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As election day approaches, several Town Council candidates weigh Bowdoin’s place in Brunswick politics
With less than two weeks until Election Day, five candidates are competing for two at-large seats on the Brunswick Town Council, the body that sets the town’s budget, zoning and housing policy, from Maine Street sidewalks to Bowdoin’s own building plans. Because at-large seats represent the whole town, any Bowdoin student registered to vote in […]
New family entertainment, including indoor slide park is coming to La Vista
La Vista's Southport West development will add family entertainment, including what owners call Nebraska's first indoor slide park, plus new housing.
Health care, housing, wages: Josh Turek outlines campaign goals at Davenport rally
Iowa Senate candidate Josh Turek made a stop in the Quad Cities Thursday, meeting with voters at Modern Woodmen Park.
MU still discussing possible hotel, entertainment district and student housing to enhance game-day experience
COLUMBIA, Mo. (KMIZ) The University of Missouri is still exploring several commercial development options on university-owned property as it looks to enhance the game-day experience and provide more amenities for students, faculty and staff. UM System President Mun Choi said during a faculty council meeting on Thursday that the university is considering an entertainment district,
Metamora, Creve Coeur look to expand business development
East Peoria has already purchased the land on Route 24 and Centennial Drive to expand housing development, while Metamora is developing housing, and possible business development, on 135 acres on Route 116.
Spurred by Pulitzer Prize-Winner’s Visit, Business Leaders Grapple With State’s Housing Crisis: Business NH Magazine
Brian Goldstone, journalist and author of the Pulitzer Prize-winning There Is No Place for Us: Working and Homeless in America, spoke during an Oct. 15 forum, hosted by the Greater Concord Chamber of Commerce and the Concord Coalition to End Homelessness.
City of Knoxville, KCDC cut ribbon on mixed-use housing with health clinic and arts center
Knoxville’s Community Development Corporation cut the ribbon Wednesday on The Gallery at Beaumont, the second phase of Transforming Western with 52 mixed-income apartments plus on-site healthcare and arts space.
Preparing for cascading climate risks
Arizona communities already understand that climate hazards rarely occur in isolation. Extreme heat can drive up electricity demand, drought can increase wildfire risk, and flooding can disrupt transportation, water systems, housing and local economies. Because these systems are connected, a disruption in one can quickly threaten public health and safety.
Australia urged to put biodiversity at the heart of planning as global targets slip out of reach
The world is falling short of its biodiversity commitments because nature is still treated as an afterthought in decisions about housing, infrastructure, agriculture, energy, mining and conservation, ...
A community health initiative in low-income areas may reduce hospital admission rates
In this longitudinal cross-sectional RCT, 30 low-income apartment buildings in Ontario received visits from the community paramedicine clinic, resulting in…
Spurred by Pulitzer Prize-winner's visit, business leaders grapple with state's housing crisis
The capital of Georgia — a city of more than 500,000 people nearly 1,200 miles away, where African-Americans outnumber their white counterparts — bears a striking similarity to New Hampshire’s capital. In Atlanta, like in Concord and countless municipalities across the country, housing costs have far eclipsed what working people can afford. Brian Goldstone, journalist […]
'They’ve awakened him’: How a wealth tax fight made Brin a political force
After years of sporadic giving, the Google co-founder has unleashed spending that spans from the billionaire tax to housing and environmental policy.
Can Real Estate Out-Organize Tenants in New York? This Group Will Try.
A new organization, Built for New York, plans to raise money to mobilize voters in the real estate industry, which has endured several political losses in recent years.
$55 million gift to fund Marietta College housing, health sciences facility
MARIETTA — Marietta College plans to renovate three first-year residence halls, remove several campus buildings and open a graduate health sciences facility on Fourth Street with support from a $55 million gift commitment from Joe and Linda Chlapaty. President Kathleen Poorman Dougherty announced the commitment Friday during her State of the College address, held during […]
RWJBarnabas Health Honored with New Jersey Business Magazine’s Community Service Award
RWJBarnabas Health has been recognized with New Jersey Business Magazine’s 2026 Community Service Award for Excellence for its Our Healthy Communities initiative, which addresses health disparities and strengthens communities across New Jersey through expanded access to health care, healthy food, housing, and economic opportunities.
RWJBarnabas Health Honored with New Jersey Business Magazine’s Community Service Award
RWJBarnabas Health has been recognized with New Jersey Business Magazine’s 2026 Community Service Award for Excellence for its Our Healthy Communities initiative, which addresses health disparities and strengthens communities across New Jersey through expanded access to health care, healthy food, housing, and economic opportunities.
State extends UMOS’s contract to provide food, health and housing services in Milwaukee County
UMOS will continue providing food, housing and health services for low-income residents in Milwaukee County through June 30, 2027.
House District 13 candidates discuss heating costs and housing
Maine House District 13 candidates Republican incumbent Russell White and Democrat Michael Cunningham shared their input on hot topics such as heating costs and access to rural healthcare during a
Richland County Foundation funds $1.4 million in grants for health & housing needs
MANSFIELD – The Richland County Foundation Board of Trustees approved grants totaling $1,477,004.99 to non-profit organizations during its October meeting. Competitive and field of interest fund grants were approved by the board to four organizations. Community Health Access Project (CHAP) received a grant to enhance care coordination services for uninsured and underinsured residents in Richland […]
City of Memphis investing millions in Soulsville housing, development
Also this week, early voting is underway and a judge is pondering whether to lift a ban on several people who were barred from Memphis City Council.
Commentary: Opportunity Zones can help bring investment, development to Idaho areas that need it most
Idaho’s newly approved Opportunity Zones could help bring more housing, businesses and jobs to communities across the state. The attraction for investors is the potential tax savings. This month, Idaho Commerce announced that the U.S. Treasury approved 25 zones, including areas in Boise, Coeur d’Alene and Post Falls. The new Opportunity Zone designations take effect […]
This family business survived 100 years to build on East TN's housing boom
Christmas Lumber nearly went under. Four generations and 100 years later, the Harriman family business is helping meet East Tennessee's housing demand.
Conversations with the candidates: Warmington on housing, ICE, and data centers
Democratic gubernatorial nominee Cinde Warmington said she regrets her past work for Purdue Pharma, saying the maker of Oxycontin lied to doctors and the FDA about the dangers of the opioid painkiller.
Opinion | Has Hyannis found the secret to a fun, thriving downtown?
Zoning changes plus beautification money raised from local businesses spur housing construction and attract businesses.
To fix California, make its politicians afraid to lose
The state has the nation’s largest homeless population and some of its most expensive housing — yet incumbents rarely pay a price. A slew of new parties is the answer.
