Tenants protest against Adams as increases for rent-stabilized apartments go into effect

Increases for rent-stabilized apartments go into effect today with the potential to impact New York City’s nearly one million stabilized units

New leases and renewals occurring on or after Oct. 1st, 2025 through Sept. 30th, 2026 can see increases up to 3 percent for one-year leases and up to 4.5 percent on two-year leases, thanks to a 5-4 vote in July by the Rent Guidelines Board whose members were appointed by Mayor Eric Adams.

The increase is the fourth under Mayor Adams and could affect 2.4 million renters.

A protest goes to Gracie Mansion

Last night, NYC tenants organized by the New York State Tenant Bloc, Rent Justice Coalition, and Metropolitan Council on Housing marched to Gracie Mansion to protest the rent hike and demonstrate support for Democratic nominee Zohran Mamdani.

“A rent hike is the difference between putting food on the table and skipping meals—between keeping New York City the city we love and turning into a hollowed-out playground for the rich,” said Cea Weaver, director of the New York State Tenant Bloc, in a statement.

“Landlords and developers tried to buy the primary by pouring millions into Cuomo’s campaign. They failed then, and they’ll fail again in November. Tenants are the majority in New York, and we’re ready to elect a mayor who will put us first,” Weaver said.

Freeze the rent ‘for all four years’

Mamdani has pledged to freeze the rent for “all four years of his administration.” But as Brick previously reported—Mamdani is not in a position to unilaterally institute a rent freeze as soon as he takes office in January.

The mayor would appoint members of the board who would support a freeze and the first RGB vote on rent increase caps would take place over the summer, as it does each year. If approved, a freeze would go into effect in October 2026 for leases being renewed and vacancies occurring on or after Oct. 1st of 2026 through Sept. 30th of 2027. 

Landlords rally around Cuomo

NYS Tenant Bloc also put the blame on former Governor Andrew Cuomo, who lags Mamdani in the polls.

During the mayoral debate in June, Cuomo would not commit to a rent freeze. Instead, he said he’d leave the decision up to the Rent Guidelines Board.

Landlords are reportedly rallying around Cuomo.

“Cuomo repeatedly blocked tenant protections and cut homelessness programs while rewarding his real estate donors with massive tax breaks,” according to a statement from NYS Tenant Bloc, which argued that landlords are coalescing around Cuomo “so they can raise rents.”

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Better launches bank statement HELOC for small business owners

Better announced on Wednesday the launch of its Bank Statement home equity line of credit (HELOC) aimed at the 36.2 million small business owners in the United States who often don’t fit within traditional underwriting standards.

The new program lets self-employed borrowers access home equity without tax returns, W-2s or profit-and-loss statements. Instead, applicants can verify income with 12 or 24 months of personal or business bank statements. Better’s TinMan, the company’s end-to-end loan origination system, analyzes those statements to calculate income trends and provide nearly instant approvals.

The program eliminates physical appraisals and streamlines title insurance for loans up to $400,000, the company said.

“Better’s HELOC customers consolidated $193 million in high-interest debt, generating an average monthly savings of $1,120 in Q2 2025,” said Vishal Garg, CEO and founder of Better.com. “Unlike traditional home equity lenders who operate on multiple fragmented and outdated point solutions, Tinman AI has been trained to detect alternative sources of data and automate verification without the need to review endless stacks of PDFs. Now that we’ve established the processes with our AI to deliver a seamless customer experience to small business owners across America, we’ve brought the Better Bank Statement HELOC to market.”

The launch comes as household debt climbs, with credit card rates averaging 27% and personal loans topping 17%, according to Better. By contrast, HELOCs average about 8%, offering borrowers a lower-cost way to consolidate debt.

Better said customers who used HELOC funds for consolidation improved credit scores, with gains ranging from 25 to 60 points. The biggest gains were among lower-credit FICO bond borrowers, with an average increase of 37 points.

“With Better’s new Bank Statement HELOC, we believe we would have been able to capture over 6,000 customers that were previously denied — that translates to $600 million in home equity loans we could’ve helped fund had this program been in place,” said Chad Smith, president and chief operating officer of Better Mortgage Corporation, a wholly owned subsidiary of Better.

