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1. Hawaii Governor Signs Short-Term Rental Bill
Hawaii counties will now have the authority to convert short-term rentals into long-term housing and have the power to disallow vacation rentals in communities that don’t want them, Hawaii News Now reports. Gov. Josh Green signed Senate Bill 2919 on Friday to enact the new laws that address the housing crisis in Hawaii.
Of the estimated 90,000 short-term rentals of the state, Green said more than 25% of owners own 20 or more rentals and have circumvented past legislation that tried to prevent illegal rentals from operating, KHON2 News reports.
“As we press forward with our ongoing wildfire response and recovery efforts, SB 2919 will be a pivotal tool to address Hawaii’s housing crisis, while ensuring our essential housing programs for Maui recovery remain robust,” he said.
2. Florida Real Estate Industry Affected by Restrictions on Chinese Citizens
A law enacted in Florida back in July 2023 barred Chinese entities from buying agricultural land and Chinese citizens without a green card from purchasing residential property. The law is starting to have an impact on the state’s real estate industry as Chinese investors haven’t been able to finance projects out of fear of breaking the law, the New York Times reports.
Yukey Hoo, a real estate agent in Winter Garden, Florida, said she’s had to turn down one-fifth of her usual business because of uncertainties of its legality due to the law. The law, which was aimed at stopping Chinese Communist Party influence in the state, is being challenged in federal court.
“I never felt any discrimination here before this law,” said Jin Bian, a Chinese software developer who works in Tampa and is among those barred from buying property. “But now I’m wondering if I need to leave Florida.”
3. DiamondRock To Keep Strategy Similar Amid Leadership Change
In the company's first-quarter 2024 earnings call, DiamondRock Hospitality Company CEO Jeff Donnelly said the REIT will mostly have the same strategy as before when his predecessor Mark Brugger was at the helm, HNN's Dana Miller reports. It will focus on lifestyle resorts and urban hotels.
"To borrow a term from [President and Chief Operating Officer Justin Leonard], that means we will work to manufacture core product. Ideally, with limited capital intensity. To us, competitive auctions for a brand-managed, big-box hotel is not that path to success, and the investment community has limited patience for big-ticket, highly disruptive renovations. Instead, we want to select situations where our capital and creativity can unlock value that will drive long-term performance," Donnelly said.
4. Paris Races To Make Olympics Accessible
With the July 26 opening ceremony for the 2024 Paris Olympics a couple of months away, Paris is racing to make itself accessible for those with disabilities visiting the city for the Games, the New York Times reports. Among the expected 15 million people who will travel to the city for the Olympics and Paralympics are approximately 350,000 visitors with disabilities. Paris officials promised to make the city “universally accessible” before the Games begin.
Paris has made strides, but there is still more work to be done. The city expects to have 1,000 wheelchair-accessible taxis for the Games after only having 250 in 2022 and will have 170 accessible Uber vehicles.
“Despite this progress, advocacy groups like APF France Handicap are concerned that the city remains unprepared for visitors with disabilities. For example, said Pascale Ribes, the group’s president, train and airline companies need to be notified in advance to accommodate passengers in wheelchairs,” the newspaper reports.
5. US Job Growth Slows in April
Job growth in the U.S. was down from 300,000 added jobs in March to 175,000 jobs added in April, the Wall Street Journal reports. The slowdown in job growth could lead to a potential interest rate cut from the Federal Reserve by the end of the summer.
The big month-over-month drop-off in jobs added isn’t necessarily a sign of concern, as April’s gains were “a much more sustainable pace,” said Thomas Simons, U.S. economist at Jefferies. “I think this is probably something the Fed wants to see.”
Gains slowed the most in the government, leisure and hospitality, and construction sectors, the newspaper reports.