New guided search tool helps Kentuckians navigate treatment, mental health and recovery resources
By Leah Dick University of Kentucky Finding the right support for substance use disorder treatment, mental health care, recovery housing or naloxone distribution can be an important step toward better…
Can left or right extremes solve Europe’s housing crisis?
Housing costs have brought about a political crisis in Spain and are fueling political change across Europe. Voters are turning to the far left and far right for radical change in the way living space is regulated.
Dr. Patrick McGill: Healthy hospitals help drive a healthy Indiana economy
Health care’s impact as an economic driver goes much deeper than direct jobs and spending, in much the same way good schools and housing are intrinsic quality-of-life factors.
Park City business groups express concerns about employee retention, worker housing
The Park City municipal government recently compiled comments from business groups in preparation for a discussion about economic development issues.
Moore, Crosby spar over economy and growth at Congressional District 2 debate
Rep. Blake Moore and Democratic challenger Peter Crosby discussed where they stand on Utah's economy, tariffs, and housing affordability during Congressional District 2 debate
Healey and Minogue made their final pitches to voters in a tense debate. Here are 4 takeaways.
The two clashed over housing costs, public accountability, abortion access, immigration enforcement, and energy policy.
On the issues: can the economy tip the Nevada governor’s race?
Joe Lombardo and Aaron Ford are competing to convince Nevada voters they have the better plan to address jobs, housing costs and inflation.
Annual UCLA survey responses cover public health issues, including housing, heat
A growing number of Californians are experiencing extreme heat and other climate-related events, according to UCLA’s annual California Health Interview Survey released Thursday. The percentage of adults who reported that they or a household member personally experienced wildfires in the past two years more than doubled – increasing from 2.9 million to 6.5 million from 2024 to 2025, according to the report.
A City That Works: Chicago’s housing crisis demands more than campaign promises
Chicago's housing shortage is driving up rents. Mayoral candidates need specific plans to ease zoning restrictions, cut construction costs and build more homes.
Members of Governor’s Competitiveness Council break ranks to criticize tax proposal
Colorado needs to create a regulatory concierge for businesses, to treat housing as essential infrastructure, to simplify its sales and use tax system, and to modernize its workforce pipeline.
High mortgage rates are deepening a ‘K-shaped’ housing market
In today’s housing market, there is a growing divide between the “haves” and the “have-nots.”
Woodbridge neighborhood gets another 60 units of affordable housing
Canfield Parks Apartments is a project from the nonprofit Woodbridge Neighborhood Development and Cinnaire Solutions.
Prichard Senior Center, Housing Authority host senior health fair
Wednesday's event offered flu shots and wellness information for seniors.
Hall Pass: Your Ticket to Understanding School Board Politics, Edition #227
Welcome to Hall Pass, a newsletter written to keep you plugged into the conversations driving school board governance, the politics surrounding it, and education policy. In today’s edition, you’ll find: On the issues: The debate over district-provided housing for teachers and staff In this section, we curate reporting, analysis, and commentary on the issues school […]
Immerse Arkansas receives $4.5 million for new campus
Little Rock-based nonprofit Immerse Arkansas recently received a $4.5 million anonymous gift and a 99-year land lease from New Heights Church to establish short-term housing and a campus in Fayetteville...
RWJBarnabas Health Provides $1 Million Lifeline to Maintain, Expand Stable Housing for Unhoused Newarkers
RWJBarnabas Health has announced a $1 million investment in Newark-based United Community Corporation (UCC) to expand its medical respite program for individuals experiencing homelessness and support the continued operation of its emergency shelter. The funding will double the program's capacity from 10 to 20 residents, providing more patients with a safe place to recover following hospital discharge while addressing housing instability and other social determinants of health.
RWJBarnabas Health Provides $1 Million Lifeline to Maintain, Expand Stable Housing for Unhoused Newarkers
RWJBarnabas Health today announced a $1 million donation to United Community Corporation (UCC), a longstanding pillar of the Newark community, to support and double the capacity of its medical respite program that provides safe, stable, transitional housing for the unhoused following discharge from a hospital.
PROFILE: Ben Sio
New President of CenterState CEO Brings Nearly Two Decades of Experience to Drive CNY Growth By Stefan Yablonski Ben Sio serves as president of the CenterState Corporation for Economic Opportunity — or CenterState CEO. The independent Syracuse-based nonprofit is committed to creating inclusive, equitable and sustainable economic growth in Central New York. “I started in this position in March, so it has been six months. I’m in my 19th year with CenterState,” he said in August. As president, he is responsible for overseeing the organization’s administration and governance, while leading and executing its vision to be an effective advocate, exceptional employer and a force for positive outcomes for the community. He previously served as chief of staff and senior vice president of strategy, policy and planning, overseeing the organization’s long-term strategic planning, consulting, corporate governance, fundraising and development, land-use planning and government relations. In his years with the organization, Sio has led or supported many high-profile strategic initiatives including the creation of the CNY Rising Plan, the launch of the NUAIR Alliance and the region’s UAS strategy, the creation of the Micron-enabled Community Priorities Document and the recently awarded NY Smart I Corridor Tech Hub. “When we decided to split Rob’s [Simpson] role into two positions, he has the CEO title and I got the president title. Rob remains focused on forward looking vision strategy for the organization and I’m more focused on the day-to-day operations,” he explained. “I’m also responsible for building consensus around strategic needs and priorities and managing the change necessary to drive execution. It’s an eventful job. “The experiment that we call CenterState is always evolving and shifting and addressing where we see market demand and market failure. “If we see something in our economy that isn’t going the way we think it should go, then whether it is housing development or workforce development or something else, we are always figuring out how to step into these situations and address those challenges.” “We are the largest ever in terms of staff that we have ever been. We are no longer the 20-person organization we were when we started out many, many years ago,” he said. “There are more day-to-day things to take care of. But also there is just so much happening in the community right now that is pulling CenterState and our expertise in so many directions. I tell people if we were bored and not busy, then I’d be really concerned about what we are doing. But we are not bored. We’ve certainly got our hands full — and that is a good thing.” CenterState has now approximately 63 employees on its staff, according to recent nonprofit database records. It’s involved in myriad programs, ranging from Genius NY, a business accelerator competition for uncrewed systems, IoT and robotics startups, to CenterState Up Start, a collaborative business development program that connects local, service-based businesses and aspiring entrepreneurs to the tools and networks that help them thrive. CNY Guy Through and Through A Central New York guy through and through, Sio was born and raised in Skaneateles. “My mom was a teacher, an art teacher. My father worked for many, many years with National Grid. He was there through the transition from Niagara Mohawk to National Grid,” he said. “Neither of my parents were touched by cutbacks and job loss. But I grew up going through that transition and being concerned that there were rounds of layoffs. My childhood connection to the economy here in Central New York … years ago it was on the decline. There were people that lived here that were concerned about losing their job. They