Hello, Insiders. Hallam Bullock, an editor on Insider’s audience team, here — and I’ve got some bleak news for anyone looking to jump into the housing market.
If you’re not already a homeowner, then I’m afraid you’re unlikely to become one anytime soon. The housing market has entered a new Ice Age — we’re seeing a lack of available homes, borrowing rates that have hit their highest level in decades, and homeowners who feel locked in by the deals they scored earlier in the pandemic. And the thaw out isn’t coming for years. That’s today’s big story.
Ron DeSantis will announce his 2024 presidential run on Twitter with Elon Musk tonight, NBC first reported. The report said the event would occur at 6 p.m ET. More here.
Amazon employees plan to walk off the job over its return-to-office mandate and layoffs, The Washington Post reported. Read more.
The world’s richest person, Bernard Arnault, saw his wealth drop by $11 billion on Tuesday. Arnault’s net worth was hit by a market rout in the luxury sector. The full story.
THE BIG STORY
Housing market Ice Age
Arif Qazi / Insider
Brace yourself to hear the brutal truth about the housing market: If you don’t already own a home, you’re going to be screwed for years to come.
The housing market has changed for good — and with the benefit of time-earned wisdom, we can pinpoint the moment it entered a new era: July 2020. Space-starved remote workers amid the pandemic and collapsing mortgage rates helped to drive an all-out housing frenzy that set the stage for our current frozen-in-place market.
The number of homes available to buy has shrunk to a shockingly low level, and those who bought homes before this turning point have watched their wealth skyrocket. Meanwhile, renters have been more burdened than ever before.
How Julie Macklowe created a whiskey for the 0.1% When Macklowe’s whiskey debuted in 2021 as the first “luxury American single-malt whiskey,” it was met with some skepticism — with a single shot of the Private Collection costing up to $450. Now, 400 restaurants serve it. Read more.
ChatGPT was a black swan event. ChatGPT has already upended education, training, hiring, and company share prices. We’ve highlighted the signs that it was a “black swan event” — an unforeseen, rare event that looked inevitable in hindsight. The full story.
Buckingham Palace has refused to release the remains of an Ethiopian prince. The prince was buried at Windsor Castle in the 19th century — and his descendants now want his remains returned. But Buckingham Palace said exhuming his remains would disturb the resting place of others. More here.
The Seed 100: The best early-stage investors of 2023. Seed-stage investing is the riskiest but potentially most rewarding venture-capital round. Our annual list identifies top investors with proven track records, including Peter Thiel and Serena Williams. Meet them here.
A teenage traveler was fined for wearing 13 pounds of clothing on a budget airline. Adriana Ocampo tried to avoid paying Jetstar’s baggage fee by adding layer after layer of T-shirts and jackets. But her “travel hack” ended with a $40 fine. Get the full story.
Fake flowers contained a swarm of 630 live insect larvae. US customs officers intercepted a package of plastic flowers at New York’s JFK airport. The USCBP said the creepy crawlies were sent from Kenya and were discovered in the airport’s mail facility. Read more.
The most and least reputable brands. A survey by Axios and Harris Poll found that Patagonia and Costco were among the most reputable brands in America — while The Trump Organization and the now-imploded FTX bottomed out the list. See where other brands landed here.
TAKE A LOOK
Cheapest US cities to live in
US News & World Report released its 2023 ranking of the most affordable places to live in America. Spots in the South and Midwest, including Hickory, North Carolina, and Youngstown, Ohio, top the list. Check out the 15 cheapest US cities to live in.
What happens if the US defaults
Insider correspondent Eliza Relman said that if the US defaulted on its debt, it would affect public housing, healthcare, and possibly trigger a global economic catastrophe. Watch the full report.
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