Oct 26, 2019

Priciest home in America sells for 62% off

A 38,000-square-foot Los Angeles home with an original price tag of $250 million has sold after three years on the market and multiple markdowns for around $94 million, the Wall Street Journal reports.

Why it matters: The Bel-Air home, dubbed "Billionaire," was purchased by entrepreneur Bruce Makowsky in 2017. In the three years since, "prices are facing pressure amid an oversupply of extremely expensive homes," per the WSJ. And despite some deals going through, many of which are thanks to overseas buyers, "the sales have only made a small dent in the glut of properties on the market."

Go deeper: The missing housing boom

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Cannabis companies could be facing cash crisis

Illustration: Sarah Grillo/Axios

Marijuana companies may be in serious trouble, as their declining stock prices are putting the cash-reliant businesses in a bind.

Why it matters: "Dealmaking is already slowing, while debt is becoming scarce and more expensive," writes the Wall Street Journal.

Go deeperArrowNov 5, 2019

Big Tech spends billions to help housing crisis

Illustration: Rebecca Zisser

Four of the world's richest companies are pouring a collective $5 billion into housing on the West Coast, raising an expectation that companies will serve as part financier, part philanthropist as tech hubs try to add more supply to tight housing markets.

Driving the news: Apple this week pledged $2.5 billion to housing initiatives in Silicon Valley, where even high-paid tech workers — let alone teachers, nurses and police officers — are struggling to find houses they can afford.

Go deeperArrowNov 6, 2019

Companies experiment with ways to help teachers afford housing

Illustration: Sarah Grillo/Axios

A number of companies and educational institutions are trying to help teachers afford housing in communities that are dealing with skyrocketing prices that far exceed their paychecks.

Why it matters: Teacher salaries have not kept pace with rising housing costs, and several reports show new teachers are unable to afford rent in at least 50 major U.S. cities.

Go deeperArrowNov 6, 2019