“This point of pain is why we developed a new product, that will allow us to lean forward, help more customers, and continue to catalyze our growth as one of the fastest growing AI native home equity lenders in the country, growing over 150% year over year.”

The Bank Statement HELOC targets small business owners, freelancers, gig workers and borrowers with complex or recently increased incomes. Customers can also apply through Betsy, Better’s AI loan assistant, by asking if they qualify with bank statements alone.

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Atlas VMS, QuantumReverse enter tech integration partnership

Appraisal technology management firm Atlas VMS announced on Tuesday that it has entered a partnership with QuantumReverse, an LOS provider for reverse mortgages, to integrate the AIM-Port order management platform.

The partnership will grant reverse mortgage lenders who use QuantumReverse direct access to their approved appraisal management companies through the AIM-Port platform, including Atlas’s own AMC operation.

“This partnership represents a major step forward in streamlining the appraisal process for reverse mortgage lenders,” said Thomas Martignoni, CEO and founder of QuantumReverse. “By embedding appraisal ordering and management directly within the LOS, we are eliminating error-prone manual steps, improving efficiency, and reducing turnaround times for our lender partners.”

AIM-Port, which was acquired by Atlas VMS in July, uses advanced technology that enables lenders to centralize appraisal management, ensure compliance and maintain oversight across their approved AMCs.

“Integrating AIM-Port into QuantumReverse reflects our shared vision of bringing modern, scalable technology solutions to an industry that has long needed them,” said Erik Morin, CEO of Atlas VMS. “We’re proud to support QuantumReverse lenders with greater control, transparency, and efficiency in the appraisal process.”

In May, Atlas VMS marked its second year in business by reporting more than 400% year-over-year growth. The company recently named Anneta Pope, who joined Atlas in 2023 and served as chief growth officer, as its chief brand officer.

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Final Offer launches in Denver, surrounding region

Listing and negotiation platform Final Offer has launched in Denver and Colorado’s Front Range region in partnership with several local brokerages — including RE/MAX Alliance, RE/MAX Professionals, RE/MAX of Cherry Creek and West + Main Homes.

Final Offer allows agents to give homesellers more options and control over marketing their properties — while buyers can access real-time updates, including alerts when offers are made.

“Final Offer is elevating real estate by bringing speed, transparency, and simplicity to every transaction,” said Stacie Staub, CEO of West + Main Homes. “The industry is evolving, and we’re proud to be a launch partner in our markets setting the standard for a modern client experience.”

The platform addresses gaps that often leave agents and buyers without key information — such as whether offers exist, which deadlines apply or what it takes to secure a property.

“Consumers expect real-time transparency in every other part of their lives. Why should buying or selling a home be any different?” said Chad Ochsner, broker/owner of RE/MAX Alliance. “We’re proud to bring this level of clarity and confidence to Colorado.”

Final Offer provides additional tools for negotiations, including sending a reverse offer to all interested parties, setting a “buy it now” price, launching a flash sale, starting an offer window or expanding the buyer pool with a lower committed price.

Each action generates instant alerts for interested buyers.

“At its core, Final Offer is about doing what’s right for the homebuyers and sellers: delivering facts, transparency, and the confidence to make the best decision possible for all parties involved,” said Alan Smith, broker/owner of RE/MAX Professionals. “We’re excited for RE/MAX Professionals to be Final Offer launch partners in conjunction with RE/MAX Alliance and RE/MAX of Cherry Creek — allowing trust to lead the way in the Denver metro market.”

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Kimber White named NAMB board president

The National Association of Mortgage Brokers (NAMB) announced on Wednesday the start of Kimber White’s presidency for the organization. White has served in several roles with NAMB over the past 15 years, including as board president from 2020–2021 and as a member of the executive board.

“I am honored to lead NAMB’s continued efforts to elevate the professional landscape for everyone working in our vital and dynamic industry,” said White. “For over 51 years, NAMB has been the voice of the mortgage marketplace. I take this responsibility seriously and look forward to working alongside our members, industry partners, lawmakers, and stakeholders to ensure that NAMB remains a powerful force for good for the next 50 years.”

White also expressed gratitude to outgoing president Jim Nabors for his leadership during the 2024–2025 term.

