New York Rent Reform Package of 2019

June 17th, 2019 by Keeley Byer

On June 11, 2019, New York State Assembly Speaker Carl Heastie and Senate Majority Leader Andrea Stewart-Cousins reached an agreement on a comprehensive rent reform package that will limit or eliminate many previous laws and regulations, which includes the elimination of High-Income and High-Rent deregulation as well as limits to the Major Capital Improvement (MCI) and Individual Apartment Improvement (IAI) programs. However, the Rent Reform package did not include a universal rent control measure, which would have allowed the creation of new rent stabilized units, nor did…

Greysteel Capital Markets Update | June 2019

June 4th, 2019 by Keeley Byer

As trade war fears rose and economic data disappointed, Treasury yields declined in May. The 10-year Treasury rate decreased to 2.14% at the end of May, down 37 basis points from the previous month. The stock market fared no better, either, as the S&P 500 lost 6.6% in May. These decreases, paired with the Trump administration’s recent move to impose punitive tariffs on Mexico, have investors anticipating a potential near-term economic downturn with a second front in the global trade fight. However, in early June, Fed Chairman Powell suggested trade tensions could lead the central bank…

Investing In Opportunity Zones

May 24th, 2019 by Keeley Byer

OPPORTUNITY ZONES: April 2019 Proposed Regulations

The Investing in Opportunity Act, a special provision in the 2017 Tax Cuts and Jobs Act, is an innovative economic development tool designed to spur long-term private sector investments in designated Qualified Opportunity Zones (QOZs), located in 8,762 low-income urban and rural census tracts, throughout the U.S. With an estimated $6.1 trillion of unrealized capital gains eligible for…

Greysteel Capital Markets Update | May 2019

May 3rd, 2019 by Keeley Byer

On May 1, the Federal Reserve voted to hold interest rates steady, between 2.25% and 2.50%, meeting market expectations. The decision follows a much stronger-than-anticipated growth over the first three months of the year. Bureau of Economic Analysis data showed U.S. real gross domestic product (GDP) increased 3.2% in the first quarter of 2019, beating analyst expectations. While consumer spending surged to its highest level in over nine years in March, rising 0.9% overall (0.7% when adjusted for inflation), driven mainly by a jump in health care and motor vehicle expenditures. The 10-year…

Best Places to Live in the USA

April 11th, 2019 by Keeley Byer

Ten cities where Greysteel conducts business were ranked among the top 25 “Best Places to Live in the USA” in U.S. News & World Report’s recently published 2019 annual list. Each year U.S. News analyzes the 125 most populous metro areas in the nation to find the best places to live based on data from the U.S. Census Bureau, the Federal Bureau of Investigation, and the U.S. Dept. of Labor. U.S. News categorizes data into the five indexes and then weights them using a methodology determined by Americans' preferences. To make the top of the list, a…

Greysteel Capital Markets Update | April 2019

April 2nd, 2019 by Keeley Byer

While some analysts point to the dramatic reduction in interest rates over the past six months as an indicator of a possible recession, the economy and broader market are showing mixed signals. Retail sales unexpectedly fell in February while the Institute for Supply Management’s (ISM) Manufacturing Index rose in March. The S&P index was up over 13% in Q1 2019 and although economic growth continues to slow, the next several months will provide greater clarity in the direction of the U.S. economy.

The Federal Reserve's Balance Sheet In Four Charts

March 26th, 2019 by Keeley Byer

Last week, the Federal Reserve announced it will stop shrinking its $4 trillion balance sheet by the end of September 2019 and would like to get back to a balance sheet consisting mostly of Treasuries. Currently, Treasuries account for approximately 55% of the assets on the Fed's balance sheet, MBS account for 40%, and 5% other assets, including gold. Check out the full article with charts below.