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With less than a month before the New York City mayoral election, New Yorkers have been inundated with polls, snarky posts on X, and off-putting, AI-generated campaign videos seeking to influence their votes. But there’s another campaign brewing ahead of this fateful November.
On Nov. 4th, New Yorkers will have the chance to vote on three ballot measures that would rewrite how NYC’s government signs off on certain affordable housing developments. And pro-development advocates already plan to spend millions to encourage locals to vote yes on those three ballot questions, while the City Council has started loudly campaigning against them.
The measures would give the City Planning Commission and other agencies, rather than the City Council, the power to approve affordable housing projects, particularly in neighborhoods that produce few affordable apartments. Advocates say the changes would pave the way for affordable housing construction in NYC—something NYC desperately needs to keep up with demand—and early polling shows that the measures are popular, Politico reported.
“We have failed to build the housing New Yorkers need, leaving tenants to fight over too few affordable homes,” said Annemarie Gray, the executive director of pro-development group Open New York, in a statement. “These ballot measures finally give New Yorkers a chance to vote for systemic changes to bring down housing costs.”
But the City Council said the proposals from the Charter Revision Commission—convened by embattled Mayor Eric Adams—are a power grab intended to weaken the Council’s authority over development, and as a result, the power of local constituents. (City Council Speaker and former-mayoral candidate Adrienne Adams pushed to keep the questions off the November ballot earlier this month.)
“We believe in delivering real housing solutions that meet the needs of our communities, not misleading schemes to trick voters, take away their voices and power, and provide giveaways to developers,” Julia Argos, a spokesperson for the City Council, said in a statement.
It’s true that these ballot proposals would limit the role of the City Council. They also would, at least as written, speed up the process of approving certain affordable housing developments across NYC, provided that a future mayoral administration actually enacts these changes.
“It’s one thing to propose concepts for streamlining government approvals and processes, but it’s really all about the administration of that process,” said Spencer Levine, president of the developer RAL Companies.
Read on to understand exactly what you’ll be voting on. And just FYI: the housing-related questions are not the only proposals that will show up on your ballot in November. Read up on all of them here.
Proposal #1: A ‘fast track’ for affordable housing
The first ballot question proposes creating a “fast track” to speed up two things: zoning changes to allow for publicly funded affordable projects, and affordable developments in neighborhoods that see few new, rent-restricted apartments.
“The idea is to provide an opportunity for those projects that are special—in that they are either publicly-funded affordable housing initiatives, which tend to be 100 percent affordable, or projects in communities that don’t have affordable housing—and it will provide an opportunity for those to more forward in a different process,” said Herrick Feinstein attorney Mitch Korbey, who chairs the law firm’s land use and zoning group.
First, the proposal would allow a lesser-known city agency, the Board of Standards and Appeals (BSA), to rezone areas for affordable projects funded with city, state, or federal dollars, so long as those developments fit with a neighborhood’s character, according to the Charter Revision Commission’s final report. (The BSA—a group of five mayoral appointees including an architect, engineer, and city planner—is already charged with resolving disputes over zoning and land use issues, said Korbey, a former BSA member under former Mayor Rudy Giuliani.)
Normally, these rezonings would go through the city’s Uniform Land Use Review Process (ULURP), which budgets for roughly seven months of public hearings and reviews by a variety of city agencies, though it can take much, much longer. The proposed “fast track” slashes that time frame to just three months.
Second, the commission’s changes would also pave the way for faster development in neighborhoods that see the lowest numbers of new, affordable apartments. Those neighborhoods wouldn’t be determined until 2027, but as of last year, two council districts built no affordable housing projects: the Upper West Side and Eastern Queens, City Limits reported
Under the changes, affordable developments in the 12 City Council districts that permitted the least amount of affordable housing could go through a fast-tracked approval process, where the local borough president and community board would have to evaluate the project at the same time. (Plus, the City Planning Commission would have 30 days, instead of 60 days under ULURP, to review a development application.)
All told, a faster process would make it easier to build housing in NYC, Levine said. That’s because the longer a developer has to wait to build, the more expensive a project becomes, and affordable developments already have more limited budgets, he added.
“Having been through the ULURP process several times, I think any improvements that streamline the process to bring a public benefit would certainly be welcome in the industry,” Levine said.
