by Danielle Finley, Associate Director of Political Engagement
Welcome to FIVE FOR FRIDAY: A weekly roundup of Public Policy Issues and Headlines. In this Issue: 1. All eyes on Powell’s Jackson Hole speech as new data fuels concern of a weaker labor market 2. ‘Starter home’ tax breaks, aid for first-time buyers: What to know about Harris’ affordable housing proposals 3. After $615 Million and 16 Months of Tunneling, Alexandria, Virginia, Is Close to Fixing Its Sewage Overflow Problem 4. Big Changes Are Coming to This Northern Virginia Multifamily Market 5. Northern Virginia, Beijing, and Dublin named top 3 hyperscale locations – Synergy. Bonus: ‘I think it’s crazy’: Restaurant owners push back as Fairfax Co. considers food tax up to 6% on meals out.
By ELISABETH BUCHWALD, CNN
New data the Bureau of Labor Statistics released on Wednesday did little to quell those concerns. Though not finalized yet, the agency’s annual review of employment data suggests there were 818,000 fewer jobs in March of this year than were initially reported. Because of that, a growing share of investors now believe the Fed could opt for a half-point cut next month rather than the more typical quarter-point cut, according to Fed funds futures data. Additionally, the data has raised the odds that the Fed will lower rates more than once this year.
To get to those 3 million new units, a Harris-Walz administration would introduce a “first-ever tax incentive” for homebuilders who sell starter homes to first-time homebuyers, according to the proposals unveiled last week. The initiative would complement the Neighborhood Homes Tax Credit, according to the announcement, which would be created by a bill pending in Congress called the Neighborhood Homes Investment Act.
By SARAH VOGELSONG, Inside Climate News
In Virginia, the legislature has in recent years set aggressive deadlines for both Alexandria and the state capital, Richmond, to address those overflows. Alexandria’s work must be done by 2026, after a one-year reprieve by legislators to account for delays linked to the COVID-19 pandemic and the war in Ukraine. Richmond’s project, which has a much larger footprint, must be finished by 2035. But while much of the political pressure to fix the remaining combined sewer systems in Virginia has centered on clean water concerns and the state’s need to meet federal Chesapeake Bay cleanup targets, climate change is ramping up officials’ concerns in both Virginia and cities across the nation.
A group of neighborhoods near Dulles International Airport in Northern Virginia now collectively has the most multifamily construction relative to its total existing units out of any market in the Washington, D.C., area, according to CoStar data.
By NIVA YADAV, Data Center Dynamics
Just twenty state or metro markets account for 62 percent of the world’s current hyperscale data center capacity, according to a report from Synergy Research Group. At the top of the list, unsurprisingly, is Northern Virginia. In second place, is the Greater Beijing Area. The two make up 22 percent of global hyperscale capacity.
A group of Fairfax County, Virginia, restaurant owners is lining up against a possible food tax. About 100 restaurant owners are part of a newly formed group called Stop the Food Tax. The proposal could add a tax of 1% to 6% on food and drinks prepared at restaurants and grocery stores. Waria Salhi, is a partner with Mezeh Mediterranean Grill. He said the idea of a meals tax is a bad one. At the time of the 9-1 vote to study the tax, Supervisor Dalia Palchik said, “This is just one of those tools that I believe, at this time, we need to consider to understand the cost, the benefits, we cannot continue to rely so heavily on our real estate taxes.”