correlated graphs (similar to an EKG) of the noise disturbance to be created. This visual can help show a recurring problem—or a “pattern of nuisance” in legal parlance.

Equally importantly, the audio can be played back in court, so it approximates what it sounds like in your apartment at the time it happened. “This provides very convincing evidence. The judge doesn’t have to imagine what ’89 dB at 31.5 Hz’ sounds like; we can demonstrate it,” Fierstein said.

Expect to pay upwards of $1,000 for this kind of service, with the cost increasing depending on whether you retain the firm to meet with your landlord/management or to provide expert testimony in a trial.

To initiate the process, contact local companies such as Acoustilog, New York Soundproofing, and Brooklyn Insulation & Soundproofing to obtain a quote. Rates can fluctuate, so request proposals tailored to your needs.

Report it to the city

If the noise persists, call 311 or file a complaint online at nyc.gov/311. Noise from neighbors (e.g., loud music or parties) is handled by the NYPD as a non-emergency response. Provide specific details from your log.
 
If you suspect you are hearing signs of domestic violence or abuse, do not intervene directly. Call 911 and request a “wellness check” or report a more serious concern immediately.
 
Better yet, reach out to your local police department—every precinct has a domestic violence unit that you can turn to for guidance based on the details of your situation.
 
Organizations such as Safe Horizon, the Urban Resource Institute, and the New York State Coalition Against Domestic Violence all have hotlines that you can call for advice and resources in your specific neighborhood or borough.
 
If a neighbor threatens you, New York state law defines harassment as any conduct intended to annoy, threaten, intimidate, or alarm another person. If that sounds like your situation, there are steps you can take—including calling the police if you are ever physically in danger. Read: “Is your neighbor harassing you? Follow these 4 steps to handle the problem” for guidance.

Dampen the noise

If talking to your neighbor or landlord fails to resolve the issue, you may need to find ways to mitigate the noise while you consider other actions—or as a permanent solution if all else fails.
 
“Soundproofing is tricky for renters, who cannot legally do any construction without the landlord’s permission, and good soundproofing usually requires construction,” Fierstein said, adding that acoustical panels sold online are usually not 100 percent effective at blocking out noise.
 
Furthermore, he explained that sound emanating from a neighbor’s apartment enters your space—the bedroom is where most of his clients experience disruptive noise—through multiple pathways. For example, noise from an upstairs or downstairs neighbor not only comes through the room’s ceiling or floor but also through the walls. Similarly, noise from next door might be loudest through the separating wall, but it’s also coming through the floor, the ceiling, and both side walls.
 
So to really seek relief, you would need to hire a soundproofing specialist to install the right materials—but not without your landlord’s permission. Even if they approve, you may not want to foot the high bill.
 
Or you can rely on a noise machine or a (free) app with lots of different sounds. “You have to use a noise that is in roughly the same frequency range as the noise you are trying to mask, so white noise is good at masking high-frequency hissing but not low-frequency booms and rumbles, such as from loud music,” Fierstein said. Use “brown” noise, meaning louder ambient sounds, such as recordings of  a river or strong wind, for those culprits.
 
Noise-canceling headphones are also effective but can be difficult to wear when sleeping. Earplugs, on the other hand, are more convenient but will not block out those bass beats. Experiment to determine which tools work in your situation.

Consider breaking your lease

If the situation is intolerable and you are deciding whether to remain in your apartment, you may be able to negotiate an early termination of your lease. Be aware that breaking your lease comes with risks, so approach this idea with your landlord carefully.
 
You’ll need to adhere to the typical 30-day notice requirement and provide written notice, preferably in a demand letter drafted by an attorney.
 
“Then the landlord has a duty to mitigate the damages by finding another tenant for your apartment, and that notice period is beneficial because you become a witness to their failure to mitigate if they never show your place,” Outerbridge said.