were thinking they lived in a place that didn’t show much promise.” That narrative translated to his generation, he added. “The kids that grew up in the ‘90s in Central New York were very much told, directly or indirectly, by their parents, that they had to go somewhere else to find economic opportunity. That is what I grew up thinking,” he said. “I only went a few miles down Route 20 for college — in Geneva, New York; I graduated from Hobart and William Smith College with a bachelor’s degree in public policy and political science. “I got real interested in regional economies; because what makes regional economy is what makes the economy successful. And when I graduated, I had an opportunity to move to Washington, DC and work down there at a nonprofit doing this work.” However, he decided to stay in Central New York. “I got hired two weeks after I graduated. I got hired by the Greater Syracuse Chamber of Commerce. At the time it was one of two entities doing economic development in Central New York — [the Greater Syracuse Chamber of Commerce and the Metropolitan Development Association] — and it eventually became CenterState CEO,” he said, referring to 2010 merger between the two organizations. During his time at CenterState, Sio has also split time at the Brookings Institution in Washington, D.C., where he supported communities developing export and foreign direct investment (FDI), a long-term cross-border investment where an individual or company from one country buys a lasting stake or control in a business located in another country. The program — known as Global Cities Initiative — was designed to help leaders in major U.S. and international metropolitan areas reorient their local economies toward global markets. “Early on in my tenure at CenterState, we had done a lot of work with the Brookings Institution, just regional planning stuff. We worked with them on developing a regional export plan, to export more products out of Central New York and a larger business plan for the region. They hired me on to help replicate those plans in different parts of the country,”Sio explained. “So, I worked there for three or four years. I worked for CenterState, but I was technically loaned to Brookings for a period of time to help them do this work elsewhere.” Family ties “My wife is Carly. We have been married 14 years. We have two kids, a 3-year-old and a 7-year-old. “With a 3-year-old and a 7-year-old, fun is a relative term these days. We do a lot of hiking. The kids this summer got very interested in waterfalls. We’ve hit every waterfall we could in a short hike — we’ve done Skaneateles and some others.” “I do woodworking and wood turning — it’s a branch of woodworking; you use a wood lathe. My big thing there is making wood bowls. I do that in most of my free time, which is not much,” he quipped. “I like to get into my woodshop and make a bowl and decompress and turn off the rest of the world for a little bit. I usually do it late at night when the house is quiet. It is definitely my escape from the day to day. I make a lot of bowls; all different sizes, all different species of wood. It’s a fun thing to do for me.” He gives away many of his creations. “They are mostly gifts — I don’t really sell them. I really don’t have time to go set up a booth at a fair or craft show. I usually give them away. I donate them to different things. If you are in my periphery, you’ve likely received a salad bowl from me as a gift. I just need to find something to do with all the stuff that I create,” he said. Lifelines Name: Benjamin Sio Position: President, CenterState CEO Birth Date: Not provided Birth place: Syracuse Residence: Westvale Education: Hobart and William Smith Colleges in the Finger Lakes Affiliations: Member of the boards of Skaneateles Festival, Greccio Foundation, Interfaith Works, CNY Community Foundation Personal/family: Married with two kids Hobbies: Woodworking and woodturning
A Major Labor Boom in CNY? Not Here Yet
With so many major projects going on — Micron, I-81 viaduct and others — job growth is predicted to increase. But so far the number of jobs in the region has declined By Aaron Gifford [caption id=attachment_11065 align=alignright width=350] Amy Stage, deputy director at the Manufacturers Association of Central New York (MACNY): “For us, the conversation isn’t just about filling jobs. It’s about creating sustainable pathways that help people see a future for themselves in manufacturing.”[/caption] The I-81 viaduct project in Syracuse and Micron facility construction in Clay are expected to create a major labor boom for Central New York. But for the time being, the number of jobs here has actually decreased in the past year. The New York State Department of Labor reported that, for the annual comparison of June 2025 to this past June, private sector jobs decreased by 2,200 or less than 1% to 260,000. Job gains were concentrated in leisure and hospitality (+700), private education and health services (+400) and other services (+300). Job losses for that annual period were reported in the areas of trade, transportation and utilities (-1,500); professional and business services (-1,000); financial activities (-500); mining, logging and construction (-300); manufacturing (-200); and information (-100). The public sector job count rose over 12 months, with most growth concentrated in education, the state Department of Labor reported. Looking ahead, the Central New York economy is expected to benefit from both the Micron and I-81 viaduct projects over a period of several years. Initial job growth is foreseen in construction and computer and electronic manufacturing. Spin-off jobs will be created in the areas of professional and business services, health care and education, the state Department of Labor said in an email response to Oswego County Business magazine. “Population growth tied to the buildout of Micron Technology semiconductor complex in Clay is also expected to bring more workers and residents to the region, increasing demand for transportation services,” the agency said. New York Department of Labor highlighted current or projected job growth trends in various sectors. An increase in defense-related contracts at local high-tech employers has continued to support employment growth in the computer and electronic product manufacturing sector and Micron is expected to generate thousands of direct and indirect jobs as the project progresses. This sector paid an annual average wage of $117,500 in 2025 and employment in the sector is projected to grow by over 60% through 2032, making it the fastest-growing industry in the region. Typical occupations in this industry include electrical, electronic and electromechanical assemblers, software developers and industrial engineers, the state agency reported. Specialty trade contractors include several different types of tradespeople — electricians, plumbers, pipefitters and steamfitters and HVAC (heating, ventilation and air conditioning) mechanics and installers. Many of these positions are trained through apprenticeships, the state Department of Labor reported. The Interstate 81 construction project is generating local jobs, including construction laborers, projected to grow at a 6.4% rate, and operating engineers and other construction equipment operators, projected to grow at a 7.3% rate over the next several years. Construction of the Micron Technology facility is also “creating thousands of job opportunities that will continue over the next two decades,” the state agency reported. The specialty trade contractors sector paid an annual average wage of $86,200 in 2025. For Central New York, the challenge isn’t creating jobs, it’s filling them. Amy Stage, a deputy director at the Manufacturers Association of Central New York (MACNY), said meeting this unprecedented growth is a much larger task than just replacing retirees. “We’re seeing workforce gaps at every experience level,” she said. “Companies need entry-level employees, experienced technicians, supervisors, engineers and skilled trades professionals. The opportunity is tremendous, but we need more people entering these career pathways.” Employers are looking for people who can troubleshoot, read technical information, use computers and learn new processes, not just perform repetitive production work, Stage said. To address this demand, the MACNY created the Manufacturers Talent Institute, which aims to connect students and job seekers with meaningful career pathways while helping employers build their workforce. Twenty-one companies have so far signed up to provide opportunities for more than 800 students. “For us, the conversation