Trump administration asks Supreme Court to allow deployment of National Guard in Chicago area

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By MARK SHERMAN, Associated Press

WASHINGTON (AP) — The Trump administration on Friday asked the Supreme Court to allow the deployment of National Guard troops in the Chicago area, escalating President Donald Trump’s conflict with Democratic governors over using the military on U.S. soil.

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The emergency appeal to the high court came after a judge prevented, for at least two weeks, the deployment of Guard members from Illinois and Texas to assist immigration enforcement. A federal appeals court refused to put the judge’s order on hold.

The conservative-dominated court has handed Trump repeated victories in emergency appeals since he took office in January, after lower courts have ruled against him and often over the objection of the three liberal justices. The court has allowed Trump to ban transgender people from the military, claw back billions of dollars of congressionally approved federal spending, move aggressively against immigrants and fire the presidentially appointed leaders of independent federal agencies,

In the dispute over the Guard, U.S. District Judge April Perry said she found no substantial evidence that a “danger of rebellion” is brewing in Illinois during Trump’s immigration crackdown.

Mayoral Hopefuls Debate a Rent Freeze, And What Else Happened This Week in Housing

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The three candidates running for New York City mayor faced off in their first general election debate Thursday night. Here’s what they said about rents for stabilized tenants, building affordable housing, and how they’d respond to homeless New Yorkers in the subway.  

Curtis Sliwa, Andrew Cuomo and Zohran Mamdani. (City Limits, Flickr/Andrew Cuomo)

The three candidates running for New York City mayor faced off in their first general election debate Thursday night, where the conversation ranged from policing, the Israel-Gaza conflict, and how each would stand up to President Donald Trump. 

The mayoral hopefuls—Democratic nominee and Queens Assemblymember Zohran Mamdani; former Gov. Andrew Cuomo, running as an independent; and Guardian Angels founder and Republican Curtis Sliwa—also touched on their plans to address housing and homelessness.

Here’s a recap of who said what on housing: 

Cuomo and Mamdani sparred, once again, over the idea of a rent freeze

Mamdani reiterated his central campaign platform: to appoint a Rent Guidelines Board (RGB) that would freeze rent for the city’s roughly 2 million rent-stabilized tenants, all four years he’s in office. 

While housing and tenant advocates cheer the plan, landlord groups say it would make it harder for property owners to keep up with repairs in aging buildings, particularly in properties where the majority of units are regulated. 

Critics also say it would undermine the independence of the RBG, which meets each spring to deliberate on the economic conditions both landlords and tenants are facing before it sets rent changes for the upcoming year. 

 “How can you promise a rent freeze today before ever seeing that data next year?” moderator and Politico editor Sally Goldenberg asked the assemblymember. 

“What I am speaking about is actually reflecting the needs of these New Yorkers and the state of the market today,” Mamdani responded. “These are New Yorkers who have a median household income of $60,000. We do not need to be pushing them further out of the city. We need to keep them in their homes.”

He pointed to stats from this year’s RGB which found the net operating income for owners of buildings with rent stabilized units increased an average of 12 percent. The board still voted for a 3 percent rent hike, the fourth increase under Mayor Eric Adams (who is not seeking re-election). 

Housing advocates rallying outside the Rent Guidelines Board meeting in June. (Photo by Adi Talwar)

“I’ve seen the data year after year of the fact that salaries are stagnating, costs are up. New Yorkers can’t actually afford their apartments,” Mamdani said, adding that his administration would focus on aiding landlords by tackling the high costs of insurance, property taxes and water bills. 

The conversation then touched on former Gov. Cuomo’s proposed “Zohran’s Law”—a dig at his opponent, who lives in a regulated apartment in Astoria—which would require households moving into stabilized units to pay 30 percent or more of their income on rent (which critics say meets the definition of being rent-burdened).

“He has a rent stabilized apartment that a poor person’s supposed to have,” Cuomo said of Mamdani, who pays $2,300 a month for the unit he shares with his wife (Sliwa pays $3,900 for his housing, and Cuomo $7,800). “Those are the precious units and we should keep them for the most rent-burdened.”

Cuomo again criticized Mamdani’s rent freeze platform. “Freeze the rent only postpones the rent, because then you have to have an increase to cover the costs, otherwise the building is going to go bankrupt,” he said.

Filling the housing shortage

Sliwa is a vocal opponent to Mayor Adams’ City of Yes changes, which he said will “destroy residential neighborhoods.”

The plan, which lawmakers approved last year, overhauled the city’s zoning rules to make it easier to build more housing citywide—including in outer borough neighborhoods where some residents are resistant to added density. 

The Republican candidate wants to focus instead on converting existing office buildings into housing, and filling empty units. “We have 6,000 available apartments that a mayor controls in NYCHA and have been empty for years. That you address number one,” Sliwa said. 