Proposal #2: Speedier reviews of ‘modest’ developments
If there’s anything NYC loves, it’s an acronym. The next ballot question proposes creating the Expedited Land Use Review Procedure (ELURP), which would “cut in half” the amount of time it takes to review certain projects looking to construct bigger buildings.
That shorter process would cut out the City Council and mayor’s role. Instead, the City Planning Commission’s decision would be final, according to the Commission’s report.
The report focuses on two types of rezonings that could go through ELURP: rezonings in medium and high-density areas (think Manhattan and Downtown Brooklyn) that would allow for up to 30 percent more residential space, and rezonings in low-rise communities (think Staten Island or the far-flung parts of the outer boroughs) to allow housing developments up to 45 feet tall. And any ELURP project must include permanently affordable housing to score more space or height, according to the commission’s report.
But the city could also use ELURP for a handful of other projects and rezonings, including raising street grades to protect areas from flooding, adding solar panels on city-owned property, and building housing on city land.
Proposal #3: A new appeals board with a say on affordable projects
Lastly, the commission proposed creating an appeals board that can override the City Council, if the council votes against a new affordable housing development or modifies it. That appeals board would be made up of the mayor, the president of the borough where the project lies, and the speaker of the City Council.
The move would shift power away from the City Council, where members have an unofficial veto power over projects in their districts. Council members can use that power to negotiate for better amenities or more affordable apartments, and can also block unpopular projects. The commission billed the board as a “limited check on the hyperlocal perspectives” that often “dominate housing development decisions,” according to the commission’s report.
This hypothetical board could give developers more certainty that their projects would be approved, though an appeal would likely not be a developer’s first choice, Korbey said.
“It might provide some level of assurance that this is not the final say, for certain important projects,” Korbey said. “But it would be unfortunate if it would have to come to an appeal, particularly for a project that has affordable housing.”
To Open New York’s Gray, the appeals board, the fast track, and the plan for modest developments would all help reform NYC’s current development process, “which amplifies the most anti-housing voices, perpetuating exclusion and driving up the cost of living.”
“These are questions about who this city works for,” Gray said in a statement. “Are we going to let NYC’s richest continue to block affordable housing, or are we going to build a city that’s affordable for everyone?”
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The Financial Crimes Enforcement Network (FinCEN), its director Andrea Gacki, as well as the Department of the Treasury and its secretary, Scott Bessent, do not believe their anti-money laundering rule, which is slated to go into effect on Dec. 1, 2025, will cause Fidelity National Financial (FNF) irreparable harm. The defendants made these claims in a response to FNF’s motion for a preliminary injunction, filed on Wednesday.
FNF filed its lawsuit against FinCEN and the Treasury in May 2025. The suit challenges FinCEN’s anti-money laundering rule, which requires title firms to report specific details on all-cash home purchase transactions. These include the names, addresses, dates of birth, citizenship status and ID numbers of all people involved — including minors — plus payment details and information about trusts and entities that are purchasing the property. The rule was promulgated under the Biden administration and is set to go into effect in December 2025.
According to FinCEN, criminals, corrupt officials and terrorists have used anonymous, cash-based real estate purchases to launder money, prompting it to issue its new policy.
The defendants argue that FNF’s request for an injunction delaying the enforcement of the rule is improper and should be denied. They also argue that an injunction would disrupt FinCEN’s enforcement efforts and national security goals. The defendants also note that FNF has previously complied with FinCEN’s geographic targeting orders without complaint.
In the filing, the defendants argue that FNF’s arguments will not prevail because, as they see it, the rule is valid and called for. According to the defendants, FinCEN was granted the authority to make rules such as this under the Bank Secrecy Act. Additionally, they argue that the rule is not arbitrary or capricious and that it does not violate the First or Fourth Amendments.
The defendants also argue that FNF’s claims of irreparable harm are not valid as the plaintiffs waited 361 days before filing their motion for injunctive relief. In addition, the defendants push back against FNF’s argument that complying with the rule will cost title companies “hundreds of millions” of dollars, stating that FNF gave no specific evidence or calculations of actual costs and that they had previously admitted that compliance costs would not be absorbed by companies but instead passed to consumers via higher fees.
As the rule will only impact roughly 11% of all real estate transactions, according to the defendants, FinCEN and the defendants do not see how the rule could be viewed as so harmful and impactful.
“Because Plaintiffs have neither shown likelihood of success on their claims nor irreparable harm, their motion should be denied,” the filing states.
FNF has also filed a motion for summary judgment, a move the American Land Title Association threw its support behind by filing an amicus curiae brief.