isn’t just about filling jobs,” Stage said. “It’s about creating sustainable pathways that help people see a future for themselves in manufacturing.” Several manufacturing facilities in the region are in the midst of expansion: • TTM Technologies, a leading U.S. manufacturer of advanced electronics and interconnect solutions for aerospace, defense and high-technology markets, which has a plant in DeWitt, completed its buildout of an additional facility, adding 400 jobs and expanding production of high-tech circuit boards for defense and critical electronics applications. • In Cortlandville, the Byrne Hollow Crossing Plant, a dairy manufacturing and processing facility, is increasing its operations, creating 100 new jobs. • The Chobani yogurt company is building a 1.4-million square foot dairy processing facility in Oneida County. This will create more than 1,000 good-paying jobs and double Chobani’s New York state workforce, Stage said. Stage noted several ways that local, state and federal governments can help spur manufacturing job growth in this region. Elected leaders and public agencies could work with industry representatives to create pre-apprenticeship and registered apprenticeship programs seeking to upskill workers and improve employee retention. New York state has a variety of grants, tax incentives and financing programs to support site preparation, infrastructure, workforce development and capital investment. The U.S. Department of Labor has a pay-for-performance incentive program that provides employers $3,500 per new apprentice hired and retained for 90 days. MACNY was previously awarded an $87,000 federal grant that will cover 25 apprentices at nine companies. The manufacturing skills gap in the United States, at its current rate, could result in 2.1 million unfilled jobs by 2030, according to a study by Deloitte and The Manufacturing Institute. In New York state, that gap is on pace to exceed 100,000 unfilled positions within six years. Manufacturing companies will be counting on more women to help fill that gap. While women make up half of the overall U.S. workforce, they only account for 29% of the manufacturing workforce in this country, Stage said. “Pre-apprenticeship programs like Real Life Rosies help to bring awareness to the manufacturing industry to fill some of the gaps, but we have a long way to go and it starts with educating people at younger ages about careers in manufacturing and earn-and-learn opportunities,” she said. As for Micron, that $100 billion-plus project, considered the largest private investment in New York state history, is expected to eventually create up to 50,000 jobs throughout the region, factoring in the spin-off opportunities for construction and supply chains. The plant’s foundation was poured on July 9. “As America celebrates its 250th anniversary, data and memory are foundational to the modern economy — and Micron is increasing our U.S. investments to more than $250 billion through 2035 to meet that moment,” the company’s president and CEO, Sanjay Mehrotra, said in a news release. Bechtel, Micon’s construction partner in the project, reported that 4,500 people will be employed to help build the facility, including skilled craft professionals, local union members representing various trades and apprentices. The Syracuse-based CenterState CEO organization tallies the regional labor force at 397,582 workers (Onondaga, Cayuga, Cortland, Madison and Oswego counties). Job growth isn’t limited to the Central New York region. For the larger area covering portions of the Mohawk Valley, the North Country, the Southern tier, and the western part of the state, there are 155,601 employees in the advanced manufacturing sector, and 155,275 construction workers. The agency’s 2026 Economic Forecast report noted that 41% of community and business leaders surveyed said a shortage of skilled workers in this area remains a problem, though 77% shared a positive economic outlook for the year ahead. Beyond the semiconductor and advanced manufacturing areas, local business leaders also see growth in small manufacturing companies, storage businesses, housing, unmanned flight technology and general construction. “Productive reuse of property,” the report said, “will hopefully continue to preserve unique architecture while driving business.” The report identified several challenges for economic growth in the region, including an aging workforce, outdated equipment, the rising cost of raw materials and “the disconnect between the speed of business needs and the pace of talent readiness.”
Mom-and-Pop Business Owners Grapple with Harsh Times
Report shows small business owners in NYS less optimistic about the economy. Taxes, inflation, labor costs and competition from larger businesses are major concerns right now, they say By Aaron Gifford [caption id=attachment_11067 align=alignright width=300] Ashley Ranslow is director for New York state at The National Federation of Independent Business (NFIB).[/caption] Owners of mom-and-pop businesses in New York state have been less optimistic lately than their peers in other parts of the country, a recent report indicates. The National Federation of Independent Business (NFIB), based on a survey of 11,000 of its members in the Empire State, reported that taxes, inflation, labor costs and competition from larger businesses are major concerns right now. “Indeed, while taxes are a major problem in New York and the United States overall, New York small businesses notably are struggling more with the state’s onerous, multi-level tax burden,” Ashley Ranslow, NFIB’s director for New York state, said in the July report. Compared with surveys of business owners in other states, far fewer New York respondents rated their businesses as in excellent or good health. The report also said labor costs here are about 25% higher than the national average and are the “single most important problem” facing businesses. One respondent to the New York-specific survey complained that too much red tape, taxes and laws that restrict high-yielding companies have stifled their operation’s growth. Others said high disability and workers’ compensation insurance costs, alarming increases in utility rates and excessive building regulations are discouraging. Statewide, New York has a gross domestic product of $2.53 trillion (third in the nation, followed by Texas, $2.90 trillion; and California, $4.25 trillion), a per capita income of $90,500 (sixth) and an unemployment rate of 4.6% (34th). There are 2.4 million small businesses that employ 3.9 million people. [caption id=attachment_11112 align=alignright width=451] Member of the Greater Liverpool Chamber of Commerce gather at one of the several functions the chamber organizes monthly. “Everyone in this business community encourages each other to shop local. Everyone just wants to see each other succeed,” says Megan Wilmot, the chamber director[/caption] “New York state boasts one of the largest, wealthiest and most diverse cities in the world — and that’s still only about half the state’s population,” the report said. “In other words, the state is both its iconic city and so much more — geographically, demographically, economically. But New York is not without its challenges, challenges that include notably high taxes and other weaknesses that impact the small business environment,” it said. The report includes an optimism index that compares responses from New York (NFIB) members with those of their peers in other states across several categories. This ranges from plans to increase employment to expectations for higher sales, to plans to increase inventory or expand. The scores for Empire State business owners were lower in most categories, but they did score higher than the national average in noting that they have current employment openings, and that they are hopeful that the economy will improve. “The metrics so far paint a picture of a state with a series of challenges for small businesses, from a slightly below national average Optimism Index to a more seriously below national business health to very substantially below national Employment Index. What is going on with businesses that are creating these differences?” the report stated. In Central New York, the regional labor force comprises nearly 398,000 workers. The median household income here is $71,463, and the gross domestic product for the region last year totaled $61.3 billion, according to the CenterState CEO economic development and research organization. About half of the region’s labor force works for small and mid-sized businesses, although the number of people employed in that sector