“We have 25 Empire State buildings-worth of commercial space that will never be occupied for office space. We should be converting them into affordable apartments,” he added. “You don’t need to go into the outer boroughs.”

Affordable housing under construction in The Bronx in 2018. (Adi Talwar/City Limits)

Cuomo, whose platform calls for building or preserving 500,000 apartments over the next 10 years, touted his past work with the U.S. Department of Housing and Urban Development under the Clinton administration. “I was the HUD secretary. I built affordable housing all across this nation. I built affordable housing in this city when I was in my 20s. I know how to get it done,” he said. “I will get it done.”

Mamdani mentioned his plan to build “200,000 truly affordable homes” over a decade. The Democratic Socialist has yet to publicly weigh in on the series of proposals that will appear on the ballot next month, which aim to speed up new housing construction by changing how the city approves certain projects—in part by scaling back the City Council’s role in the process

While he didn’t reference the ballot questions directly in Thursday’s debate, he did say he wants to cut the amount of time it takes to build. 

“I’m going to make it easier for the private sector to build housing in this city because what we see today—it’s not labor, it’s not materials, it’s the wait that is often costing so many so much to actually build the housing we need in this city.”

Subway homelessness and mental health

Cuomo and Sliwa criticized Mamdani’s proposal to have social workers, rather than police, respond to 911 calls for mental health emergencies on the subways.

Sliwa called for more cops. Cuomo called for teams of both mental health professionals and cops. The two criticized Mamdani’s approach as impractical, and questioned if it would reduce subway violence.

Mamdani said that under his plan, 911 operators would decide whether there was a threat of violence in sending social workers or cops, an approach he said has worked in other cities.

Sliwa and Mamdani also hit back at Cuomo, pointing to actions when he was governor that they said worsened the crisis. “Andrew, you closed the mental health beds that were taking care of them,” said Silwa.

A police officer in the subway system in 2022. (Diane Bondareff/Mayoral Photo Office)

“As the governor he cut funding for the Advantage [voucher] program which was putting New Yorkers who had otherwise been in shelters, otherwise been homeless, into apartments,” added Mamdani.

Advantage was a housing subsidy for low-income New Yorkers launched in 2007, funded by both the city and the state, with Albany footing about a third of the bill, City Limits reported at the time. But when Cuomo cut the state’s share of funding in 2011, city officials shut it down, which advocates say attributed to a spike in the homeless population after. 

“He’s talking about a program 14 years ago that was a pilot program that had a work requirement. It was very controversial,” Cuomo countered during Thursday’s debate, saying that during his time in office, he “funded the homeless budget larger than any governor in history.”

The last day to register to vote in the general election is Oct. 25. Election Day is Nov. 4.

Here’s what else happened this week in housing—

ICYMI, from City Limits:

New York joined California and several cities in banning property owners or managers from using software that relies on private information to set rent prices, which critics say is inflating the cost of housing.

More than two decades after the controversial Atlantic Yards project was announced, it’s still yet to deliver on all the affordable housing it promised. A new development team is now taking the reins; will things be different this time?

Project-Based Rental Assistance helps 100,000 New Yorkers afford rent. But the program is rife with issues. Here’s more about the program, and how to get help if you live in one of its buildings.

ICYMI, from other local newsrooms:

What the next mayor can learn from the rezoning of Greenpoint, Brooklyn, two decades ago, via Gothamist.

Federal immigration agents targeted migrants for arrests outside a city shelter in Manhattan Thursday, according to The City.

Eric Adams’ administration has landmarked fewer buildings than his mayoral predecessors, City and State reports.

The post Mayoral Hopefuls Debate a Rent Freeze, And What Else Happened This Week in Housing appeared first on City Limits.

Mayoral Hopefuls Debate a Rent Freeze, And What Else Happened This Week in Housing

posted in: All news | 0

The three candidates running for New York City mayor faced off in their first general election debate Thursday night. Here’s what they said about rents for stabilized tenants, building affordable housing, and how they’d respond to homeless New Yorkers in the subway.  

Curtis Sliwa, Andrew Cuomo and Zohran Mamdani. (City Limits, Flickr/Andrew Cuomo)

The three candidates running for New York City mayor faced off in their first general election debate Thursday night, where the conversation ranged from policing, the Israel-Gaza conflict, and how each would stand up to President Donald Trump. 

The mayoral hopefuls—Democratic nominee and Queens Assemblymember Zohran Mamdani; former Gov. Andrew Cuomo, running as an independent; and Guardian Angels founder and Republican Curtis Sliwa—also touched on their plans to address housing and homelessness.

Here’s a recap of who said what on housing: 

Cuomo and Mamdani sparred, once again, over the idea of a rent freeze

Mamdani reiterated his central campaign platform: to appoint a Rent Guidelines Board (RGB) that would freeze rent for the city’s roughly 2 million rent-stabilized tenants, all four years he’s in office. 

