Economics/Class Relations

Millennial homebuyers are screwed

January 23, 2023
Hello, Insiders. In this remote-work era, there’s something I’ve been thinking about a lot: Homeownership. This week, I’ll be devoting my notes to this topic. But I want to start somewhere near and dear to my heart: Florida. It’s where I grew up. It’s where financial power player Ken Griffin is moving. And it was the fastest-growing state in 2022.

A few reasons for that: low costs (in theory), better weather, and the surge in remote work. But new Floridians told us they’ve regretted moving. Housing prices are going up — resulting in low affordable inventory. Flood-prone coastal homes could be tough to re-sell. Plus, there’s surprisingly high bills and intense storms.

I want to hear from the Floridians reading this. What’s your take? How has this surge in new residents changed the state? Let me know: insidertoday@insider.com. And now, the news.

— Nicholas Carlson

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The big story
Getty; Marianne Ayala/Insider
Inside Ken Griffin’s rise to becoming one of Wall Street’s most powerful people — and what’s next.

To set the stage for how powerful of a figure Griffin is in the world of finance, I’ll hand things over to Insider’s Dan DeFrancesco, who writes our 10 Things on Wall Street newsletter (sign up for it here!):

2022 was another banner year for both Griffin’s hedge fund (Citadel posted $28 billion in revenue and a 38.1% return on its main fund) — and his trading firm (Citadel Securities nabbed $7.5 billion in revenue, per the WSJ).

So where do you go when you’ve already reached the top? Chief finance correspondent Dakin Campbell has a profile on Griffin, including his increased push into politics via eye-popping donations to conservative candidates.

The story, which includes a conversation with Griffin himself, is a fascinating look at how one gets to, and stays at, the top of one of the most competitive industries in the world.

READ THE FULL STORY HERE
 

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This edition was curated by Nicholas Carlson, and edited by Hallam Bullock, Lisa Ryan, Dave Smith, and Nathan Rennolds. Get in touch: insidertoday@insider.com.

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