Jan 9, 2017

This is what happens when developers take over the White House

(AP Photo/Carolyn Kaster, File)

Before making it big in Manhattan, both the Trumps and the Kushners made their money by serving middle-class homeowners elsewhere in New York City. As one real-estate colleague of the Kushners told New York Magazine: "You cater to the masses, you eat with the classes."

That could just as easily explain the appeal of Trump's presidential campaign to the parts of America that helped propel him to the White House. (And as Mike Allen reported this morning, will send Kushner to the White House too as an adviser.)

The entire story underscores Trump's and Kushner's instincts for marketing to the average American, but also the real estate business' essential quid-pro-quo relationship with government. Few big-city development projects are realized without changes to zoning laws that are won by developers agreeing to concessions to the public interest like affordable housing quotas. This means cozying up to folks in power, whatever the party, and using those levers to get things done.

Our take: Don't expect the president to ease up on his demands on domestic employers — for developers the line between the public and private sectors is not so clear-cut.

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Major League Soccer embarks on its 25th season

Illustration: Aïda Amer/Axios

As Major League Soccer begins its 25th season, the league is financially stable and surging in popularity, and its 26 teams have gorgeous facilities and rapidly increasing valuations.

  • It also continues to expand, with David Beckham's Inter Miami and Nashville SC set to debut this season as the 25th and 26th teams. Plans are in place to reach 30 franchises by 2022 — triple the number from 2004.
Go deeperArrow22 mins ago - Sports

Wall Street opens with 2% drop as coronavirus correction worsens

Illustration: Aïda Amer/Axios

The stock market opened 2% lower on Friday morning, pushing stocks further into correction territory.

Why it matters: It continues the ugly stretch for Wall Street that began after a spike in coronavirus cases around the world. The S&P is 12% below its recent peak, edging closer to the mark that would technically end the market’s decade-long rally.

Go deeper: The growing coronavirus recession threat

Coronavirus updates: First case in sub-Saharan Africa confirmed

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Nigeria confirmed its first novel coronavirus case in an Italian who flew to Lagos from Milan — the first known case in sub-Saharan Africa. The World Health Organization has been working to prepare Africa's health care systems to be ready for the outbreak, which is now also confirmed in Algeria and Egypt.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,700 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 4 hours ago - Health