While housing and tenant advocates cheer the plan, landlord groups say it would make it harder for property owners to keep up with repairs in aging buildings, particularly in properties where the majority of units are regulated. 

Critics also say it would undermine the independence of the RBG, which meets each spring to deliberate on the economic conditions both landlords and tenants are facing before it sets rent changes for the upcoming year. 

 “How can you promise a rent freeze today before ever seeing that data next year?” moderator and Politico editor Sally Goldenberg asked the assemblymember. 

“What I am speaking about is actually reflecting the needs of these New Yorkers and the state of the market today,” Mamdani responded. “These are New Yorkers who have a median household income of $60,000. We do not need to be pushing them further out of the city. We need to keep them in their homes.”

He pointed to stats from this year’s RGB which found the net operating income for owners of buildings with rent stabilized units increased an average of 12 percent. The board still voted for a 3 percent rent hike, the fourth increase under Mayor Eric Adams (who is not seeking re-election). 

Housing advocates rallying outside the Rent Guidelines Board meeting in June. (Photo by Adi Talwar)

“I’ve seen the data year after year of the fact that salaries are stagnating, costs are up. New Yorkers can’t actually afford their apartments,” Mamdani said, adding that his administration would focus on aiding landlords by tackling the high costs of insurance, property taxes and water bills. 

The conversation then touched on former Gov. Cuomo’s proposed “Zohran’s Law”—a dig at his opponent, who lives in a regulated apartment in Astoria—which would require households moving into stabilized units to pay 30 percent or more of their income on rent (which critics say meets the definition of being rent-burdened).

“He has a rent stabilized apartment that a poor person’s supposed to have,” Cuomo said of Mamdani, who pays $2,300 a month for the unit he shares with his wife (Sliwa pays $3,900 for his housing, and Cuomo $7,800). “Those are the precious units and we should keep them for the most rent-burdened.”

Cuomo again criticized Mamdani’s rent freeze platform. “Freeze the rent only postpones the rent, because then you have to have an increase to cover the costs, otherwise the building is going to go bankrupt,” he said.

Filling the housing shortage

Sliwa is a vocal opponent to Mayor Adams’ City of Yes changes, which he said will “destroy residential neighborhoods.”

The plan, which lawmakers approved last year, overhauled the city’s zoning rules to make it easier to build more housing citywide—including in outer borough neighborhoods where some residents are resistant to added density. 

The Republican candidate wants to focus instead on converting existing office buildings into housing, and filling empty units. “We have 6,000 available apartments that a mayor controls in NYCHA and have been empty for years. That you address number one,” Sliwa said. 

“We have 25 Empire State buildings-worth of commercial space that will never be occupied for office space. We should be converting them into affordable apartments,” he added. “You don’t need to go into the outer boroughs.”

Affordable housing under construction in The Bronx in 2018. (Adi Talwar/City Limits)

Cuomo, whose platform calls for building or preserving 500,000 apartments over the next 10 years, touted his past work with the U.S. Department of Housing and Urban Development under the Clinton administration. “I was the HUD secretary. I built affordable housing all across this nation. I built affordable housing in this city when I was in my 20s. I know how to get it done,” he said. “I will get it done.”

Mamdani mentioned his plan to build “200,000 truly affordable homes” over a decade. The Democratic Socialist has yet to publicly weigh in on the series of proposals that will appear on the ballot next month, which aim to speed up new housing construction by changing how the city approves certain projects—in part by scaling back the City Council’s role in the process

While he didn’t reference the ballot questions directly in Thursday’s debate, he did say he wants to cut the amount of time it takes to build. 

“I’m going to make it easier for the private sector to build housing in this city because what we see today—it’s not labor, it’s not materials, it’s the wait that is often costing so many so much to actually build the housing we need in this city.”

Subway homelessness and mental health

Cuomo and Sliwa criticized Mamdani’s proposal to have social workers, rather than police, respond to 911 calls for mental health emergencies on the subways.

Sliwa called for more cops. Cuomo called for teams of both mental health professionals and cops. The two criticized Mamdani’s approach as impractical, and questioned if it would reduce subway violence.

Mamdani said that under his plan, 911 operators would decide whether there was a threat of violence in sending social workers or cops, an approach he said has worked in other cities.

Sliwa and Mamdani also hit back at Cuomo, pointing to actions when he was governor that they said worsened the crisis. “Andrew, you closed the mental health beds that were taking care of them,” said Silwa.

A police officer in the subway system in 2022. (Diane Bondareff/Mayoral Photo Office)

“As the governor he cut funding for the Advantage [voucher] program which was putting New Yorkers who had otherwise been in shelters, otherwise been homeless, into apartments,” added Mamdani.

