Want more housing stories from Lance Lamberts ResiClub in your inbox? Subscribe to the free, daily ResiClub newsletter.During the Pandemic Housing Boom, housing demand surged rapidly amid ultra-low interest rates, stimulus, and the remote work boom. Federal Reserve researchers estimate new construction would have had to increase by roughly 300% to absorb the pandemic-era surge in demand. Unlike housing demand, housing supply isnt as elastic and cant quickly ramp up. As a result, the heightened demand drained the market of active inventory, causing prices to overheat, with U.S. home prices in May 2024 a staggering 50.3% above March 2020 levels.That overheated home price growthcoupled with the ensuing mortgage rate shock, with the average 30-year fixed mortgage rate jumping up from the all-time low of 2.65% in January 2021 to 6.49% as of this weekhas created the fastest-ever deterioration in housing affordability.On Friday, Vice President Kamala Harris unveiled her plan for addressing crushed housing affordability and spurring the construction of 3 million additional housing units in her first term as president, including:Federal assistance for first-time homebuyers: The Harris campaign says its plan would allow over 4 million first-time buyers over four years to get significant down payment assistance on average of $25,000.Creating a tax incentive to encourage builders to build starter homes: It would complement the Neighborhood Homes Tax Credit, the Harris campaign says.An expansion of existing tax incentives for builders that build rental housing that is affordableCreating a $40 billion innovation fund that would empower local governments to fund local solutions to build housingThe problem for Harris?As the country saw firsthand during the Pandemic Housing Boom, housing demand can jump quickly, but total housing stock cannot respond as swiftly. So even if we assume that Harriss plan could increase new construction to some degree, it would be a gradual increase that would take years to materialize. Meanwhile, the increase in housing demand from the $25,000 first-time down payment assistance would be felt immediately once it went into effect.Giving millions of first-time homebuyers $25,000 down payment assistance could quickly ramp up housing demand, accelerate home price appreciation, and further deteriorate housing affordability, especially in Midwest, Northeast, and California housing markets where active housing inventory for sale remains well below pre-pandemic levels.[Photo: Lance Lambert/Federal Reserve Bank of Atlanta]On the supply side, most housing analysts agree with Harris that the U.S. housing market needs more homes.Over the last several years, our research on the housing supply deficit has been widely followed, and while weve seen housing inventory improve slightly, a substantial undersupply still exists and remains one of the most significant obstacles facing the housing market today, Len Kiefer, deputy chief economist at Freddie Mac, told ResiClub in May.Just to bring housing vacancy rates back to historic norms, the U.S. housing market would need 1.5 million housing units built and sitting empty, according to research published by Freddie Mac economists in May.So even by the most conservative accounting, Freddie Mac economists estimate the U.S. housing market is short 1.5 million homes. The actual housing shortage, Freddie Mac tells ResiClub, is around 3.8 million units.[Photo: Lance Lambert/Federal Reserve Bank of Atlanta]This presents another problem for Harris: Not only would cash handouts accelerate housing demand faster than housing supply, but the realities of supply capacity would also be a significant roadblock to her goal of adding 3 million additional homes beyond the current trajectory during her sought-after four-year term.Since January 2020, the U.S. has completed an average of 1.39 million housing units per year. To achieve 3 million additional housing units beyond the current trajectory, annual housing starts would need to increase by 750,000, reaching 2.14 million starts per year in 2025, 2026, 2027, and 2028.Such a significant increase in residential construction within a short timeframe, outside of a post-recession recovery, is unprecedented. Housing construction involves a massive number of inputs from around the worldsuch as lumber, windows, and concretewhich makes it challenging to achieve even a gradual increase in building capacity. During the Pandemic Housing Boom, builders attempted to quickly ramp up capacity to meet elevated housing demand. However, they managed to reach only 1.82 million annualized housing starts in April 2022 before hitting supply limits and facing skyrocketing input prices, including lumber, which at one point increased by more than 300%.[Photo: Lance Lambert/Federal Reserve Bank of Atlanta]What can the U.S. do to improve housing affordability? First, simply give it time and make smart fiscal and monetary decisions. If you do that right, over time incomes rise and mortgage rates fall, helping to alleviate the historic housing affordability strain created by the accelerated pandemic housing demand boom and the ensuing rate shock. Second, focus on policies that increase housing construction and supply capacityperhaps some of Harriss current ideasbut without causing a sharp acceleration in demand.One final point: The uncomfortable truth is that improving housing affordability might not be as easy or straightforward as some think. But just like with a Lego structure, sometimes its easier to identify what might break it (for housing, increasing homebuyer demand subsidies) than to fix it.

