High earners in pricey cities like NYC, Chicago and San Francisco — where tax rates are high and the cost of living is steep — could see their earnings go a lot further by moving to more affordable parts of the US.

To show how much NYC, Chicago and San Francisco’s high income earners — those on a salary between $150,000 and $650,000 — could save by making the move to Miami, SmartAsset compared tax rates and the cost of living in the four cities.

Key Findings:

• The difference in tax and living expenses will be most drastic for those moving to Miami from NYC, where workers on a high salary could save almost $200,000 annually. Thanks to Miami’s cheaper living and lower tax rates, someone earning $650,000 in Manhattan could save more than $195,000 by moving.

• People working in San Francisco would also benefit from significantly reduced living costs by making the move — while the California city’s cost of living is 83 percent higher than the US average, Miami’s is just 23 percent higher. The cost of living is also incredibly high in Manhattan, sitting 137 percent higher than the country’s average.

• San Franciscans on a $650,000 salary could enjoy savings of just over $150,000 every year if they relocated to Miami.

• The move to Miami isn’t really worth it for Chicagoans. High earners in Chicago would only gain around one percent of their salary by relocating, and their city’s cost of living is already five points lower than Miami’s.

Via SmartAsset.

[Image credit: Lance Asper]

The post This is How A lot Excessive Earners In NYC, Chicago And San Francisco Can Save By Shifting To Miami appeared first on DAILY SAN FRANCISCO BAY NEWS.

(Photo courtesy: Getty Images)

JOPLIN, Mo. — During the warmer months, the chimney becomes a neglected feature in our homes. Cleaning it properly is one of the main steps in preparing a chimney for winter and can be part of your seasonal cleaning checklist in addition to cleaning your fireplace.

Throughout the year, chimneys require maintenance and upkeep. With the weather continuously proving to be unpredictable, your chimney should be cleaned and prepped for the cold in case of any sudden changes in temperature. However, if you’ve waited until now to start looking for a professional chimney sweep — Victor Ferguson, manager of The Fireplace Shop in Joplin — says you may have to wait a while, as they’re currently booked up until after the new year.

“We start contacting people on our list — beginning early in the spring — to go ahead and get the chimney sweep and get that task out of the way during the spring and summer months, so that they’re ready to light fires in their fireplaces whenever it does finally turn cold. But if you’ve waited until now to call a professional, you’ll likely find that it’s too late,” said Ferguson.

Ferguson says fireplace chimneys should be cleaned at least once a year due to the build of creosote. Creosote is a highly flammable substance that builds up inside your chimney or liner as a result of burning wood. The rate of accumulation can be higher if you have poor burning practices, or have a burning appliance or stove that is not working well. Different types of wood create different amounts of creosote when burned.

“The job of the chimney sweep is to remove soot and built-up creosote from your chimney. This cleaning will help create a safer operation of your fireplace. It only takes a small accumulation of creosote glazing to create the potential for a chimney fire,” said Ferguson.

| Missouri’s “Cold Weather Rule” Begins, But What Is It? >

(Photo Courtesy: Getty Images)

Redings Mill Fire Protection District Chief, Steve Coats, says his firefighters respond to several chimney fires each winter. Most of those, he claims, could have been prevented with proper cleaning and maintenance.

“It’s nothing for us to respond to 10 to 15 chimney fires, and some of those spread beyond the chimney, where it damages the home. Whenever we go to those fires. It’s always said, ‘well I can’t afford it to have it cleaned,’ or, ‘I can’t afford to have somebody come look at it.’ But being without a home in the winter or just without a home at all is far more expensive than it would be to have someone come out to clean and inspect your fireplace. Not only are they looking for build up of creosote in the chimney, but they’re also looking to make sure all the components are intact and not exposed to bare wood or insulation in the attic,” said Fire Chief Coats.

| Oklahoma Has The Largest Bed Bug Problem In U.S., Study Says >

There are a few ways to clean the chimney yourself, however it does require the purchase of special tools from a local hardware store to get the job done. For determined DIYers, keep mind that sweeping the chimney is a messy and potentially dangerous job.

“Most people aren’t aware of everything they need to look for when it comes to cleaning the chimney and fireplace. It’s also very important to inspect your entire system to ensure everything is in good, working order. Waiting until the weather turns cold is really too late — that’s why we recommend you have it inspected long before winter approaches,” said Ferguson.

