Home sales have come to a near standstill in Shanghai, whose 20 million residents account for two percent of China's population, but 20 percent of the country's property value.
"Once one of the hottest markets in the world, sales of homes have virtually halted in some areas of Shanghai, prompting developers to slash prices and real estate brokerages to shutter thousands of offices.
For the first time, homeowners here are learning what it means to have an upside-down mortgage -- when the value of a home falls below the amount of debt on the property. Recent buyers are suing to get their money back. Banks are fretting about a wave of default loans."
FULL STORY: China housing boom hits slump
San Diego to Rescind Multi-Unit ADU Rule
The city wants to close a loophole that allowed developers to build apartment buildings on single-family lots as ADUs.
Has President Trump Met His Match?
Doug Ford, the no-nonsense premier of Canada's most populous province, Ontario, is taking on Trump where it hurts — making American energy more expensive.
Study: London ULEZ Rapidly Cleaning up Air Pollution
Expanding the city’s ultra low-emission zone has resulted in dramatic drops in particle emissions in inner and outer London.
San Jose Mayor Takes Dual Approach to Unsheltered Homeless Population
In a commentary published in The Mercury News, Mayor Matt Mahan describes a shelter and law enforcement approach to ending targeted homeless encampments within Northern California's largest city.
Atlanta Changes Beltline Rail Plan
City officials say they are committed to building rail connections, but are nixing a prior plan to extend the streetcar network.
Are Black Mayors Being Pushed Out of Office?
The mayors of New York, St. Louis, and Pittsburgh all stand to lose their seats in the coming weeks. They also all happen to be Black.
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