The Biden administration has awarded $85 million in housing funds to 21 state and local governments through the Pathways to Removing Obstacles (PRO) to Housing program, aimed at increasing affordable housing units. The program will help update housing plans, revise land use policies, and streamline permitting processes. This investment is part of a larger strategy to lower rents.
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Rivian Automotive's shares surged after announcing a joint venture and investment agreement with Volkswagen AG, potentially adding over $5 billion in value. Volkswagen will invest $5 billion in Rivian, convertible to a 10% stake, and license its software technology to Volkswagen's flagging Cariad division. The deal provides a financial lifeline to Rivian which loses around $39,000 on each vehicle.
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Beijing has introduced measures to reduce the cost of buying a home, cutting mortgage interest rates and minimum down-payment ratios to boost the local property market. The minimum down-payment ratio will be lowered to 20% from 30%, and for some second-home buyers to 35% from 40%. The floor rate for first-home mortgages will be reduced to the loan prime rate minus 45 basis points.
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