“We try to tell people not to burn wood if the fireplace and chimney aren’t property maintained. It’s just too big of a risk,” said Fire Chief Coats.

The post Chimney sweeps might save houses and lives | KSNF/KODE appeared first on DAILY SAN FRANCISCO BAY NEWS.

By James Tapsfield, Political Editor For Mailonline

09:10 21 Feb 2023, updated 11:39 21 Feb 2023

SNP hopeful Kate Forbes today apologised for causing ‘pain or hurt’ by saying she would not have voted for gay marriage. 

The Scottish Finance Minister asked for ‘forgiveness’ as she desperately tries to save her bid to succeed Nicola Sturgeon.

Ms Forbes had been regarded as the front runner – but appears to have crashed within hours of formally declaring her intentions, with allies admitting she has ‘f***ed it up’. 

The meltdown leaves Health Secretary Humza Yousaf as the favourite to take over from Ms Sturgeon. 

Ms Forbes, a member of the Free Church of Scotland who cut short maternity leave to join the contest, faced a backlash after insisting that she views marriage as between a man and a woman.

The 32-year-old said she would have voted against same-sex marriage if she had been an MSP at the time, but stressed she would defend people’s rights under the law as it stands. 

A series of MSPs announced they were dropping their support afterwards, along with Westminster MP Drew Hendry. But in a round of interviews this morning, Ms Forbes denied her campaign was effectively over, and said she had not intended to offend anyone.

‘I regret enormously the pain or hurt that has been caused because that was neither my intention, and I would seek forgiveness if that is how it’s come across,’ she told Times Radio.

‘I regret enormously the pain or hurt that has been caused because that was neither my intention, and I would seek forgiveness if that is how it’s come across.’

Ms Forbes added that she defends the rights of LGBT+ people to live ‘free of harassment, fear and prejudice’.

However, on BBC Radio 4’s Today programme Ms Forbes reiterated that she would have opposed same-sex marriage. She compared her position to that of Angela Merkel, who agreed to a vote on the issue, opposed the change, but then implemented the will of the German Parliament. 

SNP lead candidate Kate Forbes (pictured yesterday) said she would have voted against gay marriage in Scotland at the time it was made legal almost a decade ago The meltdown leaves Health Secretary Humza Yousaf as the favourite to take over from Ms Sturgeon

Challenged on the BBC that her campaign was all-but finished, Ms Forbes said: ‘Absolutely not. We have a large party membership, most of whom are not on Twitter.

‘I understand people have very strong views on these matters. I think the public are longing for politicians to answer straight questions with straight answers and that’s certainly what I’ve tried to do in the media yesterday. That doesn’t necessarily allow for much nuance.

‘My position on these matters is that I will defend to the hilt everybody’s rights in a pluralistic and tolerant society, to live and to love free of harassment and fear.’

Equal marriage was made legal in Scotland in 2014 with an overwhelming majority of 105 votes to 18, while Ms Forbes was not elected to Holyrood until the 2016 election. 

Ms Forbes previously said she would not have voted for the Scottish Government’s Gender Recognition Reform (Scotland) Bill in its current form. 

As she was on maternity leave, she did not participate in the final vote before the new year, but has been clear on her opposition since 2019.

She was one of 15 SNP politicians who publicly called on her party to delay the controversial proposals which make it easier for transgender people to self-identify as their chosen gender. 

She said: ‘My concerns about self-ID have been well documented and I would have continued to have those concerns about self-ID. 

Read more: How outgoing leader’s ruthless ambition brought Scotland to the brink of independence before a series of scandals

‘It’s very difficult to talk hypothetically when it comes to a Bill but I think I would have struggled to support that self-ID element of the Gender Recognition Act.’ 

However, if she had voted against it, she would have been required to leave her position as Finance Secretary.

In another controversial intervention, Ms Forbes said the convicted transgender rapist who was initially placed in a female jail ‘is a man’.

Ms Sturgeon previously dodged questions over whether Isla Bryson, formerly known as Adam Graham, is a woman after the 31-year-old was found guilty of two sex attacks.

But speaking to the Daily Telegraph, Mrs Forbes said unequivocally that ‘no rapist can be a woman’ and that ‘Isla Bryson is a man’.

Mrs Forbes also accused her opponents of attacking her over her Christian beliefs ‘rather than competence, experience or vision’.

She said: ‘We need to be very careful that we are not saying in Scotland that you cannot hold public office, even the highest public office, if you are a member of a particular faith.