Advantage was a housing subsidy for low-income New Yorkers launched in 2007, funded by both the city and the state, with Albany footing about a third of the bill, City Limits reported at the time. But when Cuomo cut the state’s share of funding in 2011, city officials shut it down, which advocates say attributed to a spike in the homeless population after. 

“He’s talking about a program 14 years ago that was a pilot program that had a work requirement. It was very controversial,” Cuomo countered during Thursday’s debate, saying that during his time in office, he “funded the homeless budget larger than any governor in history.”

The last day to register to vote in the general election is Oct. 25. Election Day is Nov. 4.

Here’s what else happened this week in housing—

ICYMI, from City Limits:

New York joined California and several cities in banning property owners or managers from using software that relies on private information to set rent prices, which critics say is inflating the cost of housing.

More than two decades after the controversial Atlantic Yards project was announced, it’s still yet to deliver on all the affordable housing it promised. A new development team is now taking the reins; will things be different this time?

Project-Based Rental Assistance helps 100,000 New Yorkers afford rent. But the program is rife with issues. Here’s more about the program, and how to get help if you live in one of its buildings.

ICYMI, from other local newsrooms:

What the next mayor can learn from the rezoning of Greenpoint, Brooklyn, two decades ago, via Gothamist.

Federal immigration agents targeted migrants for arrests outside a city shelter in Manhattan Thursday, according to The City.

Eric Adams’ administration has landmarked fewer buildings than his mayoral predecessors, City and State reports.

The post Mayoral Hopefuls Debate a Rent Freeze, And What Else Happened This Week in Housing appeared first on City Limits.

Regional banks’ bad loans spark concerns on Wall Street

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By KEN SWEET, Associated Press Business Writer

NEW YORK (AP) — Wall Street is concerned about the health of the nation’s regional banks, after a few of them wrote off bad loans to commercial customers in the last two weeks and caused investors to wonder if there might be more bad news to come.

Zions Bank, Western Alliance Bank and the investment bank Jefferies surprised investors by disclosing various bad investments on their books, sending their stocks falling sharply this week. JPMorgan Chase CEO Jamie Dimon added to the unease when he warned there might be more problems to come for banks with potentially bad loans.

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Wall Street cruises toward the finish of its best week in 2 months as bank stocks steady

“When you see one cockroach, there are probably more,” Dimon told investors and reporters on Tuesday, when JPMorgan reported its results.

The KBW Bank Index, a basket of banks tracked by investors, is down 7% this month.

There were other signs of distress. Data from the Federal Reserve shows that banks tapped the central bank’s overnight “repo” facilities for the second night in a row, an action banks have not needed to take since the Covid-19 pandemic. This facility allows banks to convert highly liquid securities like mortgage bonds and treasuries into cash to help fund their short-term cash shortfalls.

Zions Bancorp shares sank Thursday after the bank wrote off $50 million in commercial and industrial loans, while Western Alliance fell after the bank alleged it had been defrauded by an entity known as Cantor Group V LLC. This came on top of news from Jefferies, which told investors it was might experience millions of dollars in losses from its business with bankrupt auto parts company First Brands.

All three stocks recovered a bit Friday. Jefferies’ CEO told investors that the company believes it was defrauded by First Brands and there were no broader concerns in the lending market.

The last banking flare up, in 2023, also involved mid-sized and regional banks that were overly exposed to low-interest loans and commercial real estate. The crisis caused Silicon Valley Bank to fail, followed by Signature Bank, and led to the eventual sale of First Republic Bank to JPMorgan Chase in a fire sale. Other banks like Zions and Western Alliance ended up seeing their stocks plummet during that time period.

While banks do fail or get bought at fire sale prices, all bank deposits are insured by the Federal Deposit Insurance Corporation, up to $250,000 per account, in case a of a bank failure. In the nearly 100 years since the FDIC was created in 1933, not one depositor has lost their insured funds.

Still, even the larger banks aren’t immune in this latest round of trouble. Several Wall Street banks disclosed losses this week in the bankruptcy of Tricolor, a subprime auto dealership company that collapsed last month. Fifth Third Bank, a larger regional bank, recorded a $178 million loss from Tricolor’s bankruptcy.

That said, the big banks believe that any losses will be manageable and do not reflect the broader economy.

“There is no deterioration, we’re very confident with our credit portfolio,” Deutsche Bank CEO Christian Sewing said, in an interview on Bloomberg Television on Friday.

While the big Wall Street banks get most of the media and investor attention, regional banks are a major part of the economy, lending to small-to-medium sized businesses and acting as major lenders for commercial real estate developers. There are more than 120 banks with between $10 billion and $200 billion in assets, according to the FDIC.

While big, these banks can run into trouble because their businesses are not as diverse as the Wall Street money center banks. They’re often more exposed to real estate and industrial loans, and don’t have significant businesses in credit cards and payment processing that can be revenue generators when lending goes south.