The in-house design team of New York menswear brand Stffa has mixed vintage and contemporary furniture for its flagship store in SoHo.Fashion brand Stffa focuses on "championing a shift toward quality, sustainability, and individuality" through made-to-order clothing and predominantly operated out of pop-ups before opening up a 2,000-square-foot (186-square-metre) retail space in New York City.The internal design team at Stffa has created a flagship shop in SohoThe team focused its design on "natural materials" often used for the brand's clothing."We use all-natural materials in our collection, often highlighting existing fabrics no longer in production, and carried this ethos into the design of the store," said the team.The team mixed contemporary and vintage furniture in the space"The space is outfitted with a mix of vintage and modern fixtures that highlight the beauty of diverse cultures and periods," it continued.The space consists of a front showroom that displays a seasonal collection, while a narrow passageway covered by linen lace curtains leads to a large private area for made-to-measure fittings.Over four months, the team stripped back the space to reveal original elements such as concrete floor slabs, and brick and plaster walls then outfitted the interior in a palette of neutrals and a deep brown to provide "a calming backdrop" for visitors.The front of the shop is "gallery-esque"The shop is organised to "encourage a thoughtful approach to wardrobe building" according to the team, with a large, open room at the front and a more "home-like" space in the back."The front room is gallery-esque. It's deliberately merchandised sparsely, giving each garment room to breathe," said the team. "As you transition to the private room, the space feels more intimate and home-like."Read: Rotate opens first physical store with interior by Thibaut AllgayerAt the front, the space is divided almost symmetrically, with four, slender hanging racks placed on either side of the room in front of small changing rooms.On one side, a vintage wooden desk and mirror, paired with a metal sitting chair with curving armrests, sit between the clothing racks. A large glass planter, wooden stool and warm-toned boulders sit in the corner.The back room was designed to be "home-like" for fittingsA floor-length mirror sits on the other side and between the, two ash wood benches topped with light pink circular cushions.In the back room, a large custom solid ash table made in collaboration with Brooklyn-based Studio POA, founded by Guatemalan designer Giovanni Valdeavellano, sits beneath a skylight, framed by a large built-in closet made of the same wood.Ash wood furniture was used throughout the shop"This anchors the space and serves as the meeting point for our made-to-measure appointments," said the team.Geometric MM chairs by Milanese designer Mario Milana finished in lamb suede were placed throughout the space and a wavy, wooden privacy screen provides a changing area.Tall ash closets were fitted into the passageway between the two rooms and contain storage for the store.The palette is dominated by neutrals and a deep brown"The store reflects the brand's refined aesthetic sensibility and provides a calming backdrop for the elevated shopping experience," said the team.Founded in 2014 by designer Agyesh Madan and Nicholas Ragost, Stffa is a New York-based clothing brand that designs made-to-order clothing in the pursuit of creating more sustainable and individual menswear.Nearby in Soho, fashion brand Kith placed olive trees in the centre of display units and architecture studio Al-Jawad Pike used an assortment of marble to create a second flagship store for Athletic Propulsion Labs.The photography is by William Jess LairdThe post Stffa opens New York City flagship with "calming backdrop" appeared first on Dezeen.