‘Or, you can hold public office, but you actually need to strip your faith out. That seems to me a very illiberal approach.

She added: ‘My approach is I’ve been open about faith, the influence of faith in my life.

‘But we appear to be able to have a Hindu in Number 10, is it beyond the pale to think we might have a Christian in Bute House?’

‘I would much rather engage in discussion with the UK Government about the amendments that need to be made than proceed with the challenge.’

Nicola Sturgeon dropped the bombshell that she is quitting last week, after a torrid spell where the SNP slid into chaos over its abortive bid to loosen gender identity rules and dwindling support for independence Isla Bryson – formerly known as Andrew Graham – pictured outside court in Glasgow in January

Who is Humza Yousaf? 

Humza Yousaf, 37, is the Scottish Government’s health secretary, who became Scotland’s first Muslim Cabinet minister in 2018, when he was appointed justice secretary.

He has been MSP for Glasgow Pollok since 2016, having previously been elected to the Scottish Parliament as an additional member for the Glasgow region in 2011 at the age of just 26.

Despite being tipped as a possible replacement for Ms Sturgeon as First Minister, Mr Yousaf’s chances could be harmed by the current health crisis in Scotland.

He has come under particular pressure over long waiting times for ambulances and emergency care.

Mr Yousaf has a daughter and a stepchild with his second wife Nadia El-Nakla. 

Talking to The Scotsman, Ms Forbes, who has been on maternity leave and away from frontline politics since early summer last year, said she would not have supported equal marriage as a ‘matter of conscience’ if she had been a member of parliament at the time.

She cited the example of Angela Merkel as a leader who voted on the matter ‘with her conscience’.

She said: ‘I would have voted, as a matter of conscience, along the lines of mainstream teaching in most major religions that marriage is between a man and a woman. 

‘But I would have respected and defended the democratic choice that was made. 

‘It is a legal right now and I am a servant of democracy, I am not a dictator.’ 

Ms Forbes also condemned the ‘illiberal discourse’ around her faith and how her religious views could impact her decisions as First Minister. 

She is a member of the Free Church of Scotland and had previously said her faith did not impact her ability to serve as an MSP. 

Mr Yousaf said he will ‘always fight for the equal rights of others’.

Asked what he thought of what Ms Forbes had to say on same sex marriage, Mr Yousaf told BBC Radio Scotland’s Good Morning Scotland programme: ‘It’s for her to defend her views, I’ve made my views very clear.

‘I think my track record on equality issues speaks loud and clear.

‘I’m a minority in this country, I have been my entire life and my rights don’t exist in some kind of vacuum, my rights are interdependent on other people’s rights and therefore I believe very firmly, in fact with every fibre in my being, that your equality is my equality, therefore I’ll always fight for the equal rights of others regardless of who they are.’

Scottish finance secretary Kate Forbes swiped at the need to ‘widen’ the SNP’s appeal as she confirmed she is a candidate

Who is SNP leadership contender Kate Forbes?

Kate Forbes is a leading member of Ms Sturgeon’s administration who is being tipped as the favourite to replace her.

The fluent Gaelic speaker became the Scottish government’s finance secretary in February 2020, the first woman to hold the post.

Kate Forbes married Alasdair MacLennan – a widower chimney sweep 10 years her senior – in July 2021.

Her husband, known as Ali, had three daughters – Rachael, Rebekah and Zara – with his Indian first wife Priya. She died in 2014, aged just 38.

Ms Forbes, 32, went on maternity leave last July – the first ever serving Scottish Cabinet secretary to do so – and gave birth to her daughter Naomi in August.

The daughter of missionaries, Ms Forbes spent much of her childhood in India.

She is a member of the Free Church of Scotland, sometimes known as the ‘Wee Frees’, which is opposed to gay marriage and believes there are few circumstances in which abortion is justified.

Ms Sturgeon’s government was accused of rushing through its controversial gender identity reforms before Christmas, while Ms Forbes remained on maternity leave, in order to prevent a potential revolt by the 32-year-old. 

The post SNP hopeful Kate Forbes struggles to save lots of bid to succeed Nicola Sturgeon appeared first on DAILY SAN FRANCISCO BAY NEWS.

RAWLINS — On any given day, you’ll find Kay-Marie Wilder rummaging through one drawer or another, “MacGyvering” up a fix for her historic Ferris Mansion.