Sue the landlord

If you are intent on staying in your apartment, Outerbridge said that noise is a condition just like a lack of heat or hot water, and that your remedies are also the same—including withholding rent. Always seek legal help to understand all potential outcomes, as the landlord may end up suing you for failure to pay.
 
“Noise is one of the hardest issues to litigate about, though some courts have likened it to an intrusion,” Outerbridge said. Given the high cost of litigation, she advises people that they might be better off moving into another apartment. In her experience, however, most people prefer to stay—maybe they love the location, their kids attend school nearby, or the rent is reasonable. Plus, finding another apartment is never easy in NYC.
 
“The big issue, however, is how the courts view noise complaints, and it can be very difficult to convince them that the noise rises to the level of being a nuisance,” she said.
 
That’s why she recommends having an attorney send a formal demand letter to the landlord, laying out the evidence and essentially stating that either they must install soundproofing or face court proceedings. 

“Soundproofing is very expensive, so some landlords will ignore the letter, though one landlord is currently installing it after receiving the demand,” Outerbridge said, noting that many would rather pay thousands on soundproofing than the potentially greater and unknown amount of legal fees.
 
To see if you qualify for free legal assistance, contact the Legal Aid Society or Legal Services NYC. You can also call 311 and ask for the Tenant Helpline, where counselors are available to offer resources. Renters who are facing eviction in Housing Court are guaranteed access to free legal representation or advice under the NYC Department of Social Services.
 
Tenants living in rent-controlled or rent-stabilized apartments can contact the New York State Division of Housing and Community Renewal.

Make a disability claim

Beginning during the pandemic, Outerbridge has had success pursuing noise complaints with the New York City Commission on Human Rights, which focuses on discrimination and harassment in housing based on protected characteristics (e.g., race, gender, disability, age, source of income, marital status, sexual orientation, and others).
 
If you have a disability, such as insomnia, depression, PTSD, or anxiety, that is caused or worsened by the neighbor’s noise, then the landlord is required to make reasonable accommodations, including soundproofing or other measures.
 
Again, Outerbridge said that alerting the landlord of your intention to go this route in a formal demand letter will often get them to do the right thing under the law—without actually having to step inside a courtroom.

 

U.S. banks earned an estimated $1 trillion in excess interest revenue during the Federal Reserve’s two-and-a-half-year period of elevated interest rates, an analysis of official data by the Financial Times shows.

Lenders reportedly benefited from higher yields on deposits held at the Fed while paying relatively low rates to many savers — boosting profit margins across the country’s more than 4,000 banks.

At the end of the second quarter, the average U.S. bank paid depositors an annual interest rate of 2.2%, according to Federal Deposit Insurance Corporation data.

This is higher than the 0.2% rate two years ago but well below the Fed’s 5.5% overnight rate. JPMorgan Chase and Bank of America reportedly paid 1.5% and 1.7% on average, respectively.

Those lower payments to depositors generated roughly $1.1 trillion in additional revenue, about half of total bank income over the period, the Financial Times’ calculations indicate.

The approach contrasts with Europe, where some governments imposed windfall taxes on banks that benefited from rising interest rates.

Bank actions following rate cut

The Fed recently cut its main policy rate by half a percentage point — with some banks then moving quickly to pass the cuts on to depositors.

Hours before the reduction, Citi informed private bank clients that their rates on accounts paying 5% or higher would fall by half a percentage point if the Fed acted, according to a source familiar with the matter who spoke with the Financial Times.

At JPMorgan, clients with $10 million or more in cash were reportedly told their savings rates would be cut by 50 basis points and that future changes would track the Fed’s actions.

“Because of the rate cut, banks will certainly have the ability to reduce deposit costs,” Chris McGratty, head of U.S. bank research at KBW, told the Financial Times. “The degree of aggressiveness will, I think, vary bank to bank.”

JPMorgan said it aimed to ensure a “fair and competitive rate.”

Citi and Bank of America declined to comment, according to the report.

Larger windfall shares in the past

A report from the Risk Management Association compared banks to gas stations — noting that they are typically slow to raise prices but quick to cut them.

