The New York Times recently published “a portrait of new single-family homes” in the US in 2016. Here’s that portrait:
For those of those living in dense urban centers, this portrait is perhaps a reminder that in many other places a large single-family home can be had for about the price of a studio apartment.
Nothing in the above portrait likely surprised you, but it’s interesting to note that over half of all new single family homes delivered last year were in “The South.” Only 7% were built in the dense northeast.
The New York Times also recently looked at “international rents per square foot” using data from RentCafe. Here they are:
New York City sits at the top with an average rent of $4.98 psf. This is across all boroughs. I am surprised by how low some of these international rents are. But averages rarely tell you the whole story.
In any event, I do think that these two graphics start to speak to the economic spikiness that we are seeing across the US.
The Q3 2017 Moneytree Report from PwC and CB Insights was recently released. It tracks venture capital trends in the US and globally.
Last quarter, US venture capital-backed companies saw $19 billion in total funding across 1,207 deals. Perhaps most notably for the US, funding in the NY metro area rose 57% to $4.227 billion and inched out the San Francisco Bay Area ($4.177 billion).
But this was really because of two epic rounds to WeWork (NYC HQ) totalling around $2.5 billion. Also, Silicon Valley ($2.2 billion) is tracked separately to the San Francisco Bay Area in the report.
Still, there’s a real sense that the New York tech ecosystem is on the rise and that it is probably furthest ahead in the US in terms of being able to catch up to California.
Last week, MongoDB (NASDAQ: MDB) went public. Albert Wenger, who is an investor in the company, argued on his blog that this is an important milestone for technology companies based in New York.
It’s the first core technology company (instead of applied technology company) to go public in the city and it’s a big step forward in terms of demonstrating that “geography is no longer destiny.”
You don’t have to move to the Bay Area to win in tech.
This week it was announced that the very first condo building in Toronto (and in Canada) has just signed on to Airbnb’s Friendly Buildings Program. The agreement will take effect on November 1, 2017.
As the name suggests, the program is about bringing greater legitimacy and structure to short-term Airbnb rentals. Here are two key measures from this particular agreement:
- Building security will now have full transparency with respect to who is hosting and who their guests are at any given time
- Airbnb will share 5% of the building’s revenue with the condominium corporation (hosts will also need to pay $50/month to cover any additional maintenance costs)
What’s compelling about the above is that there’s now a bit of a financial incentive for buildings/boards to support Airbnb rentals.
At the same time, if something happens, it’ll now be a lot easier to figure out who was responsible and then chargeback any relevant costs. Right now it’s all happening under the radar.
My view on Airbnb is the same as the one I took (publicly on this blog) on Uber: It’s not going away. Many people clearly want it. An entire building just accepted it. So let’s figure out how to make it work better.
One regulation that Toronto is currently exploring and that I think will materialize in some form is a limit on short-term rentals when the unit is not your principal residence.
This is the difference between Airbnb’ing your place when you leave on vacation (or when you have an extra room) and buying a condo strictly as a short-term rental investment.
It’s interesting to see the evolution of companies like Uber and Airbnb. Both would never have been successful if they started out by first asking for permission.
But now they are mature enough that they are being forced to play nice.
The New York Times recently published “a portrait of new single-family homes” in the US in 2016. Here’s that portrait:
For those of those living in dense urban centers, this portrait is perhaps a reminder that in many other places a large single-family home can be had for about the price of a studio apartment.
Nothing in the above portrait likely surprised you, but it’s interesting to note that over half of all new single family homes delivered last year were in “The South.” Only 7% were built in the dense northeast.
The New York Times also recently looked at “international rents per square foot” using data from RentCafe. Here they are:
New York City sits at the top with an average rent of $4.98 psf. This is across all boroughs. I am surprised by how low some of these international rents are. But averages rarely tell you the whole story.
In any event, I do think that these two graphics start to speak to the economic spikiness that we are seeing across the US.
The Q3 2017 Moneytree Report from PwC and CB Insights was recently released. It tracks venture capital trends in the US and globally.
Last quarter, US venture capital-backed companies saw $19 billion in total funding across 1,207 deals. Perhaps most notably for the US, funding in the NY metro area rose 57% to $4.227 billion and inched out the San Francisco Bay Area ($4.177 billion).
But this was really because of two epic rounds to WeWork (NYC HQ) totalling around $2.5 billion. Also, Silicon Valley ($2.2 billion) is tracked separately to the San Francisco Bay Area in the report.
Still, there’s a real sense that the New York tech ecosystem is on the rise and that it is probably furthest ahead in the US in terms of being able to catch up to California.
Last week, MongoDB (NASDAQ: MDB) went public. Albert Wenger, who is an investor in the company, argued on his blog that this is an important milestone for technology companies based in New York.
It’s the first core technology company (instead of applied technology company) to go public in the city and it’s a big step forward in terms of demonstrating that “geography is no longer destiny.”
You don’t have to move to the Bay Area to win in tech.
This week it was announced that the very first condo building in Toronto (and in Canada) has just signed on to Airbnb’s Friendly Buildings Program. The agreement will take effect on November 1, 2017.
As the name suggests, the program is about bringing greater legitimacy and structure to short-term Airbnb rentals. Here are two key measures from this particular agreement:
- Building security will now have full transparency with respect to who is hosting and who their guests are at any given time
- Airbnb will share 5% of the building’s revenue with the condominium corporation (hosts will also need to pay $50/month to cover any additional maintenance costs)
What’s compelling about the above is that there’s now a bit of a financial incentive for buildings/boards to support Airbnb rentals.
At the same time, if something happens, it’ll now be a lot easier to figure out who was responsible and then chargeback any relevant costs. Right now it’s all happening under the radar.
My view on Airbnb is the same as the one I took (publicly on this blog) on Uber: It’s not going away. Many people clearly want it. An entire building just accepted it. So let’s figure out how to make it work better.
One regulation that Toronto is currently exploring and that I think will materialize in some form is a limit on short-term rentals when the unit is not your principal residence.
This is the difference between Airbnb’ing your place when you leave on vacation (or when you have an extra room) and buying a condo strictly as a short-term rental investment.
It’s interesting to see the evolution of companies like Uber and Airbnb. Both would never have been successful if they started out by first asking for permission.
But now they are mature enough that they are being forced to play nice.
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