Wilder comes by her MacGyver genes honestly. She was a teenager when her parents Janice and David Lubbers bought the Rawlins and Wyoming landmark Ferris Mansion in 1979, and she got to use all of her do-it-yourself fix-it genes as they worked to save the historic home from ruin.

The Lubbers have readily admitted they had no real idea the true magnitude of the task they were taking on when they bought the aging mansion at 607 W. Maple St. 

They thought the renovation work would take a couple of years, tops. Instead, it took 25 years of steady work to fully return the house to its former 1903 hardwood-and-lace glory.

“The gentleman who owned it before us was kind of an absentee landlord,” Wilder told Cowboy State Daily. “So, things were not taken care of. You could have as many pets as you wanted, it was just horrific. There was like a mattress in the Rose Room, and I don’t know what happened there. Stuff was just stuck to the walls and there was fecal matter from dogs, too.”

There was also a great deal of medical equipment strewn about. A doctor had inhabited one of the spaces at one time, so there was truly no telling what one might find lying about. 

Wilder recalls her parents tearing out all the carpet first thing and using a scoop shovel to toss truckloads of debris and rubbish out of the mansion to make it a habitable living space.

The mansion had been subdivided into apartments sometime in the 1940s, so it had lots of walls that needed to be torn out and kitchens in the strangest of places. It didn’t take long for Janice to realize the couple needed help if they were going to finish the renovation within their lifetimes. 

So she called her sister, Phyllis Lenz, and talked her into coming and helping with all the work.

“She says, ‘Well, I’ll move out for a couple of years,’” Wilder said, smiling at the memory. “She was here for 36 years. Those ladies worked great together and my dad, MacGyver, could do anything — electrician, plumber, mechanic. So he wasn’t the type to be daunted by the task of buying this place and fixing it up.”

• The Ferris Mansion in Rawlins has been restored, a 25-year effort of a family that had no idea what they were getting themselves into when they bought it in 1979. (Renee Jean, Cowboy State Daily)
• The Lavender Room in the Ferris Mansion is not available for an Airbnb stay. Some say they’ve seen a young child looking out the curved window when driving by the mansion. (Renee Jean, Cowboy State Daily)
• The stenciling work in the dining room of the Ferris Mansion was done by Kaye Marie Wilder’s mother, Janice Lubber. (Renee Jean, Cowboy State Daily)
• The Rose Room features a large bed with a wall hanging celebrating Carbon County. The Ferris Mansion is one of the buildings portrayed on the wall hanging. (Renee Jean, Cowboy State Daily)
• The landing on the second floor of the Ferris Mansion includes a cool display of period hats that once belonged to the owner’s grandmother. (Renee Jean, Cowboy State Daily)
• The kitchen is small but quite efficient. Coffee service for guests is served here. (Renee Jean, Cowboy State Daily)
• The Ferris Mansion is heated with a series of radiators that are still in good working order. (Renee Jean, Cowboy State Daily)
• The dining room in the Ferris Mansion in Rawlins. (Renee Jean, Cowboy State Daily)
• The headboard on the bed in the Gold Room of the Ferris Mansion. (Renee Jean, Cowboy State Daily)

Arrow leftArrow right

No Relation To The Ferris Wheel

The Ferris Mansion in Rawlins is both a sad and an inspiring tale all wrapped into one.

George Ferris had for his whole life pursued great wealth. On the very day he achieved it by selling the Ferris-Hagerty mine for $1 million, he was killed while riding in a runaway stagecoach. The accident happenedon the aptly named Snow Slide Hill on his way home from the mine in Encampment. 

Newspaper accounts of the time say that his stagecoach was passing an area where a team of horses had been killed by an avalanche the prior year and the stench of the dead bodies terrified the stagecoach’s team of horses. Ferris was in the stagecoach with a brother, who escaped unharmed. But Ferris was tossed and hit a brake block and brake beam on the wagon as it was overturning. 

“There is something singularly pathetic in the death of Mr. Ferris, and it furnishes a theme for the moralists who like to discourse on the vanity of life and the rewards that often come from a life of toil too late to be enjoyed,” a newspaper obituary at the time read. “Having spent all his years seeking wealth, Mr. Ferris finally attained it in a way that has made his name famous all over the land, only to have the reward snatched from his hands on the very day of his triumph.”

If his death had been pathetic, what came next could certainly be considered inspiring. 

His wife Julia announced that she would complete construction of the Ferris Mansion, a Barber and Klutz home likely sourced from the book “Modern Dwellings,” which was published in 1888.