“I want to extend my sincere thanks to Jim Nabors, NAMB’s immediate past president, for his tireless commitment to the organization,” White continued. “Under his leadership, NAMB achieved several key milestones, including our advocacy and support for the passage of the Homebuyers Privacy Protection Act, a landmark piece of legislation signed into law by the President of the United States in September 2025.”

White’s agenda includes plans to advance NAMB’s advocacy and professional development work, with priorities including loan officer compensation reform, flood insurance improvements, employment classification clarity, expanded affordable housing access, lower credit report costs, refinancing flexibility, VA loan program modernization, mentorship for young professionals and expansion of training, certification and membership.

In a conversation last month with HousingWire, White shared that he planned to kick off a mentoring program called Elevate as soon as he took the presidency.

“Our industry needs education, whether you’re an experienced loan officer or a new loan officer coming into the business,” he said.

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Melb population boom tip for mum and dad investors

Aerial view of houses in Armadale, looking towards the Melbourne city skyline

Melbourne is on track to overtake Sydney to become Australia’s largest city once more.

Mum and dad investors are likely to follow larger buyers looking to reap predicted capital gains from a surge in Melbourne’s population in the next decade.

Melbourne is on track to overtake Sydney as Australia’s largest city once more, research quoted in JLL Australia’s Melbourne Resilience 2025 report shows.

The Oxford Economics research predicts the Victorian capital will add another 840,000 people over the next 10 years.

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New Australian Bureau of Statistics population data reveals the trend is underway, with Victoria leading the nation for growth to March 2025, adding 124,600 residents, with the state in positive interstate migration for the first time since the Covid pandemic.

Forecast supply gaps in apartments and retail property provides better conditions to invest in the state, the report shows.

Strong rental growth and tepid price growth has seen Melbourne yields become much more attractive to buyers, with new housing development also remaining well below historical averages.

JLL Australia Head of Strategic Research Annabel McFarlane said Melbourne’s population growth is driving demand for homes, offices, transport, and infrastructure.

JLL Australia’s head of strategic research Annabel McFarlane said property investors were already positioning themselves to capitalise on the growth, despite the state’s higher regulatory costs to investors.

“Melbourne’s population growth is driving demand for homes, offices, transport, and infrastructure,” Ms McFarlane said.

“On current trends, it’s set to become Australia’s biggest city by 2035, adding more residents than global cities such as New York and Tokyo.

“From a property market perspective, we’re already seeing investors look past today’s economic and regulatory pressures, positioning themselves for Melbourne’s growth.”

JLL residential research manager Will Silk said Melbourne’s long-term fundamentals were strong, with prices sitting below historic trends presenting attractive value compared to other capitals.

“Melbourne’s affordability compared with Sydney and its strong growth outlook are already drawing increased interest from both local and international buyers,” Mr Silk said.

PREMIER DAN ANDREWS

Despite a strong recent pipeline, the supply of new apartments is predicted to be low over the next few years. Picture: NCA NewsWire/David Crosling

“As activity from larger investors builds momentum, mum-and-dad investors are likely to follow, recognising the long-term opportunity for capital growth and stable returns.”

But keeping up housing supply will remain a challenge without significant and ongoing investment.

“Victoria has led the way nationally in new housing completions, but rapid population growth means demand will continue to outpace supply,” Mr Silk said.

“Attracting both onshore and offshore capital into a diverse range of housing solutions is essential. This will not only ease supply pressures but also ensure the state remains well-placed to accommodate its growing population and support economic growth.”

Lower land prices has also been a boon for the industrial sector, where the report confirmed Melbourne is Australia’s largest logistics and industrial hub, with more than 30m square metres of space and 1.5m square metres taken up by manufacturing tenants since 2020 – more than Sydney and Brisbane combined.

This industrial strength is reinforced by major investments in AI and data centres, with Victoria’s lower land and power costs and more streamlined development pathways benefiting investors.

JLL Australia residential research manager Will Silk said as activity from larger investors builds momentum, mum-and-dad investors are likely to follow, recognising the long-term opportunity for capital growth and stable returns.

With yields at historically attractive levels and transaction volumes rebounding, Melbourne is now offering one of the most compelling entry points for investors, JLL’s Head of Capital Markets in Victoria Josh Rutman, said.

