Jan 31, 2020

Axios PM

By Mike Allen
Mike Allen

Good afternoon: Today's PM — edited by Justin Green — is 400 words, a 2-minute read.

Situational awareness: The Dow is down big after multiple airlines grounded flights to China over coronavirus fears.

1 big thing: Trump country's housing crisis

The rent is too damn high across huge swaths of conservative states, and it's getting worse fast.

Why it matters: The housing crisis gripping coastal cities has now gone national.

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Data: Joint Center for Housing Studies of Harvard University. Cartogram: Andrew Witherspoon/Axios

The big picture: “The lowest-income people have always had an absurdly high cost of living,” Whitney Airgood-Obrycki, a research associate at Harvard's Joint Center on Housing Studies, which produced the report, told Bloomberg.

  • “But the affordability crisis that we’re seeing now is hitting middle-income renters, and it’s hitting them across the country.”
  • Bloomberg notes: An "influx of high-income renters ... are increasingly delaying home ownership either out of choice or necessity, driving up rents by fueling competition for existing units and spurring new construction designed primarily for the upper end of the market."

By the numbers ... The top 10 U.S. cities, in terms of their rising share of renters making $30,000 to $45,000 who pay more than 30% of their income on rent:

  1. Nashville
  2. Greenville, S.C.
  3. McAllen, Texas
  4. Boise City, Idaho
  5. Raleigh
  6. Denver
  7. Palm Bay, Fla.
  8. Austin
  9. Omaha
  10. Louisville
Bonus: Pic du jour

Photo: Brook Mitchell/Getty Images

Australians watch as fire burns to the suburban fringe of Canberra, the capital.

  • Hot and windy weather conditions this weekend are expected to increase the bushfire threat to homes in the region.
  • It's the worst bushfire threat for the area since 2003, when four people died and 470 homes were destroyed or damaged.
2. What you missed
  1. Senate Majority Leader Mitch McConnell is working on a proposal that could push the final impeachment vote to Wednesday. Go deeper.
  2. The CDC issued a 14-day federal quarantine order for 195 U.S. citizens who were evacuated directly from Wuhan. Go deeper.
  3. U.S. gross domestic product grew at a 2.1% annual rate in the final quarter of last year. For all of 2019, economic growth came in at 2.3% — less than the 2.9% in 2018. Go deeper.
  4. Michael Bloomberg's campaign spent $188 million last quarter, and the DNC has changed the rules of February's debate to open the door to his participation. Go deeper.
  5. Unilever is considering a sale of its tea business, which generates annual sales of around €3 billion and includes the Lipton and PG Tips brands. Go deeper.
3. 1 fun thing

Illustration: Aïda Amer/Axios

Super Bowl LIV feels like the dawn of a new era, Axios Sports editor Kendall Baker writes in a special preview of the big game:

  • The stars: Patrick Mahomes leads a pass-heavy Chiefs attack against the NFL's best defense, while Jimmy Garoppolo leads a 49ers offense that has run the ball on 71 of its last 88 plays.
  • The booth: Joe Buck and Troy Aikman will call their sixth Super Bowl together for FOX, while Erin Andrews and Chris Myers will handle sideline reporting.
  • The backdrop: There is a growing sense that America's moment of "peak football" may be in the past.

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Mike Allen