Barber was serving a nouveau riche clientele who had made fortunes out West and wanted homes that made a statement, not only about their success, but about the success of the West. 

The cost for Julia to complete the spacious 21-room, three-story home with 65 windows and five fireplaces was in the neighborhood of $60,000 in 1900 dollars, plus an additional $25,000 for the furnishings, which she sourced from San Francisco. A glass chandelier in the home itself cost $1,000.

Colorado-pressed brick custom-designed for the home was used to form the home’s 18-inch-thick walls, which had an air space in the middle. Local sandstone was used to trim between the bricks, as well as the granite base of the home.

The roof tiles were interlocking ceramic Ludiwici tiles with a lifespan of 100 to 300 years. 

8,000 Square Feet Of Catastrophe

Restoring the home to that level of grandeur was a daunting task. Picture 8,000 square feet of mansion turned into a maze of apartments lined with tired, moldy carpets and debris, peeling paint, rotting windowsills and the occasional gaping hole for good measure.

Once the overall mess has been carted out, though, the task had only just begun.

There were hundreds of hours of work in just sanding and polishing all the beautiful woodwork in the home, most of which had been hidden behind layers of ugly and peeling paint. 

All that effort proved worthwhile, though. Behind the peeling paint, the Lubbers discovered 8-foot-tall pocket doors that were made of one of the rarest woods in the world, birdseye maple. It’s a distinctive pattern found in just 1% of all maple wood. 

A fair amount of sleuthing also was required to restore the home.

Janice subscribed to magazines and did research in the library to figure out what should be there that wasn’t. She also tracked down the location of the mansion’s original grand staircase in Encampment and bought it back. Its original newel was still intact, though the spindles were not. So, she bought replacements — 150 of them.

Old Paint For New

The couple also took off the bright red paint on the home and replaced it with a rose hue, more in keeping with what had been there when the Queen Anne-style Barber home was built.

There were lots of “MacGyver” situations in the process of doing all that work, and Wilder is proud to show a few of them off.

In the dining area, for example, some friends were dancing on the hardwood floor and their heels caused a few scuff marks and indentions. Not to worry. Janice stenciled over all of that quite nicely. It’s not noticeable at all now. 

Then there was the light fixture at the base of the stairs, original to the home, that was missing one white pane. There was no affordable way to source a single white pane of glass like that from the turn of the century. So Janice took a knife to a white plastic milk jug, carefully cutting out a replacement piece that is all but indistinguishable from the others, unless pointed out.

Similarly, when the family was given a quote of $15,000 to create curved storm windows, the Lubbers figured out how to fashion their own from heavy sheet plastic for $200.

The restoration process was not all smooth sailing, of course. One winter, a below-average cold freeze caused one of the mansion’s pipes to burst. Hundreds of gallons of water flooded out all over the beautiful work they’d done in that area, peeling plaster from the walls and leaving a disaster in its wake.

“Water just poured down and the ceiling caved in,” Wilder said. “It was just awful.” 

No problem. Janice and Lenz had recently salvaged some tin ceiling tiles from a downtown bar in Rawlins. They had already been working on restoring them to put somewhere. They would be perfect in the kitchen.

Once the damage had been repaired and the ceiling tiles were all in place, everything seemed to fit right in as if it had always been that way.

As a result of the flood, a secret butler’s door also was discovered. That made for much better traffic patterns through the home, which the couple turned into a bed and breakfast for several years and helped pay for the continued work on the beautiful old home.

Ghosts Galore

Tell anyone in Rawlins that you’re staying at the Ferris mansion and likely you’ll see eyes get round as quarters.

“Which room are you staying in?” is the inevitable question. “Is it … the round room? Driving past the house at night, I think I’ve seen a small child in the window of the round room.”

That small child is supposed to be Cecil Ferris, killed in a shooting accident by one of his brothers who was playing with a gun that an older brother had brought home and put down on a bedroom table.

Cecil happened to be passing through the door of the bedroom as his brothers were playing with the gun. The shot hit him in the neck, severing an artery and killing him instantly. 

But the ghost that Janice reported seeing in a newspaper article was that of Julia herself.

The experience, Wilder said, was a disquieting one at the time. But since the home’s restoration, all the “energy” has transformed in the house. 

Some guests have reported seeing a woman in white standing over their bed, but this reporter experienced no hauntings while in the mansion.