has decreased by 7% since 2010, according to CenterState’s 2026 economic forecast report. “While record-high employment in large-scale enterprises provides a strong foundation for Central New York,” the report says, “the long-term health of communities depends on a thriving small business sector to serve as a stabilizer.” Area employers identify several barriers to Central New York’s anticipated growth, including lack of specialized or skilled workers, government regulations, unaffordable housing options and long-term construction disruptions. In the city of Syracuse, the number of jobs in retail trade decreased by 1,500 or 4.7% between July 2025 and this past July. By contrast, the number of jobs in the leisure and hospitality sector increased by 2.5% or 700 jobs, in the same annual period, according to the New York State Department of Labor. Still, there’s plenty of interest for new businesses across Central New York. U.S. Census figures show that the number of applications for new businesses in all four counties increased significantly in the past 20 years. In Cayuga County, there were 324 applications in 2005 compared to 470 last year. In Madison County, the number increased from 385 to 480; Onondaga County, from 2411 to 4132; and Oswego County, from 553 to 836. Downtown Cazenovia is exemplary of Madison County’s trend: In the past year, the village welcomed a bait shop, a thrift store, a vitamin infusion center, a pizzeria, a Pilates studio and an Italian restaurant. A candy store is scheduled to open on the main drag in the months ahead. Oswego’s list of interesting new businesses in the past year includes a bubble tea shop, a hot dog eatery in Fulton, a specialty grocery store that features New York state products in Mexico, a beauty and esthetics studio in Hannibal and a hardware and farm supply store in Sandy Creek. In Onondaga County, the Liverpool area has also enjoyed a steady stream of new shops and eateries in recent years. That suburban community is unique in that, unlike neighboring communities, most of the restaurants are family-owned and not part of a national chain. [caption id=attachment_11116 align=alignright width=300] Megan Wilmot is the executive director of the Greater Liverpool’s Chamber of Commerce.[/caption] Megan Wilmot, executive director of the Greater Liverpool Chamber of Commerce, said independent business owners in her community maintain a strong sense of pride in holding their own against national companies. The chamber helps boost morale with red carpet events, ribbon cuttings, coffee hours and five-year anniversary celebrations for participating businesses. “We have built such a strong community,” Wilmot said. “Everyone in this business community encourages each other to shop local. Everyone just wants to see each other succeed.” In Syracuse, the downtown retail occupancy rate last year was about 82%, a slight improvement from 2024, according to the Downtown Syracuse Committee’s most recent annual report. Buildings with the largest amount of vacant space included The Galleries, One Park Place, and Equitable Towers, though not all of those spaces are designated for retail use. New businesses that opened in downtown Syracuse last year: Better with Time Clothing, Dakshin Curry & Biriyani, Havana Tattoo Society, Milano Bean Café, Miss Daisy, Pausa Coffee, Sweets for Babe, The Society CNY and Yafah Beauty Studio. The Destiny USA mall’s occupancy rate decreased from 80% in 2023 to 72% by the end of 2024, according to Integra Realty Resources. That leaves more than a quarter of the mall’s retail space vacant. “Looking ahead, the retail market is expected to see minimal rent growth, with vacancy rates likely remaining stable in community and neighborhood centers but continuing to rise in enclosed malls,” Integra’s report said. “New construction activity is low and redevelopment plans for former malls like Shoppingtown and Great Northern are still in the planning stages. The proposed Micron chip plant may spur development, but challenges remain in finding co-developers for large-scale projects.” Nationally, the U.S. Chamber of Commerce expects that small businesses will remain resilient and see their sales and revenues eventually improve. That organization, in a recent national survey, found that 25% of small business owners expect the economy to improve in 2027, while 45% indicated that they plan to increase employment in the next 12 months. And 69% said they believe their small business is in good shape and 70% said they are comfortable with their current cash flow. Thirty-one percent of small businesses reported raising their prices in July and 28% are planning to raise their prices within the next three to four months, the report said. Twelve percent indicated that this is a good time to expand their business. “Small business owners voice optimism for future revenues and hiring,” the report said. “High costs continue to be a wet blanket on reinvestment.” The NFIB reported in July that Main Street, despite gas price hikes, “is OK … for now.” Its small business economics trend report said sales across the country have been strong compared to last year, but continued inflation and higher prices from mom-and-pop establishments are causing some “cracks” to show. “If costs stay this high for much longer, reduced investment will have a tangible economic impact,” the report said. “The status quo is OK, but the outlook? The outlook is uncertain.”
Grimes growth surges behind residential, commercial development
The city of Grimes’ population now stands at just under 18,000 following a special census last year, and that growth is representative in the number of building permits being issued, both residential and commercial, which for the year to date have already surpassed the previous high number by 32%. As of Oct. 1, the city…
Former assisted living facility in Huxley converted into apartments
A former assisted living facility in Huxley has been converted into apartments, expanding housing options in the community of more than 4,500 people. Northpark Row has been developed by Coterie Real Estate. It redevelops the former assisted living facility that had been the site of Madrid Home of Huxley and later Ballard Creek Assisted Living.…
Albany officials and business owners looking to revitalize Lark Street
Jazz, cycling and trivia are just a few things people enjoy doing on Lark Street in Albany. Tuesday night though, it was a conversation with police, housing officials and support services that got …
The politics of city rats: What urban rodents tell us about housing and sanitation
Rats are on the ballot in Canadian municipal elections this fall, with several political parties promising to tackle city rat problems. While rats may seem like a niche election issue, they can point ...
Opinion: How Illinois’ treasurer is using public money to spur new housing
Michael Frerichs' office might not be the first that comes to mind on housing, but he says he's trying to go beyond the traditional mold.
The politics of city rats: What urban rodents tell us about housing and sanitation
Why have cities had so little success in reducing rat numbers? It’s usually because they’re failing to address the larger social services issues that allow rats to thrive.
Inside the new group hoping to shake up Fresno's development politics
Central Valley YIMBY is hoping to bring a pro-housing approach to Fresno, Madera, Tulare, and Kings Counties.
When paychecks fall short: America's affordability squeeze
Three US families share how rising housing, health care and everyday costs are straining household budgets and turning affordability into a major political issue ahead of the midterm elections.
LIXIL Expands Housing Technology Business in India with New Manufacturing Facility in Hyderabad
/PRNewswire/ -- LIXIL Corporation ("LIXIL"), maker of pioneering water and housing products, today announced a major expansion of its manufacturing footprint...
From Melbourne to Madrid, housing is shaping modern politics. But who benefits?
Housing crises across advanced economies are reshaping political loyalties, but which parties reap the rewards is hard to predict.
Oct. 12 "Colorado Chamber Office Hours": Three gubernatorial candidates discuss business issues
Colorado's gubernatorial candidates discuss business issues such as regulatory reform, transportation funding and affordable housing.
Could post office boxes ease the homelessness crisis?
Sen. Adam Schiff has introduced the The Mail Accessibility and Inclusion for Low-Income Families or MAIL Act, which proposes offering a free post office box to individuals experiencing homelessness or housing instability.
