A new report by the National Multifamily Housing Council and the National Apartment Association has ranked Miami third on its list of cities with the highest estimated demand over the next […]
The Consumer Financial Protection Bureau (CFPB) released a statement in May requesting information about the collection of data on small business loans. The Bureau’s request states that the Equal Credit […]
A new report by the National Multifamily Housing Council and the National Apartment Association has ranked Miami third on its list of cities with the highest estimated demand over the next decade for new apartment buildings with 5 or more units. The same report shows that Miami is the fourth most difficult metro area in which to build new apartments, behind Honolulu, Boston, and Baltimore (first to third, respectively).
While New York City and Dallas have a significantly higher estimate for demand of new apartment buildings in comparison to Miami, both cities rank much lower on the list of cities in which it is most difficult to build. New York is number 10 on that list, while Dallas doesn’t even break the top 10. The study looked at zoning regulations and land costs when ranking how difficult it is to build in each metro area.
All over the country, home ownership rates are down, and while large apartment buildings are high in demand, there is also demand for more single-family homes and apartment buildings. Both metropolitan areas and smaller cities are seeing a shortage of existing properties, which means competition for leases has become more intense.
As rental demands increase, renters are finding themselves spending a higher percent of their wages on rent. In Miami, more than half of renters spend over one-third of their income on housing. This is not unordinary, as seven of the ten cities in which it is most difficult to build currently see renters spending at least 35 percent of their income on rent.
Source:
Clark, Patrick. These Are the U.S. Cities Where It Costs Too Much to Build. (2017, June 26). Retrieved from https://www.bloomberg.com/news/articles/2017-06-26/these-are-the-u-s-cities-where-it-costs-too-much-to-build
The Consumer Financial Protection Bureau (CFPB) released a statement in May requesting information about the collection of data on small business loans. The Bureau’s request states that the Equal Credit Opportunity Act (part of the Dodd-Frank Act) has been amended to “require financial institutions to compile, maintain, and report information concerning credit applications made by women-owned, minority-owned, and small businesses” and that the Bureau “seeks to learn more about the small business financing market, including understanding more about the products that are offered to small businesses… as well as the financial institutions that offer such credit.”
The CFPB has also requested public comment regarding possible complications in reporting this data, both in terms of how data is collected and what difficulties they may cause to financial institutions.
The Independent Community Bankers Association immediately opposed the mandate. In an official statement by the ICBA, the President and CEO Camden R. Fine said, “The CFPB’s data collection and reporting mandates will compound existing regulatory and paperwork burdens, to the detriment of economic and job growth.”
Furthermore, the statement claimed that the regulations would “disproportionately harm community banks with little benefit” and that the “ICBA also strongly urges the CFPB to use its authority under the Dodd-Frank Act to exempt community banks from any reporting rules it issues and to limit mandatory data points to those required by statute.”
Reporting on small business loans is inherently more complicated than reporting on something more uniform like mortgage loans, as every small business loan is different. While the regulations are intended to combat discrimination, it could be difficult to compile enough data for small banks, which only make up 8 percent of the industry’s assets, to infer anything conclusive.
Sources:
Request for Information Regarding the Small Business Lending Market. (2017, May 10). Retrieved from https://www.consumerfinance.gov/policy-compliance/notice-opportunities-comment/open-notices/request-information-regarding-small-business-lending-market/
Mandelbaum, Robb. The CFPB Wants Data On Small Business Loans. Bankers Are Outraged. (2017, May 29). Retrieved from https://www.forbes.com/sites/robbmandelbaum/2017/05/29/the-cfpb-wants-data-on-small-business-loans-bankers-are-outraged/#53a84fcebc3f
ICBA Strongly Opposes CFPB Reporting Mandates. (2017, May 10). Retrieved from http://www.icba.org/news-events/press-releases/2017/05/10/icba-strongly-opposes-cfpb-reporting-mandates
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Demand for Multifamily Housing is High in Miami – But So Is the Cost
UncategorizedA new report by the National Multifamily Housing Council and the National Apartment Association has ranked Miami third on its list of cities with the highest estimated demand over the next […]
CFPB Faces Challenges in Collecting Data on Small Business Loans
UncategorizedThe Consumer Financial Protection Bureau (CFPB) released a statement in May requesting information about the collection of data on small business loans. The Bureau’s request states that the Equal Credit […]