While the bed and breakfast Wilder’s parents started is no longer operating, Wilder has continued to offer a fabulous stay at the Ferris Mansion through Airbnb. She has three rooms for short-term stays, the Blue Room, The Rose Room and the Gold Room. Each has its own private bath, and a couple of the rooms also feature beautiful fireplaces. 

Wilder plans to sell the now regal historic Ferris Mansion as she has young grandchildren in Utah. It is for sale by owner for $750,000. It sits in a secluded neighborhood of Rawlins, where deer commonly visit to nibble on the grass.

The mansion is a grand old lady and an iconic piece of Wyoming’s history.

Renée Jean can be reached at Renee@CowboyStateDaily.com.

The post From Destroy To Regal, A Wyoming Household’s Mission To Save The Ferris Mansion appeared first on DAILY SAN FRANCISCO BAY NEWS.

1313 L St. in Washington, D.C., was formerly an office building. By the end of this year, it will be home to newly finished apartments.

Richard Morrison, Erin Kenney/NPR

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Richard Morrison, Erin Kenney/NPR

1313 L St. in Washington, D.C., was formerly an office building. By the end of this year, it will be home to newly finished apartments.

Richard Morrison, Erin Kenney/NPR

If you walked past 1313 L St. in Washington, D.C., a few years ago, you would’ve seen a 1980s-style office building. The headquarters for the National Association for the Education of Young Children was red brick, with big windows and the organization’s logo plastered across the side.

But if you walk by the same spot this time next year, you could be looking at a newly finished apartment building with sleek gray siding and a rooftop patio.

The project is one example of a growing real estate trend — converting old, unused office space into apartments. These conversions seem like a win-win: turning a plethora of barely used office space into desperately needed urban housing.

But converting offices into apartments is easier said than done. And while it’s easy to imagine the process behind conversions, like adding in walls and plumbing, it gets complicated.

Out-of-the-way and older office buildings are targets for conversions to apartments

City centers are struggling to fill the gap left by commuters who now come into the office a few days a week, if at all. These workers were patrons of downtown businesses, from restaurants to dry cleaners. Without them, offices are desolate and businesses are shuttering.

To save these downtowns, cities are trying to turn unused office space into housing. San Francisco officials are making efforts to adjust current building codes and get rid of extra fees for office-to-residential projects. In Washington, D.C., the mayor wants to put more money into a tax relief program for office conversions.

Even cities like New York, where many companies have offices, vacancy is becoming a problem. Office vacancy in Manhattan was 15% in May, according to real estate investment firm CBRE.

“The commute has crushed a lot of people’s willingness to trudge into the office every day,” said Jason Alderman, the head of real estate giant Hines’ New York office. He said Hines’ buildings within a half-mile of the major transit hubs Grand Central and Penn Station have higher occupancy rates than others.

But, he added, “buildings that are catering to people — making it exciting to come back to the office or easy to come back to the office — are winning.”

As demand for other office buildings decreases, Hines is considering office-to-apartment conversion projects. Alderman said the company is actively bidding on properties.

Too many rules, not enough incentives

Converting an office building into a residential space can be difficult, and that’s when the building already has the right structure to work with. A lot of buildings don’t — they’re too wide, or have the wrong kind of windows, which makes conversion more expensive. But politics may be a greater factor in a project’s success.

Even as cities try to entice developers to turn office buildings into apartments, they’ve also put up obstacles. In New York, strict zoning rules already impact which buildings — and in some cases, how many floors — can be converted into housing. Rezoning a property for residential use can be timely and costly. Alderman said approval also requires support from politicians, who often add requirements for affordable housing a developer may be unable to afford.

Right now, many developers in New York are adjusting after the expiration of a state tax exemption for builders who include affordable housing in their projects. The exemption played a large role in multifamily housing construction in the city. According to a study from NYU’s Furman Center, 70% of multifamily properties built from 2010-2020 took advantage of the tax exemption.

Alderman said, while he hopes it is reinstated, “That would be both [the city and the state] cooperating together and waving a magic wand. And I’m not holding my breath that that’s going to happen anytime soon.”

The 1313 L St. building, pictured here in December 2021, is being converted into apartments by architecture firm Hickok Cole.

Richard Morrison

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Richard Morrison

The 1313 L St. building, pictured here in December 2021, is being converted into apartments by architecture firm Hickok Cole.

Richard Morrison

In Washington, D.C., the government has exempted downtown projects from affordable housing requirements to encourage developments like the 1313 L St. building, which is being converted by architecture firm Hickok Cole.