The Michigan State Housing Development Authority (MSHDA) announced on Thursday that it is partnering with the Tobias Harris Homeownership Initiative, Guild Mortgage and Homium on a pilot shared-appreciation mortgage program aimed at expanding access to homeownership in Detroit.
The effort is backed by Detroit Pistons basketball player Tobias Harris. The mortgage product will provide qualified borrowers with up to 40% of a home’s purchase price in down payment assistance (DPA) without adding monthly debt.
Borrowers can secure a conforming first mortgage without mortgage insurance, lowering monthly payments. The assistance is repaid, along with a share of market appreciation, when the home is sold or refinanced.
“This new partnership will help make the dream of homeownership a reality for more Detroiters, offering the kind of affordable support that leads to long-term housing stability,” said Amy Hovey, CEO and executive director of MSHDA. “We’re moving quickly to identify new partners and programs that can help lower costs and unlock opportunities for Michigan families.”
Initial funding comes from MSHDA and philanthropic contributions from Harris, former Pistons teammate Jon Leuer, Pistons owner Tom Gores and others, directed through the nonprofit Realize Impact.
“Homeownership is one of the most powerful ways to build stability and generational wealth,” Harris said in a statement. “With this initiative, I’m focused on expanding access to homeownership so Detroiters can plant roots and build equity in the city they call home. This is just the start, and I look forward to working with others throughout Detroit’s business and philanthropic community to grow and sustain this important program.”
Housing data highlights the challenge. Since 2013, Michigan’s median household income has risen 36%, while the state’s home sales price index has jumped 101%. In Detroit, nearly 60% of households spend more than 30% of their income on rent.
“We are proud of this partnership and excited to offer Guild customers another opportunity to overcome financial obstacles to homeownership,” said David Battany, executive vice president of capital markets at Guild Mortgage. “This is another example of how innovation in mortgage lending can bring owning a home within reach to more first-time homebuyers.”
The pilot is available to qualified first-time buyers in select Detroit neighborhoods. Partners said they will evaluate results before considering expansion to other markets.
“The people of Detroit deserve a fair shot at building middle-class economic and housing security for their families,” Homium CEO Marcus Martin said. “Programs like the Tobias Harris Homeownership Initiative and partners like Guild are what make it possible for fair and transparent products like Homium to enter the market, and we’re just getting started.”
U.S. mortgage insurer Radian has acquired Inigo, a Lloyd’s specialty insurer, according to an announcement on Thursday.
Radian has agreed to pay $1.7 billion for Inigo. The transaction will primarily be all-cash, which Radian said will be funded from its available liquidity sources and excess capital from its subsidiaries.
According to the release, this $1.7 billion price tag values Inigo at 1.5 times its projected tangible equity at the end of the year. Additionally, Radian said it expects the acquisition to double its total annual revenue. Launched in 2021, Inigo is one of Lloyd’s fastest-growing syndicates and it serves commercial and industrial enterprises worldwide.
The company said this acquisition is part of its transformation from a domestic mortgage insurer to a “global, diversified multi-line specialty insurer.”
“This is a financially compelling transaction, funded entirely from our excess capital and available liquidity sources without issuing new equity. By bringing together Inigo’s strong performance with our capital strength, we are diversifying beyond our traditional mortgage insurance market and expanding into the large and attractive Lloyd’s global specialty market,” Rick Thornberry, CEO of Radian, said in a statement.
Radian has noted that Inigo’s CEO Richard Watson, as well as Chief Underwriting Officer Russell Merrett and Chief Financial Officer Stuart Bridges will continue to lead Inigo’s business and management team at Radian.
“We are delighted to have found Radian. Our respective portfolios are very complementary, with no business overlaps,” Watson said in a statement. “As we build bigger and deeper relationships with our customers, we welcome the further diversification and access to the stronger capital base that Radian provides.”
The companies say they expect the acquisition, which is still subject to regulatory approval, to close during the first quarter of 2026.
Radian looks to sell several business lines
In addition to this acquisition, Radian also announced that it plans to sell its mortgage aggregation conduit. The unit started issuing jumbo mortgage-backed securities mid-2024, a unique move among mortgage insurance providers. Since it began issuing MBS, Radian has issued $1.92 billion of non-agency MBS to this point, according to Inside Nonconforming Markets, including a deal in July.
