St. Paul’s strict 3% rent-control ordinance led to a 79% drop in apartment-building permits and an at least 6% decline in property values. Meanwhile, Minneapolis, without rent control, saw apartment permits rise nearly fourfold in early 2022 from the year before.
IPO Scams
The SEC suspended trading in 12 emerging growth companies’ stocks since late September, exceeding suspensions from the previous four years combined. All 12 suspended companies are Asia-based emerging growth companies that went public on Nasdaq with the critical link: All 12 are emerging growth companies under the JOBS Act. Though the acronym stands for “Jumpstart Our Business Startups,” these aren’t American companies. It is highly doubtful any of them could have gone public on U.S. exchanges without the JOBS Act and the regulatory relief afforded by their EGC status.
Luxury Residential
Home sellers are seeing a demand for fully furnished luxury real estate. While buyers with deep pockets and busy lives have long sought the simplicity of a turnkey home—one that’s move-in ready, requiring little to no additional work—more buyers today are looking for homes that are move-in ready and fully outfitted, down to the last household item.
Fed Cut Decision
The decision drew three dissents—two from officials who opposed any cut and one who wanted a larger reduction. The formal vote understated the resistance. Four other officials registered a quieter objection in the Fed’s quarterly projections: They wrote down a higher interest rate for 2025 than the one the committee approved—a signal they wouldn’t have cut. Together with the dissenters, that is roughly a third of the policymakers who attend Fed meetings.
Big Ticket M&A
Big-ticket mergers and acquisitions, valued at $10 billion or more, has reached a record $1.2 trillion this year, largely financed by debt.
Resiliency Pledge
JPMorgan Chase, the biggest U.S. bank, announced a $1.5 trillion initiative focused on national security, meant to bolster American self-sufficiency for critical technologies including rare earths and artificial intelligence.
Consumer Sentiment
Consumer sentiment in December was 53.3, a decrease from over 70 in January and near historic lows. Despite low sentiment, consumer spending continues, with retailers reporting signs of a solid holiday shopping season.
Retailer Update
Retailers occupied 5.5 million more square feet than they vacated in the third quarter, a turnaround from the first half of the year. The national retail vacancy rate was 4.3% in the third quarter, with retail construction remaining near historically low levels.
Billionaires
The total number of billionaires across the globe reached new heights in 2025, due partly to the soaring valuations of tech companies and rising stock markets. Some 2,900 billionaires now control $15.8 trillion, up from about 2,700 billionaires with a cumulative wealth of nearly $14 trillion a year earlier. The number and wealth of billionaires as a whole were boosted by the second-highest number of new billionaires minted in a year—287.
Economic Growth
The OECD forecasts U.S. economic growth of 2% this year and 1.7% next year, a slight upgrade from previous projections. Global economic growth is projected to slow to 2.9% next year from 3.2% this year, with risks from increased trade barriers.