Could post office boxes ease the homelessness crisis?
Sen. Adam Schiff has introduced the The Mail Accessibility and Inclusion for Low-Income Families or MAIL Act, which proposes offering a free post office box to individuals experiencing homelessness or housing instability.
Housing, Iran, and public lands divide 4th Congressional District candidates
Republican Incumbent Mike Kennedy and Democratic challenger Jonny Larsen consistently offered competing stances on the role of the federal government in Utah's future.
Ayotte highlights housing, cellphone ban in comic campaign s...
Gov. Kelly Ayotte and first gentleman Joe Daley reprise their campaign-ad banter as her reelection race enters its final three weeks.
NH's Business: Addressing the trade job shortage across the state
Fred Kocher sits down with Heather McCann with NH Housing to talk about housing availability and affordability across the state.
Voters have many reasons to be upset
The rising costs of fuel, food, and housing are wearing on people, and the labor market isn't helping, economist Joel Naroff writes.
The Carolina Hurricanes’ hog mascot weighed in on Canadian politics during a game. Why?
Stormy, the Hurricanes' mascot, offered a detailed take on Vancouver's housing crisis and the government policies meant to address it.
Opinion: Chicago’s housing crisis demands more solutions and fewer debates
Chicago's housing affordability crisis calls for more construction, less confrontation and better cooperation among those seeking solutions.
Talking Business with Becky Bradley: Now comes the hard part
Housing isn’t just another issue. In many ways, it’s the issue above all the others, with a cascading effect that washes over every aspect of life.
Some churches are turning their empty lots into affordable housing
The grassy plot of land across the street from Trinity East United Methodist Church sat empty most of the time.
Eide Bailly to expand with Washington accounting firm
Accounting and advisory firm Eide Bailly announced that Bellevue, Wash.-based Loveridge Hunt & Co. PLLC will join the firm, effective Oct. 19. Loveridge Hunt provides tax, accounting, audit and consulting services nationwide, specializing in the affordable housing industry. The move will give Loveridge Hunt clients access to Eide Bailly’s expanded tax, advisory and technology services.…
Sandwiches to socialism: How a DSA chapter in Austin is building political power
The Democratic Socialists of America has experienced rapid growth and increased influence within American politics, driven by grassroots organizing and a platform focused on issues like housing, healthcare, and social justice.
Highest Mortgage Rates in 3 Years Chills the Housing Market
The average 30-year fixed-rate mortgage rose to 7.4 percent, putting more pressure on Americans struggling to afford to buy a home.
The Politics Hour: D.C. Attorney General Brian Schwalb on prosecuting 'extreme housing neglect'
D.C. AG Brian Schwalb talks pushing for better housing conditions, suing Amazon, and driving down youth crime. Plus, WAMU's Maryland reporter Jenny Abamu on Governor Wes Moore's political future.
The 90-day business reset every real estate agent should do before 2027
A 90-day reset helps agents audit lead sources, rebuild databases, and tighten systems, then make 3 decisions for 2027.
Spanish politicians trade blame after death of octogenarian at heart of housing protests
Maricarmen Abascal had been hospitalised for severe anxiety and exhaustion since her dramatic eviction on September 23.
Spanish politicians trade blame after death of octogenarian at heart of housing protests
MADRID, Oct 8 (Reuters) - Spanish politicians traded blame on Thursday after the death of an 87-year-old woman who was evicted from her Madrid home exacerbated heated debates over housing ahead of an
JYP Entertainment scraps new Seoul headquarters plan over rezoned park
JYP Entertainment withdrew from its Godeok-dong headquarters project after Seoul’s housing agency declined to restore a rezoned park site.
Oil prices climb amid supply fears and shipping attacks; prospect of rate rise weighs on UK housing market
Brent crude heads towards $103 a barrel while Asian shares slide
Wells Fargo faces regulator probe over efforts to boost black homeownership, WSJ reports
The Donald Trump administration's housing officials are launching a probe into Wells Fargo over programs and commitments the bank made nearly a decade ago to increase homeownership among Black Americans, the Wall Street Journal reported on Wednesday.
Housing, retail and entertainment space proposed near Highmark Stadium
Architectural design group Progressive Companies presented concepts Tuesday for a new area just beyond the old Highmark Stadium area.
Housing costs are the top political issue for young U.S. voters heading into the midterms
A new survey finds 1 in 5 Americans spend half their pre-tax income on housing, and renters are bearing the worst of it
Touchmark Breaks Ground on Retirement Housing Campus
Oregon-based developer Touchmark broke ground last week on 244 retirement homes on 14 acres at O’Malley Road and Lake Otis Parkway.
Cherokee Nation Among Eight Communities to Receive Millions to Expand Mental Health, Substance Use Treatment Services, Housing Support
The Cherokee Nation is among eight sites in the country to receive the federal STREETS grant through the new Safety Through Recovery, Engagement, and Evidence-based Treatment and Support (STREETS) program from the U.S. Department of Health and Human Services. Administered by the Substance Abuse and Mental Health Services Administration (SAMHSA), STREETS will provide $96 million […]
Young voters struggle to afford housing. But they don't expect help from political candidates
Pennsylvania's competitive U.S. House districts showcase how housing affordability challenges for young voters may play into control of the next Congress.
Surface Edge taps new business development director
Surface Edge names Isaac McCoy director of business development to expand multifamily, senior living and student housing in Texas.
Virginia Housing CEO Tammy Neale Recognized As Virginia Business Women in Leadership Honoree
/PRNewswire/ -- Virginia Business has selected Virginia Housing CEO Tammy Neale as a 2026 Women in Leadership awardee. The Women in Leadership Awards recognize...
Tasveer Film Center finding success with movie theater, film festival
Seattle's Tasveer Film Center is finding success after purchasing the building housing the former Ark Lodge Cinemas, and is about to launch the 21st year of its prestigious film festival.
Spain's housing crisis bursts into the spotlight at snap election
Spain's snap election will revolve around an issue which has topped voters' list of concerns for three years straight but, until a fortnight ago, failed to dominate the political debate: housing.
Angie Nixon brings a pep rally-style campaign stop to USF Tampa
Nixon fired up the crowd with an energetic case for more government involvement in medical care, college tuition and affordable housing.
Champion Homes grows via another acquisition
Troy-based Champion Homes has acquired an Alabama-based manufactured housing company with nine retail locations around the south.
Childhood Housing Assistance Linked to Better Health Decades Later, Children's Mercy Study Finds
A child’s home may shape their health well into adulthood. New research led by Dr. Jeffrey D. Colvin, pediatrician, health services researcher and principal investigator at Children’s Mercy found that children who receive housing assistance are significantly less likely to develop diabetes and high blood pressure, also known as hypertension,...