Additionally, Radian said it is also planning to sell its title and real estate services businesses.
“An active program is underway to identify buyers for these businesses, which is expected to be completed within one year,” Radian said.
According to Radian, the businesses will operate as usual during the sale process.
Flávia Furlan Nunes contributed reporting.
The Trump administration asked the Supreme Court on Thursday to issue an emergency order that would allow for the removal of Lisa Cook from the Federal Reserve’s board of governors.
The move came after an appeals court refused to back the administration’s attempt to oust Cook earlier this week, upholding federal Judge Jia Cobb’s order last week. No president has ever removed a sitting Fed governor in the institution’s 112-year history.
Cook was allowed to participate in the Federal Open Market Committee (FOMC) meeting this week, where the Fed board lowered its benchmark interest rate by 25 basis points to a range of 4% to 4.25%, marking the first cut since December 2024.
Stephen Miran, who was confirmed on Monday to fill the remainder of Adriana Kugler’s term through January 2026 following her resignation on Aug. 1, was the only official to vote for a 50-bps cut this week.
Trump and other officials, including Federal Housing Finance Agency (FHFA) Director Bill Pulte, have accused Cook of mortgage fraud, alleging she signed 2021 documents listing more than one property as her primary residence. Pulte sent two criminal referrals to Attorney General Pam Bondi on Aug. 15, which prompted Trump to attempt to dismiss Cook “for cause” on Aug. 25.
Cook has denied wrongdoing and sued Trump after he tried to remove her. It was also pointed out that Cook’s mortgages were issued before President Joe Biden appointed her to the Fed in 2022.
Cook has not been charged, although the Department of Justice is reviewing whether she misrepresented the occupancy of three properties. A 2021 loan estimate reviewed by Reuters on Sept. 12 notes that Cook declared her Atlanta condo as a vacation home, seemingly undermining the fraud allegations.
“The Department of Justice does not comment on current or prospective litigation, including matters that may be an investigation,” a spokesperson told HousingWire.
Neither Cook, the White House nor the Federal Reserve Board returned HousingWire’s requests for comment at the time of publication.
An apartment building with 96 ultra-luxury residences is under construction in Brisbane’s inner city, marking the conclusion of a $1.2 billion project in the West End.
Callista on Park, developed by Sekisui House and built by Hutchinson Builders, will be a 14-storey building to conclude the development of Brisbane’s West Village project.
Units range from three to four bedrooms in size, beginning at $2.4 million and ending at around $9 million for its best penthouse offerings.
West Village Project Director Taku Hashimoto said the units feature views of both the nearby park and Melbourne St, thanks to its corner-position within the area.
“We’re really proud of how we’ve been able to develop something beautiful and modern,” he said, and added the units were designed for “the way Australians live today: whether it’s families seeking generous space or downsizers wanting a seamless transition from a large home.”
Each unit is designed with an expansive open floorplan to maximise natural light. The penthouse units come in at 349 sqm of internal space, featuring two master bedrooms, climate-controlled wine rooms and dry bars for entertaining.
With a design by acclaimed architecture studio Rothelowman, residents will be able to share amenities within the building such as barbecue spaces, an infinity pool and spa, and a private dining room with a chef’s kitchen.
The roof will also be outfitted with rooftop observatory, featuring grassed areas and wildflowers at the top of the private space.
“The rooftop has been designed as a serene retreat above the energy of the village,” Mr Hashimoto said. “It’s a meditative space that balances privacy with connection, perfect for quiet reflection or gathering with friends and family.”
Hutchinson Builders Chairman Scott Hutchinson said he was proud the company was able to work on West Village from beginning to end, partnered with Sekisui House through challenges like rising construction prices post-Covid.
“I’m glad we got achieved what we achieved in the area, considering the worst increase in costs we’ve ever seen,” he said. “We’re general builders and they contracted to us, so it was really nice of them to give us so much – and it paid dividends towards them.”
Mr Hashimoto said he was proud to see West Village grow into an established community, with restored areas such as the heritage-listed Peters Ice Cream factories at the heart of the area.
“This project has been a privilege to deliver, and we’re deeply grateful to the dedicated team members and consultants who have played a part in bringing it to life over the years,” he said.
Callista on Park is due for completion in 2027, with West Village becoming home to just under 1000 units.
The post Inside the final luxury units for sale in this $1.2b inner-city project appeared first on realestate.com.au.
