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Illustration: Lazaro Gamio/Axios

Bay Area real estate has become so expensive that even engineers making six figures struggle to buy a home. Naturally, a cottage industry of startups has cropped up to offer solutions to the, er, cottage problem.

Driving the news: ZeroDown, the latest in this category, says it's helping its customers compete against even richer homebuyers. It makes an all-cash offer on their behalf and then allows them to build up a down payment for up to five years after that. Of course, the price of the home is steadily increasing the whole time.

Behind the scenes: Say you want to purchase a $1 million home. ZeroDown's real estate fund will buy it, and agree to sell it back to you for $1.3 million in 5 years' time. You pay $6,700 a month, which is an 8% rental yield. You also pay $10,000 up-front.

  • After 5 years, you will have paid $402,000. ZeroDown will then pay you $90,000 in cash if you opt not to buy, or $182,000 towards a downpayment at a purchase price of $1.3 million, which is $300,000 more than the real estate fund paid initially.
  • Should ZeroDown fail, its co-founder and CEO Abhijeet Dwivedi assures Axios that its real estate fund will live on and that customer contracts will honored.

By the numbers: ZeroDown has raised $30 million in venture capital.

Go deeper

42 mins ago - Health

Boris Johnson announces month-long COVID-19 lockdown in U.K.

Prime Minsiter Boris Johnson. Photo: NurPhoto / Getty Images

A new national lockdown will be imposed in the U.K., Prime Minister Boris Johnson announced Saturday, as the number of COVID-19 cases in the country topped 1 million.

Details: Starting Thursday, people in England must stay at home, and bars and restaurants will close, except for takeout and deliveries. All non-essential retail will also be shuttered. Different households will be banned from mixing indoors. International travel, unless for business purposes, will be banned. The new measures will last through at least December 2.

Updated 2 hours ago - Politics & Policy

The massive early vote

Illustration: Sarah Grillo/Axios

Early voting in the 2020 election across the U.S. on Saturday had already reached 65.5% of 2016's total turnout, according to state data compiled by the U.S. Elections Project.

Why it matters: The coronavirus pandemic and its resultant social-distancing measures prompted a massive uptick in both mail-in ballots and early voting nationwide, setting up an unprecedented and potentially tumultuous count in the hours and days after the polls close on Nov. 3.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Ipsos poll: COVID trick-or-treat.
  2. World: Greece tightens coronavirus restrictions as Europe cases spike — Austria reimposes coronavirus lockdowns amid surge of infections
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Technology: Fully at-home rapid COVID test to move forward.
  5. States: New York rolls out new testing requirements for visitors.