Here's what we looked at this week:OMHU's Teddy is a minimal reconfigurable sofa design that quickly met market success. There are now browser plug-ins dedicated to selling furniture design knockoffs.Industrial design case study: The TernX, by ID firm Tricycle Developments, is a carry-on roller that transforms into a stroller.A great design detail on this Secretlab Magnus, a heavy duty monitor arm.Dodge's Fratzonic Chambered Exhaust sound for EVs. Why does the sound of driving remain rooted in the past?Manufacturing technique: Using wooden lasts to make handbags.This GOVE concept, by Chinese automaker GAC, is an unusual take on the flying car.Enya Honami: From hellish design job to fun independent career.How bamboo can invade your house.PEKSEG is a 38 segment display that can handle more than 0-9.Dynamic Drives' Intelectra rethinks the form factor of the cargo bike.Fighting through mental struggles, Kohei Omori creates incredible renderings using only a pencil.The evolution of workspaces has given rise to objects like Herman Miller's OE1 Workbox, designed by Industrial Facility.Industrial design case study: Design 1st tackles the Lup Cable, a self-coiling charging cable.

Called the Kemi, this tiny home by Dragon Tiny Homes is heavily inspired by Scandinavian design and is a simple and affordable house. Kemi is an excellent fit for those who want to use it as a vacation home or guesthouse. It is founded on a double-axle trailer and features a length of 20 feet. The home has a finish of black standing seam metal siding with wooden accenting.Designer: Dragon Tiny HomesThe Scandinavian design inspiration is quite subtle, and not very in the face. It is reflected in the light hues and open layout, while the interior is quite cozy and light-filled. Generous glazing, as well as the absence of a bedroom upstairs, helps in creating a home that is pretty lovely and spacious. The interior was kept quite small, to ensure too much wasnt fitted into a compact space. The interior measures 160 sq ft, and is laid out on one floor. A glass front door leads you to the kitchen, which is quite tiny and basic. The kitchen includes cabinetry, a sink, as well as sufficient space for appliances.The opposite end of the home includes a bedroom which includes a double bed. The home doesnt contain a living room, but there is more than enough space to accommodate a small sofa or some other seating piece. The wall contains a mini-split air-conditioning unit, while the home also includes a ceiling fan.The bathroom isnt connected to the rest of the home, and you can enter it via the kitchen. The bathroom contains a sink, shower, and a flushing toilet. A storage loft is integrated above the bathroom, and this can be converted into an upstairs bedroom if the need arises, but at an additional cost, of course. The Kemi tiny home is a simple and sophisticated house that captures the best of Scandinavian design influence, without it getting too extravagant or evident. If youre looking for a cute and cozy vacation home for your family and you, then the Kemi is a good choice indeed.The post The Kemi Tiny Home Is A Scandinavian-Influenced Dwelling With A $50k Price Tag first appeared on Yanko Design.

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Just because Borderlands failed to launch at the box office, it doesn't mean Hollywood is giving up on video game movies. Perhaps thanks in part to the success of Sonic the Hedgehog's two movies, another classic Sega game is coming to the big screen: Eternal Champions.Via The Hollywood Reporter, Skydance is producing the live-action Eternal Champions movie. The game was originally published by Sega for the Genesis in 1993, and the story revolved around a tournament to determine who the new Eternal Champion would be. Characters from the past, present, and future were brought together to fight until one emerged as the victor. The winning participant would get to resume their life and fulfil their destiny as humanity's champion. The rest would be returned to the moment of their respective deaths.Jurassic World and Jurassic World: Fallen Kingdom scribe Derek Connolly will tackle the script for Eternal Champions. His previous credits include Safety Not Guaranteed, Kong: Skull Island, Detective Pikachu, and Star Wars: The Rise of Skywalker. His upcoming projects include director Wes Ball's Legend of Zelda movie for Sony, and the G.I. Joe/Transformers crossover movie starring Chris Hemsworth.Continue Reading at GameSpot

A Plague Tale seems confidently shelved for now though it hasnt been long enough since Requiem to be sure that a sequel isnt in the works. If one is, itll be interesting to see when it lands in history, much less the far future when its teased to be set in Requiems post-credits scene. But while story-related matters will certainly be an important consideration for a sequel, so will whatever changes are made to A Plague Tales stealth-oriented gameplay loop. Enemy AI will forever be an insatiable balancing act, for example, but there are definitely areas of improvement a Plague Tale threequel could hope to flesh out.