“The overwhelming feedback is that Melbourne is too hard to ignore given the size of market and the ideal mix of value, sector resilience and long-term growth,” he said.

Victoria is ahead of other states on delivering built-to-rent projects, with 3505 units completed in 2025 and a further 2154 expected this year.

But more traditional markets, like office, are at the point where strategic acquisitions can deliver real upside as conditions improve, Mr Silk said.

“For Melbourne more broadly, the city is currently offering excellent relative value compared with Brisbane and Perth, positioning it for strong upside as demand builds,” he said.

“As new developments reach completion and supply pressures become clearer, prices are likely to rebound quickly. While the exact timing is difficult to predict, the fundamentals point to a quicker and accelerating recovery as momentum builds.”

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NSW South Coast Council’s game-changing tiny homes trial

A groundbreaking local trial of new planning rules for mobile tiny homes could pave the way for future approvals across the country.

Navigating varied regulations for tiny homes across Australia has proved a complex and difficult task for residents and councils grappling with assessment processes.

Shellharbour Council’s two-year pilot program affords a planning pathway that could provide a streamlined statewide framework and affordable housing opportunity.

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Mobile tiny homes can be registered like a vehicle under the Road Transport Act 2013

Designed as small, movable homes built in trailers, mobile homes can be registered like a vehicle under the Road Transport Act 2013 if they comply with specific regulations.

According to Shellharbour Council, for the trial to proceed, a Planning Proposal must be prepared to amend the Shellharbour Local Environmental Plan 2013 that would allow mobile homes to be installed on existing residential properties without a development application, subject to strict conditions.

This would include minimum setbacks, connection to essential services and compliance with fire safety and construction standards.

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Shellharbour Council’s two-year pilot program aims to cut red tape for tiny homes

“The trial will simplify the process for placing mobile tiny homes on existing properties by exempting the need for Development Applications, while keeping essential planning and safety requirements in place and being able to connect to existing infrastructure,” the mayor of Shellharbour, which sits on the NSW South Coast about 100km south of Sydney, Chris Homer said.

Mr Homer said the trial still requires a State Government process of submitting the amended LEP through a gateway proposal submission, which could take up to six months.

This also includes a 28 day public exhibition period.

SCC October 2024

Chris Homer

“Tiny homes provide a flexible, fast, lower-cost option that increases housing choices for community and key workers,” Mr Homer said.

“The trial reflects Council’s commitment to exploring innovative solutions to meet the evolving needs of the housing crisis while ensuring developments are safe and well-managed.”

Real Estate Intitute of NSW CEO Tim McKibbin said the trial is an example of the innovative approach local governments statewide should be investigating, with a view to fast-tracking the supply of diverse new housing options for renters and buyers.

“The housing crisis plaguing our state is the result of long-term supply inertia on the part of multiple stakeholders, including Governments at all levels,” he said.

“This is an example of a local Council understanding it has an important role to play for its community, and taking innovative action.”

Tim McKibbin

Mr McKibbin said mobile tiny homes will not be suited to everyone, just as large family homes are often not, but at the very least offer new choices at a time when constrained supply is resulting in many people facing housing insecurity.

“While REINSW will continue to advocate for policy solutions and reforms to address the chronic housing undersupply at a state level, it is incumbent on Councils to consider the needs of their own communities and begin thinking outside the box to urgently deliver more housing in their local Government areas,” he said.

“Prohibitive planning regimes are the enemy of new housing.

“Innovative planning action is what all Councils should be taking.”

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Two Gilberton mansions sell in eight-figure deals

Two whopping eight-figure sales have not only raised the bar for their suburb but they have come close to knocking Adelaide’s highest sale out of the top spot.

The Gilberton mansion at 8 Edwin Tce has smashed the suburb’s record price for a home – and become the third-most expensive residential sale in the state – with property records revealing its $11.17m sale settled in mid-September.

The sale was reported earlier in the year shortly after it was penned in March but the exact price wasn’t known at the time.

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The $11.17m sale of the Gilberton property at 8 Edwin Tce recently settled.

Supplied Real Estate 8 Edwin Terrace, Gilberton

It is the suburb’s highest residential sale.