NWA C-Suite: Brad Sikorski
In addition to promoting the organization’s mission and advocating for affordable housing solutions in Northwest Arkansas, Sikorski has spearheaded the construction of McAuley Place in Bentonville. The project will provide...
NWA C-Suite: Brad Sikorski
In addition to promoting the organization’s mission and advocating for affordable housing solutions in Northwest Arkansas, Sikorski has spearheaded the construction of McAuley Place in Bentonville. The project will provide...
Spanish PM Pedro Sánchez looks for political lifeline in snap election
Embattled Socialist leader aims to capitalise on housing crisis to remain in power
Spain’s New Protest Movement Is Putting Class Center Stage
The occupation of Madrid’s Puerta del Sol by housing protesters has brought back memories of the anti-austerity revolt that began in 2011. But where the Indignados used generic populist language, this...
For Unhoused Seniors in LA, Housing Becomes a Critical Health Intervention
For older adults living on the streets, housing can mean more than shelter, it can become a critical part of medical recovery.
California voters to decide Prop 45 to change how environmental laws impact key construction
California voters this November will decide Proposition 45, a measure that could change the state’s environmental laws to speed up construction projects such as housing, bridges, and clean energy infrastructure.
NH's Business: Homeownership affordability across the state
Fred Kocher sits down with Heather McCann with NH Housing to talk about housing availability and affordability across the state.
How Americans’ Financial Health Is Faring In The “K-Shaped” Economy
Hey all, Jason here. Money20/20 is still two weeks away, but I’ve already started packing (not procrastinating for once!). My calendar is already filling up with various sessions I want to catch, meetings, and of course happy hours, dinners, and other side events. If you’ll be in Vegas and want to catch up, let me know by replying to this email, and we can try to find a time amidst the chaos of the Venetian. A big if not totally unexpected piece of news dropped on Friday: the Independent Community Bankers of America, a trade group that represents smaller U.S. banks, filed a lawsuit against the OCC and Comptroller Jonathan Gould, arguing that the regulator’s move to grant trust bank charters to firms seeking to use them to conduct substantial non-fiduciary activities exceeds the authorities granted to the OCC by Congress. I haven’t had time to fully digest the legal filing or speak to folks in my network about it, but you can expect to see coverage and analysis on it in next week’s newsletter. Subscribe or Support by Upgrading The NerdCon agenda just dropped. It’s stacked. Partner content: Nubank built an AI-first bank. Chime built its own banking core. Figure and Valon are rebuilding the mortgage stack. At NerdCon, you’ll hear from the people behind those bets: what they chose, what they learned, and what they’re still figuring out. The agenda is live, with leaders from Nubank, Chime, OpenAI, Remitly, Mercury, Figure, Valon and more. Follow the mainstage conversations, bring the problem your team is wrestling with to a hands-on workshop, or pull up a chair at a roundtable. Pick your quests. Meet us in San Diego, November 18–20. Fintech Business Weekly readers save 20% with code FBW20. Explore the Agenda Things To Know & Other Good Reads Federal Reserve Board finalizes changes to enhance the transparency and public accountability of its stress test and reduce volatility in its stress test-related capital requirements (Federal Reserve Board of Governors) FDIC Announces Conclusion of Independent Monitorship (FDIC) Modernizing Financial Regulation: Initial Observations from eSLR (Fed Vice Chair for Supervision Michelle Bowman) The Data Version of Godzilla versus Kong: FRED Takes on AI (Fed Governor Christopher Waller) Financing the AI buildout (Brookings) Q3’26: Rules for Banks but Not for Crypto (Fintech Takes Banking) The Inevitability of Local Stablecoins (Lombard Notes) Delusions of AI Governance: The Human-in-the-Loop Comfort Blanket (Fintech Snark Tank) Stripe agrees to acquire Parafin to expand revenue opportunities for platforms and help small businesses grow (Stripe) Listen: Fighting Fraud in the Age of AI, with SEON’s Tamas Kadar (Fintech Business Weekly) How Americans’ Financial Health Is Faring In The “K-Shaped” Economy If there is one overarching theme across the economy and politics in the U.S. at the moment, it’s “affordability.” The term is vague enough to encompass a panoply of factors shaping Americans’ day-to-day lives: rising costs for the hallmarks of being “middle class,” including healthcare, housing, childcare, and education, inflation and rising interest rates, and a job market with the specter of AI hovering over it. At the same time, policy shifts under the Trump administration have resulted in reduced subsidies to those who get health insurance under the Affordable Care Act and new restrictions on qualifying for Medicaid and SNAP, the impacts of which have yet to be fully felt. These factors are contributing to declining consumer confidence and general dissatisfaction with the economy, despite continuing GDP growth and stock market records. This divergence is encapsulated in the idea of the “K-shaped” economy, in which a small proportion of Americans have seen their wealth balloon, while the majority of American households struggle to preserve the lifestyle they have. Perhaps the greatest determinant of which branch of the “K” a household is on is whether their wealth and income are primarily derived from employment vs. from assets. Nearly two decades of low interest rates and, more recently, elevated rates of inflation have benefited asset owners, while those whose income is primarily or solely derived from labor have largely seen real purchasing power stagnate or decline. This is reflected in recent Bureau of Labor Statistics data showing that labor share of U.S. GDP — the fraction of economic output that accrues to workers as compensation in exchange for their labor — dropped to just 52.8% in Q2 2026, the lowest since the BLS began keeping records. In 1947, approximately 2/3rds of economic output accrued to workers; even as recently as 2001, labor’s share of GDP was 64.1%. Against this backdrop, we’ve seen the rise of more credit and credit-like products: cash advance apps, “no-fee” overdraft, earned wage access, and buy now pay later, which are often used as small-dollar short-term borrowing mechanisms to meet immediate consumption needs or pay other bills (eg utilities, cell phone, other debt payments). With the markers of a middle class existence and, increasingly, basic financial stability seemingly out of reach for many, it should be no surprise there’s been an increase in “financial nihilism,” something industry peers like Alex Johnson and Frank Rotman have discussed and analyzed the roots of. The explosion of gambling and gambling-adjacent products and services — often marketed under the guise of being an “investment” — is inextricably intertwined with the rise of financial nihilism. Crypto, sports betting, and, more recently, prediction markets offer an escape or even hope of sorts, like a contemporary, digital version of a scratch-off lottery ticket, while leaving the overwhelming number of people who use such products worse off. Share of Households That Are Financially “Vulnerable” Ticks Up The Financial Health Network’s 2026 Financial Health Pulse® report adds context on how American households are faring. (I linked to this report in last week’s newsletter, but wanted to take time to further unpack the data in the report this week.) The Financial Health Network publishes the report annually, providing insight into how Americans’ financial circumstances are changing over time. The 2026 report is derived from a survey fielded in April and May 2026. The report leverages survey responses to assess indicators of financial health across spending, saving, borrowing, and planning/protecting and to determine a zero