Finally, the heroic tale of brave warrior Jot is ready to be told! We are thrilled to announce the release date of The Plucky Squire, which will be coming to PlayStation 5 on September 17. This means youll be venturing into the games colorful, adventure-filled storybook world and beyond in just a month. Woah! Heres a shiny new launch trailer to tide you over until then.Play VideoBut wait, theres more big news! Were also very excited to reveal that The Plucky Squire will be available for PlayStation Plus Extra and Premium members as part of the PlayStation Plus Game Catalog at launch. So, if you have a membership, youll be able to dive right into the game when it releases. Were looking forward to inviting PlayStation players to the land of Mojo to help Jot embark on his incredible multi-dimensional quest.In The Plucky Squire, Jot can leap from the pages of his storybook world into a three-dimensional realm beyond. But wherever he travels, danger awaitswhether its a terrifyingly huge insect in the 3D world, or one of cruel wizard Humpgrumps monstrous minions in the storybook. Luckily, a friendly shopkeeper named Martina is here to lend a helping hand.As you explore The Plucky Squires twin realms, youll encounter inspiration in the form of lightbulbs. Whack trees, cut bushes, or slay enemies, and these illuminating collectibles will drop, which can then be traded for stuff at Martinas many shops. Youll want to gather as much inspiration as you can, as theyll let you unlock a series of super cool, and super effective, combat moves for Jot.One of these moves lets Jot throw his sword at distant enemiesand if you spend more bulbs to upgrade it, you can throw it even further. This lets you attack foes from a safe distance, and if you lose your sword or get it stuck in a wall, you can draw it back to youlike magic!Another move lets Jot unleash a powerful spin attack. Hell swing his sword in a circular flurry and, if used at the right time, damage multiple enemies at once. Use this power in the midst of a group of foes for maximum damageand if you upgrade it, you can even add a second spin to the mix.You can also buy a neat jump attack for Jot, which lets him leap majestically into the air and come crashing down with his blade to devastating effect. Not only that, but you can upgrade your regular sword attack to deal more damage as well. Humgrumps lackeys wont know what hit em.Inspiration can also be spent on art scrolls, which reveal more about how the land of Mojo was createdincluding concept art, early versions of levels, and other artistic nuggets. Art scrolls can be found hidden around the game world too, but the ones you buy are exclusive to Martinas store.This is just a taste of what awaits you on the pages of The Plucky Squire. You can experience this dimension-hopping adventure for yourself when the game launches on PlayStation 5 on September 17.Will brave Jot be able to defeat the wicked Humgrump and restore peace to the land of Mojo? The fate of the realm is in your hands

There are now specialized Dr. Doom and Avengers Chests in Fortnite with specific loot in them as part of the Chapter 5 Season 4 Absolute Doom season. One of the Kickstart quests incentivizes you to find these in exchange for XP, but they also have some pretty good loot inside.These huge loot chests are similar to ones weve seen in past seasons, like the faction chests or IO supply chests in Chapter 2. As expected from these harder-to-find big chests, they appear to reward more stuff than regular chests.Below we explain where to find Dr. Doom Chests and Avengers Chests in Fortnite Chapter 5 Season 4.Where to find Dr. Doom chests and Avengers chestsYour best bet to find these chests quickly is to drop on any points of interest. It doesnt have to be one of the new four POIs (Doomstadt, Dooms Courtyard, Castle Doom, or The Raft), as we were able to find Avengers Chests at Reckless Railways, Sandy Steppes, and the Nitrodome.If you drop at a POI and you dont find a chest, just head to another one and hopefully youll strike gold. You can also find some chests in non-POI areas. For example, we found a Dr. Doom Chest a bit south of Grim Gate being protected by some NPC enemies.If youre just looking for this new gear (wow, that Captain America shield is kind of broken!), then we recommend dropping at the older POIs rather than the new ones that were added this season. Since players are eager to check out the new POIs, the older ones tend to be less crowded, so theres less competition for grabbing loot and potentially getting eliminated.Were not 100% sure about the following being true, but based on our matches, Dr. Doom Chests spawned more frequently at the new POIs (Doomstadt, Dooms Courtyard, Castle Doom, and The Raft) and Avengers Chests appeared more at the older POIs.For moreFortniteChapter 5 Season 4 guides, heres a full list ofbattle pass skins and an explainer on the new medallions.