While it may seem that the real estate industry is constantly overwhelmed by new technology tools, the most popular tool among Realtors remains eSignature, according to the National Association of Realtors’ (NAR) 2025 Technology Survey released Thursday.
NAR’s data showed that 79% of survey respondents use eSignature, closely followed by the 75% who reported using social media. Other popular tools include drone photography (52%) and AI-generated content (46%).
NAR conducted the survey in July of 2025, inviting a random sample of 49,233 active Realtors to participate. The trade group received 1,241 usable responses to its survey.
When it comes to using AI, 20% of respondents said they use AI tools daily, 22% weekly, 27% a few times a month, and 32% have not yet used AI in their business. The most common AI tool used by respondents was ChatGPT (58%), followed by Gemini (20%) and Copilot (15%). Additionally, 21% of agents reported using a CRM with AI-powered insights, 7% reported using Chatbots for lead capture of client communication, and 1% reported using digital twins.
Despite all of the talk surrounding the benefits of using AI, just 17% of respondents said that AI has had a significant positive impact on business, while 33% reported a moderately positive impact and 46% reported no noticeable impact. In total, 4% of respondents felt that AI has had a moderately negative or significantly negative impact on their business.
While AI seems to have taken off, cryptocurrency is not as common in the world of real estate. Just 25% of NAR members surveyed have either invested in or plan to invest in crypto, while 9% of clients have asked about using cryptocurrency in a transaction.
When it comes to lead generation, social media continues to produce the highest number of quality leads at 39% of respondents. This was followed by their CRM (23%), local MLS (17%), their brokerage’s website (13%), digital ad campaigns (12%) and personal business website (12%). Just 9% of respondents reported that listing syndicate or portal websites provided them with the highest number of quality leads.
Two-thirds of respondents said that they embrace new technology primarily to save time, while 64% said that their motivation for adopting new technology is to enhance their client’s experience. These efforts appear to be paying off as over four-fifths (82%) of agents said their clients responded very positively or positively to the integration of technology in the buying and selling process.
“These results show a profession that is adapting quickly to technological change while prioritizing client satisfaction,” Jessica Lautz, NAR’s deputy chief economist, said in a statement. “Technology continues to be a powerful force in real estate, driving efficiency and marketing innovation. But at the heart of it all remains the trusted relationship between the agent and client.”
Although the majority of agents (67%) agree or strongly agree that their brokerage provides all the technology tools they need, agents are still spending money out of pocket on technology tools. The largest share of agents (34%) spend between $50 and $250 per month on technology tools for their business, while 24% spend over $500 per month and 20% spend between $251 and $500 per month.
75 Hedges Ave, Mermaid Beach
An unlisted beachfront holiday home has changed hands for $11.45 million after igniting a fierce off-market battle between two buyers desperate the break into the Gold Coast’s tightly held Millionaire’s Row.
The two-storey house on a 405 sqm block fronting the sand at 75 Hedges Ave, Mermaid Beach was sold by Kollosche agents, Michael Kollosche and Matthew Follent with Tony Velissariou.
Mr Kollosche said the owner had held the property for “a very long time”.
The home on the Gold Coast’s richest strip was sold in an off-market deal
“The owner was not an active seller, but there had been conversations with them around a what-if scenario.
“The buyer had been looking for a property they could ultimately demolish to build a new home, and we had another buyer running on it too.
“We were able to achieve a price that both the vendor and buyer were very happy with, and which shows the strength of the market where there is a lot of local interest and not much supply,” he said.
The sale price equated to $28,271 per square metre, setting a benchmark for a Hedges Ave block bound by neighbouring properties.
The property was previously rented out by its long-term owner
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Records show the property had been rented out by its Sydney-based owner, with the last available rental listing at $3500 a week in 2014.
Despite being destined for the wrecking ball, the residence was described as “perfectly designed to accommodate large families or groups seeking space, comfort and a relaxed coastal lifestyle”.
Property features included multiple living zones, large bedrooms and sweeping ocean views, with an open-plan kitchen, living and dining area upstairs leading to a wide balcony overlooking the beach.
A new owner plans eventually to demolish the house and build new
A second kitchen and living zone were downstairs, along with an entertaining deck and built-in barbecue.
PropTrack data shows the median house price in Mermaid Beach is $3.4m, with 35 homes sold in the exclusive suburb in the past 12 months.
The post $11.45 million beachfront home destined for demolition appeared first on realestate.com.au.
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