to 100 “FinHealth” score. Those with scores between 0 and 39 are considered “Financially Vulnerable,” consumers with scores ranging between 40 and 79 are defined as “Financially Coping,” and those with scores of 80 to 100 are “Financially Healthy.” The report found that moderate improvements in 2025 were reversed, with the share of respondents considered financially “vulnerable” rebounding to 17%. The longitudinal data reflect the impact of pandemic-era programs, like expanded unemployment, cash stimulus payments, and pauses of federal student loan payments. The positive impacts of those programs, as reflected in the Financial Health Pulse reports, had largely disappeared by 2023. While pandemic-era inflation — to be fair, in part caused by the various support and stimulus measures — had come down from as high as 9% in 2022, it has rebounded since the start of Trump’s second term, with tariffs and energy market disruptions owing to the war in Iran pushing prices back up. Specific indicators in the survey that deteriorated from 2025 to 2026 include the share of respondents spending less than their income over the past 12 months, the share paying all bills on time over the past 12 months, the share that have a manageable amount or no debt, the share that are “moderately” or “very” confident their insurance is adequate to cover them in an emergency, and the share that “somewhat” or “strongly” agree that their household plans ahead financially. Unsurprisingly, lower- and moderate-income households are more likely to struggle to pay their bills on time and have any funds leftover to save. The share of low-income households whose income exceeded their spending dropped from 35% in 2025 to 31% in 2026, while the share of upper-income households whose income exceeded expenses remained unchanged at 63%. Households with student loans or revolving credit card debt reported having “a bit more” or “far more” debt than was manageable at rates far higher than those not carrying these types of debts. The share of those with student loan debt indicating their debt load was too high to manage increased from 50% in 2025 to 55% in 2026, while the share of those with revolving credit card debt saying the same ticked up from 51% in 2025 to 54% in 2026. Households that had student loans were markedly more likely to be financially “coping” or “vulnerable” vs. those without student loans. In 2026, 27% of households with student loans were considered financially vulnerable, a jump of 6% points vs. 2025. Households without student loans saw just a 1% point increase (not statistically significant) in those considered financially vulnerable. Households’ perception of the affordability of categories of goods and services paints a stark picture, with less than one-fourth considering higher education affordable, about a third deeming childcare affordable, and less than half viewing healthcare as affordable. Fintech Business Weekly is made possible by the generous support of paying subscribers — bringing you independent analysis of banking, fintech, and crypto without fear or favor. You can support my work by becoming a paying subscriber if you aren’t already. Paying subscribers enjoy: access to the entire archive of nearly six years of newsletters extended versions of the weekly newsletter, with additional content and analysis and (for founding member tier) quarterly personal 1:1 fintech Q&A / strategy calls with me, tapping into my unparalleled knowledge of the intersection of banking and fintech and experience working in the sector, including helping to launch Goldman Sachs’ retail bank Marcus Support Fintech Business Weekly You can also support Fintech Business Weekly by sponsoring a newsletter or podcast, putting you in front of 93,000+ of the most influential decision makers in banking, fintech, and crypto. Learn more about sponsor opportunities or request a media kit by dropping me an email. Democratic Senate Report Highlights How Iran Uses Tether to Evade U.S. Sanctions Iran uses stablecoins, specifically Tether, to evade sanctions, fund regional proxies, and to purchase military drones, a report released last week by the Senate Permanent Subcommittee on Investigations says. The report was authored by committee ranking member Senator Richard Blumenthal (D-CT) and the minority staff. Crypto and stablecoin proponents will often push back on criticism that criminals make use of these assets by arguing that, on an absolute dollar basis, far more illicit funds flow through traditional banking systems and payment rails than via crypto and stablecoins. And while that is likely true, it elides the reality presented in news story after news story: whether state actors — Russia, Iran, North Korea — or criminal groups, those looking to engage in illicit transactions increasingly favor stablecoins and, specifically, Tether (USDT). The report from the Senate Permanent Subcommittee on Investigations released last week adds context to how Iran uses Tether has a lynchpin in its shadow banking system. The report analyzed 846 wallets that have been sanctioned or targeted for seizure, finding that 84% of them transacted exclusively or primarily in Tether. The ability to create near limitless, anonymous wallets and to move funds effectively instantaneously and irreversibly have made crypto a favored financial mechanism for bad actors. Stablecoins solved key drawbacks of bitcoin, namely, the original cryptocurrency’s highly volatile value in dollars. And while Tether (the company) has the technical ability to “freeze” or destroy funds, the company is often limited and reactive in its approach to doing so, the Senate report argues. Tether, which is nominally based in crypto-friendly El Salvador, “has stated that its compliance with OFAC sanctions is ‘voluntary’ and that it follows ‘OFAC guidelines,’” the Senate report says. Owing to these favorable attributes, Tether “became a primary cryptocurrency for Iran, Hamas, Hizballah, and the Houthis beginning in 2023 and has expanded in scale since,” according to the report. Tether’s role in Iran’s shadow banking system, the report says, is enhanced by crypto exchanges like Bybit, Kyrrex, OKX, Gate, and Binance, and through “over the counter” exchanges and hawala networks. The consequences of these financial flows aren’t hypothetical. The Senate report links Tether as a funds transfer mechanism to Iranian proxies in the region, including Hizballah, the Houthis, and Hamas. Tether has also been used to make payments to secure components necessary to manufacture drones, the report says. The report concludes by arguing that “[s]tablecoin issuers with a significant nexus to the United States, particularly those that offer dollar-denominated stablecoins, should be subject to American sanctions law rather than being allowed to hide behind foreign jurisdictions.” Stablecoin issuers like Tether must be held accountable for repeated failures to prevent illicit finance and sanctions violations by law enforcement, the Department of Justice, the Securities and Exchange Commission, and OFAC, the report argues. [Paying Subscriber Exclusive] OUSD Goes Live, Make Your Own Neobank, U.S. Sanctions Russia’s A7 Network As “Transnational Criminal Organization” OpenUSD, the stablecoin issued by the Open Standard consortium that includes Stripe, Visa, Mastercard, core providers, crypto firms, and numerous banks, went live last week. Social commerce platform Whop raised eyebrows in fintech by offering creators on its platform the ability to launch their own neobanks, which the company describes as “great businesses that are easy to run,” in just 15 minutes. And OFAC and FinCEN target Russia’s “shadow banking” A7 Network — more on these stories after the paywall.
What Amendment 3 reveals about housing and politics
Housing is shaped by government policy, but is it political? A look at Florida's Amendment 3.
What Amendment 3 reveals about housing and politics
As we approach the Nov. 3 midterm elections, when seemingly everything is politically filtered or turned into a line of attack, it raises the question: is housing political?