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Critical Housing Bills Signed by Governor
California lawmakers are seeking creative ways to enable local governments to meet their long-term housing needs and produce housing more quickly. SB 10 allows cities and counties to up-zone certain properties for up to ten dwelling units without California Environmental Quality Act (CEQA) review; SB 9 allows for the approval of duplexes and two-lot parcel maps without CEQA review; and SB 8 extends the term of the Housing Crisis Act. Full Story
Federal Reserve Chairman Jerome Powell indicated that the central bank is likely to begin tapering before the end of the year.
But he said rate hikes aren’t imminent as there is still “much ground to cover” before the economy hits full employment. The speech was part of the Fed’s annual Jackson Hole, Wyoming, symposium. Full story
5 Key Takeaways from the July Jobs Report
The numbers in the report were certainly strong, with employers adding 943,000 more jobs to their payrolls than they cut Full Story
Powell says it’s ‘highly unlikely’ the Fed will raise rates this year
Despite what he sees as a rapidly recovering economy, Federal Reserve Chairman Jerome Powell has reaffirmed the central bank’s commitment to keep loose monetary policy in place. Full Story
Powell plays down inflation — again — while Yellen sees possible return to full employment by 2022
…the housing market “has more than fully recovered from the downturn,” the central bank head noted. “Business investment and manufacturing production have picked up…” Full Story
Fed keeps key rate near zero and still expects no hikes through 2023 despite brighter economic outlook
The Fed also stepped up its economic forecast, predicting growth of 6.5% this year as unemployment falls from 6.2% to 4.5% by year-end. Fed officials believe a key inflation measure will hit 2.1%, just above their 2% target, in 2023. Full story
Stephen M. Baker 2020 #1 Producer
Stevenson Real Estate Services recognizes Stephen M. Baker as the company’s #1 producer for 2020. Steve has been with the company for 32 years and brings a breadth of knowledge and expertise to the table. If you are looking for exceptional representation in your next commercial real estate transaction, Steve Baker is the broker for you. He represents Buyers, Sellers, Tenants and Landlords. His business is client oriented involving all types of transactions: land, office, industrial, retail, apartments, specialty properties and even the occasional single-family home. Steve and his wife Cindy built their Santa Monica home from the ground up, and they own and operate both residential income and multi-tenant industrial properties. Steve knows firsthand the needs and challenges of owners and tenants alike, which means he understands and relates to those he represents. We congratulate Steve on an exceptional year and look forward to his continued success. Steve can be reached at (818) 621-8245. DRE #: 00981810. Stevenson Real Estate Services DRE #: 00983560.
Fed Chair Powell says policy will need to stay “patiently accommodative.”
The Fed is keeping its benchmark short-term borrowing rate anchored near zero and is buying at least $120 billion of bonds each month. Full Story
Patrick Long Promoted to Vice President
Stevenson Real Estate Services is proud to announce that Patrick Long has been promoted from Sales Associate to Vice President. Patrick started with us in May 2008 and he has been an outstanding broker and a valued member of our team ever since. Patrick specializes in the sale and leasing of commercial and industrial properties. He has a background in film and television production and post production and his family is comprised of business owners and building owners so he is well versed in the needs and challenges for both landlords and tenants. He is an exceptional salesperson who collaborates well with agents both inside and outside of our company, and he voluntarily serves as a mentor for other agents in the firm. Patrick is one of our greatest success stories. We congratulate him on his fine performance and look forward to his continued success. Patrick can be reached at (818) 956-7001 x134. Patrick Long DRE #: 01831830. Stevenson Real Estate Services DRE #: 00983560.