Many analysts had predicted that competition from fintech companies and the ease of moving funds would force banks to share more of the Fed’s higher rates with depositors.

Analysis from the Financial Times shows banks retained much of the benefit, though slightly less than in previous tightening cycles.

The collapse of Silicon Valley Bank and other failures in early 2023 forced mid-sized and smaller banks to raise rates to retain customers — while larger banks saw an influx of deposits, reportedly allowing them to delay rate increases.

Overall, U.S. banks captured about two-thirds of the Fed’s higher interest rates from March 2022 through mid-2025, paying depositors nearly $600 billion in interest.

By comparison, during the last rate-hike cycle from 2016 to 2019, banks captured 77% of the benefit, the Financial Times added.

Although the Fed is now easing monetary policy, bank stocks rose as investors bet that lower rates and a healthy economy would spur borrowing and investment banking activity.

The highest interest rates in more than a generation also pushed nearly $3 trillion into certificates of deposit, which typically offer the highest fixed rates and cannot be changed overnight, data showed.

From October 1, the Government’s Home Guarantee Scheme will expand to include more first homebuyers and more properties across the country. But while this will create fresh opportunities for those looking to crack the market, it may not be the best option for everyone.

HOW DOES THE SCHEME WORK?

The Home Guarantee Scheme is a national Government scheme that enables eligible first homebuyers to purchase a home using a deposit of 5 per cent without paying Lenders Mortgage Insurance (LMI). Housing Australia effectively acts as a guarantor in order for your lender to waive the LMI on a loan of up to 95 per cent of the property’s value.

“Under this scheme, the government doesn’t lend you any money that you have to pay back,” says Canstar data insights director Sally Tindall. “Instead, what it does is commit to the lender that if the mortgage ends up in default, it will step in.”

MORE: 9 out of 10 Boomers causing Aussie crisis

WHO IS ELIGIBLE?

First homebuyers must be Australian citizens or permanent residents, at least 18 years old and be buying a property to live in. Currently, applicants must have a taxable income of $125,000 or less for individual applicants or $200,000 for joint applicants.

Property price caps apply in capital cities, regional centres and other parts of each state and territory. Check full eligibility requirements at www.housingaustralia.gov.au/

WHAT ARE THE CHANGES?

From October 1, income limits no longer apply. There will also be no limit to the number of places available on the scheme. The current property price caps will also increase.

MORE: Exposed: Aussie suburbs now under siege

WHAT ARE THE BENEFITS?

Founder and principal adviser at First Choice Mortgage Brokers Tony Bice says saving on LMI comes as a massive boost to first homebuyers – one that will be magnified when spots become unlimited.

“Most borrowers don’t have a 20 per cent deposit, so they incur Lenders Mortgage Insurance,” he says. “Under this scheme, Lenders Mortgage Insurance is actually picked up by Housing Australia.”

Canstar research shows someone buying a $1m property with a 5 per cent deposit could pay about $39,924 in LMI based on Helia’s LMI fee estimator.

“The idea behind the scheme is to help level the playing field between those first home buyers who have a parent that owns property and can act as their guarantor versus those who do not, and on this point, the scheme has absolute merit,” Tindall says.

She says the scheme also allows first homebuyers to potentially save on rent and beat rising property prices by cracking the market sooner, while purchasing “a sense of security.”

MORE: Banks now charge these Aussies $373k extra

WHAT ARE THE RISKS?

However, it does have some downsides. Low deposit home loans do come with risks.

“Borrowing at capacity, with very little left in the tank can potentially put you in a rock and a hard place if you hit a bump in the road,” Tindall says, explaining you could be stuck in mortgage prison if times get tough.

“Borrowers typically don’t refinance to a different lender unless they have a 20 per cent deposit, because the new lender will ask them to pay Lenders Mortgage Insurance again and that cost can potentially cannibalise any savings from switching,” she says. “The lower your starting deposit, the more time you’re likely to have to stick with that same lender.”