It eclipses Gilberton’s second-highest transaction by nearly a million dollars, the mansion at 26 James St – the $10.25m sale of which settled just six weeks earlier in early August, according to property records.

Both remain just shy of the state’s highest residential transaction, which was set by the North Adelaide property at 70 Pennington Tce that was sold by local businesswoman Mary Kotses for $13.5m in 2021.

The second highest known sale is that of 4 Victoria Ave, Unley Park, which changed hands for $12.5m in August last year.

Fox Real Estate agent Nick Pelvay said the Edwin Tce property, which he sold, has “settled in the last fortnight”.

“At the high end of the market, the settlement can often be extended,” he said.

He said they received 12 offers throughout the nine months the striking four-bedroom home was on the market, with a range of different buyers showing interest in it.

A local buyer who worked in the building industry purchased the home, Mr Pelvay said.

“A builder bought it from another builder, which is indicative of quality,” he said.

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The $10.25m sale of the property at 26 James St, Gilberton, also settled in the past couple of months.

It is the suburb’s second highest residential sale.

“It’s the top sale for Gilberton and its one of the top sales in the inner north outside of North Adelaide.”

The neo-classical-designed home on a massive 4085sqm block was built in 2018.

It offers four bedrooms, four bathrooms, a banquet room, a study/library and a grand foyer with an ornate staircase balustrade across three lift-serviced levels.

There is also a gym, cellar, a resort-style pool, spa and a tennis court.

Meanwhile, Giordano & Partners principal Grant Giordano sold the four-bedroom, seven-bathroom mansion at 26 James St with Jacqui Illicic.

He was contacted for comment but as he was bound by a nondisclosure agreement, he was unable to discuss the matter.

Latest PropTrack data shows Gilberton’s median house price is $1,502,500, up almost 55 per cent on the same time last year.

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Gold Coast’s ‘missing middle’ now fastest-growing housing sector

Capri Villas is part of the missing middle of the Gold Coast housing market

The “missing middle” of the Gold Coast housing market is filling the gap between high-rise towers and mega estates, with medium-density projects now leading local development.

Small-scale developments made up more than two-thirds of proposed multi-dwellings — double the share of five years ago, according to Kollosche’s Gold Coast Development Report compiled with industry analyst Michael Matusik.

From boutique villas and townhouses to compact urban villages, this new wave of projects is tackling the housing shortage while appealing to buyers seeking space, lifestyle and location without the upkeep of a big yard or hassles of high-rise living.

Only a handful of 48 villas remain in the Isle of Capri project

At Capri Villas on the Isle of Capri, only a handful of residences remain from 48 built by Monaco Property Group, with sales handled by Kollosche New Projects.

Buyers have been drawn to the turn-key appeal of the gated villas, which each have three bedrooms, courtyards and shared facilities close to beaches, schools and shops.

“Not everyone wants to live in a high-rise tower or move out of a suburb they already know and love,” said Kollosche managing director Michael Kollosche.

“Capri Villas shows there is a real market for new, turn-key homes that deliver privacy, security and lifestyle in the heart of the Gold Coast.”

The report found more than two-thirds of multiple-dwelling applications lodged with Gold Coast City Council in 2024 involved fewer than 20 homes.

Ocean Seven villas are under construction at Palm Beach and selling from $2.375m

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But with strong demand, opportunities remained limited, Mr Kollosche said.

“With limited new supply in the pipeline, opportunities like this are rare.

“Capri Villas is evidence that the missing middle isn’t just a theory, it’s what buyers are actively choosing,” he said.

Still, with the double-storey designer residences priced from $2.4m, they remain out of reach for buyers seeking an affordable entry to the market.

Other local projects across the price spectrum point to the same shift.

At Southport, the award-winning ENVI micro urban village has been held up as a model for compact, community-focused living, with first-home buyers snapping up 70 per cent of the project.

ENVI comprised ten homes on a site totalling 673 sqm, the smallest of which was the Pico Pod on a 38 sqm lot.

About the size of a standard double garage, the one-bedroom, two-bathroom home sold to a first-home buyer for just over $300,000.