There’s also the risk of negative equity if property prices go down – plus the more you borrow, the more interest you pay over the life of the loan.

MORE: ‘Horror’ rise of pest taking over Aus homes

Canstar compared the difference in interest costs between a buyer today taking out a loan for a $1m property with a 5 per cent deposit versus one with a 20 per cent deposit starting on the average RBA new customer owner-occupier variable rate of 5.50 per cent, assuming there is one more cash rate cut.

“As a result, they would take on a loan size of $950,000 instead of $800,000 and pay $852 more a month in their initial monthly repayments,” Tindall says. “The interest over the life of the loan, due to the larger loan size would be an estimated $148,268 extra.”

However, this doesn’t take into account certain variables such as the extra rent paid by someone waiting to save up the full 20 per cent – or capital gains they may miss out on by not buying sooner.

WHO DOESN’T IT SUIT?

If you want to rent out your property after a few years, the Home Guarantee Scheme is definitely not for you.

Bice says if you did rent it out, your lender could impose some strict penalties on you, such as charging you the LMI you would have paid had you not been in the scheme.

“In some cases, they may even revoke the loan,” he says. “This is not something where you can go in for a certain period of time and then turn around and decide to flip it into an investment property.”

It’s also not ideal if your income is low and you live in an expensive housing market, because you may not be able to service the loan size you need in order to buy a property.

“It’s opening up the door to higher earning first homebuyers with a minimal deposit,” Bice says. “But for the overwhelming majority of borrowers that are on an income average of about $100,000 or a bit over $100,000, then they’re probably still stuck in that rut where they still can’t afford it.”

MORE: Inside the homes of the AFL’s Grand Final superstars

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New approval for a purpose built student accommodation (PBSA) is opening new gateways of relief for those suffering from the housing crisis.

In our major cities, higher density suburbs close to tertiary institutions are commonly affected by domestic and international students competing against average renters for vacancies – however, regional students also suffering from undersupply.

Sydney based developer Bloc. Living has recently received approval for a suburban PBSA co-living development in the City of Newcastle suburb of Jesmond.

A new, novel idea, which could open up valuable housing opportunities.

MORE: Where rents are skyrocketing, falling

The new PBSA hopes to alleviate this pressure and free up housing stock for those in need.

The site is located on Gothic Street in Jesmond, 350m from the entrance to the University of Newcastle Callaghan campus just 9km west of the Newcastle CBD.

Bloc. Living found that the majority of rental housing stock in the area is being leased per room to students and young professionals which takes homes away from families needing rental accommodation.

The DA approval proposes a three -storey co-living complex, designed around a central courtyard.

It will contain 53 studio units with extensive indoor and outdoor communal living areas.

MORE: Rate cut boom for towns as investors flee city

“Our smaller scale purpose-built living developments will provide residents with convenient and well-designed apartments close to the University and nearby shops and hospitals,” a spokesperson for Bloc Living said.

“The smaller scale of these suburban co-living developments allow for greater connections between residents rather than living in anonymous towers.

“Co-Living takes away the stress of finding and vetting suitable roommates, signing leases on behalf of rooms-mates, buying furniture and setting up, paying utility bills, Wi-Fi bills and will allow residents to adjust to their life changes.”

The construction program will be approximately 16 months with an estimated end value on completion circa $17.5+ million.

Bloc. Living also received approval for a similar co-living development in the regional City of Wagga Wagga NSW approximately 400m from the Wagga Base Hospital and the new UNSW Rural Medical Clinic where it aims to provide accommodation for medical professionals, hospital staff and students in the area.

9 Gothic Street, Jesmond is currently on the market for sale via Partner and Head of Agency Brent Sinclair of Knight Frank’s Newcastle.

MORE: ‘Buy once, cry once’ – solar’s big risk exposed

The post Purpose built student accommodation could help ease Australia’s housing crisis appeared first on realestate.com.au.