ENVI comprised ten homes on a 673 sqm site, including the Pico Pod on a 38 sqm lot

Also in Southport, council-approved plans lodged in November 2024 for a five-storey, 20-unit mid-rise aimed at lower-income households, replacing a single dwelling on Minnie Street. m At UNIQ at Bundall, villas are priced from $1.7m, with the project comprising 22 design-led triple-storey homes with rooftop terraces and multipurpose rooms.

Ocean Suites on Jennifer at Runaway Bay is under construction, with seven waterfront villas selling from $3.365m.

And at Palm Beach, Ocean Seven is another new project, with seven villas over four levels, each with a private lift, selling from $2.375m.

Mr Kollosche said demand is being driven largely by owner-occupiers looking to “right-size” into homes that are functional and low-maintenance while staying in well-connected suburbs.

“People are looking for alternatives to large family homes or high-rise apartments,” he said. “They want homes that reflect how they actually live, with space for guests, work or hobbies, but without the upkeep of a traditional house.”

An artist’s impression of the UNIQ project at Bundall

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Salisbury Council selling homes to recover years of unpaid rates

Two northern Adelaide homes are set to be auctioned this month in yet another last-ditch attempt to recoup unpaid council rates.

The homes at 1 Inman Place, Salisbury, and 549-553 Salisbury Highway, Parafield Gardens, are the latest in a spate of forced sell-offs by South Australian councils to recover longstanding property debts.

Ray White Port Adelaide selling agent Niki Pittakis, who is taking the two homes to auction on October 22, said council-forced property sales were becoming increasingly common.

“We actually sell quite a lot on behalf of the council,’’ said Ms Pittakis, who is selling the latest homes in a bid to recover unpaid rates owed to Salisbury Council.

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The Salisbury property at 1 Inman Place is being sold by Salisbury council to recover unpaid rates.

“We don’t have any access to the properties (prior to the sale) so buyers do unfortunately buy as is – I don’t even know what (each home) looks like inside.

“But, for the right price, we’ve sold every (property brought to auction by councils).

“There are buyers out there who are willing to take the punt (on buying a property sight unseen).’’

The City of Salisbury confirmed it was owed a total of about $63,000 in unpaid rates for both properties.

The rates had been in arrears for the past 12 years, it said.

“Council has taken this step (to sell the homes) only as a last resort, after efforts to make arrangements with the property owners were unsuccessful,’’ the council said.

Under the Local Government Act, councils may sell properties by public auction if rates have been in arrears for more than three years.

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The home will go under the hammer on October 22.

However, the current owners retain legal ownership of the properties until the hammer falls, with trespassing laws preventing internal inspections or photographs of the homes prior to auction.

Ms Pittakis said she was unable to even ascertain if the homes were currently occupied.

She said most buyers hoped to snap up a bargain but she had been inundated with inquiries and strong competition could drive up prices.

Investors and developers were particularly keen on the five-bedroom Parafield Gardens home, due to its large 2190sqm land parcel and proximity to schools, shopping and public transport, Ms Pittakis said.

The three-bedroom Salisbury home on a 544sqm allotment had attracted a “real mix of (inquiries from) non-owner-occupiers and some investors’’, she said.

While no price guides have been released, Ms Pittakis said the Parafield Gardens home could fetch up to $1000 per sqm, for a total selling price of almost $2.2m.

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The Parafield Gardens home at 549-553 Salisbury Highway will also be auctioned to recoup unpaid debt.

Last month, almost 60 properties forcibly sold by the District Council of Loxton Waikerie returned a combined total of more than $500,000 – more than enough to recover $170,000 that was owed in unpaid rates.

Peterborough Council, meanwhile, has sold eight properties this year, for varying prices between $46,000 and $137,000, to recover its unpaid rates.

Metropolitan Adelaide councils were last year revealed to be owed more than $43m in unpaid rates, with the cost-of-living crisis blamed for an increase in failures to pay bills on time and hardship applications.

Local Government Association South Australia president Heather Holmes-Ross said councils did not profit from the property sales.

“(Councils) only recover what is owed, with any leftover funds going back to the previous owner once all other debts and charges have been settled,’’ Mayor Holmes-Ross said.

She said most properties forcibly sold were deceased estates or vacant land.

– by Lauren Ahwan

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