“The economics of these projects, they’re not slam dunks,” said Guilherme Almeida, the firm’s director of high performance design. “They actually are pretty complex and expensive projects to execute, so [an affordable-housing requirement] would have disincentivized the creation of more housing downtown.”

Turning offices into homes would be better for the environment than starting from scratch

Building construction produces 11% of global carbon emissions, according to the World Green Building Council. It can take up to 80 years for a new, energy-efficient building to offset its own carbon emissions, according to a study by the National Historic Preservation Fund’s Preservation Green Lab. The fund’s former sustainability director, Patrice Frey, said reusing an existing building can reduce emissions dramatically.

“I don’t think we can think of our resources as so expendable that we can just continue to build and abandon or build and demolish,” Frey said. “We’ve really got to think more sustainably about using what we’ve got.”

She said one reason behind the commercial real estate and housing crises is that over the last few decades, developers built with one use in mind, whether it be office space or residential. She’s hopeful that in time, the industry will shift to designing buildings that are more adaptable to changing needs.

“That mentality, that thinking about flexible, adaptable space has to be integrated into everything we construct into the future,” Frey said. “Because we’ve got to be designing for centuries, not for decades.”

The post Turning workplaces into residences might assist save downtowns, but it surely’s sophisticated : NPR appeared first on DAILY SAN FRANCISCO BAY NEWS.

Credit: Alexander/stock.adobe.com

High earners making the move from New York City to Austin, Texas can save 40% or more of their salary through a combination of cost of living and tax savings, according to a new study from SmartAsset.

In an analysis conducted by the financial services referral firm, cost of living and taxation differences were calculated to see how much high earners — defined as an annual salary between $150,000 and $650,000 — would save by moving from expensive cities like New York City, San Francisco and Chicago to Austin.

Analyst Patrick Villanova used tax data from SmartAsset’s paycheck calculator to compare federal, state and local taxes, using base assumptions for a single tax filer. Cost of living premiums were acquired from the Council for Community and Economic Research’s Q1 2023 data, which includes pricing on necessities such as housing, transportation, utilities, groceries, health care and miscellaneous goods.

High-earning New Yorkers can save between 40% and 44% of their salary simply by moving to Austin, with workers toward the bottom of the high-earning window seeing the most benefit. A worker earning $150,000 annually would see savings of $64,811 by making the move south, according to SmartAsset.

A table of tax and cost of living savings by different income levels.

A portion of the savings is created by avoiding NYC’s high cost of living, which is 122% higher than the national average. But the majority of savings is generated by differences in taxation. Because Texas has no state income tax, high earners are taxed anywhere from 27% to 35%, compared to NYC’s range of 37% to 45%, according to the study.

“Because taxes have the first claim on an income, they typically take a higher chunk of change out of someone’s purchasing power, even if cost of living premiums are particularly high in an area like New York City or San Francisco,” said Jaclyn DeJohn, the managing editor of economic analysis at SmartAsset. “Personal choice — like where to live, what to eat, hobbies, etc. — also plays a large role in how much cost of living premiums affect a person’s earnings, unlike the undiscriminating nature of income taxes.”

Story continues

The migration south
As more employers have gone remote since the start of the pandemic, some workers have left expensive cities for more affordable options like Austin, but the trend is nothing new, according to Paul Ayotte, a founding partner of Fidelis Capital in Tampa, Florida, who specializes in helping clients move their households across state lines.

Financial advisors themselves have been popping up in no-tax states like Texas and Florida at increasing rates over the last few years.

Between 2020 and 2023, the number of certified financial planners increased at more than twice the rate in no-tax states like Texas and Tennessee, compared to high-tax states like New York and California. In that span, the number of CFPs in Texas rose 13.4%, compared to New York’s 4% increase.

Despite the savings, the decision to actually make such a move might not be so clear-cut.

“Taxes are an inherent part of our financial lives, and I would not advise a client to move solely for tax reasons. Building a new life is challenging in and of itself,” said Erika Safran, the founder of NYC-based Safran Wealth Advisors. “Quality of life, income, work and family relationships are better drivers for life success. If maintaining work and family relationships in the new lower-tax state is possible, it may be worth considering.”

A $90,000 caveat
Earnings differences can also play a significant role in total take-home pay. As of May 2022, the average personal financial planner in the New York City metropolitan area earned $208,250 annually, according to the U.S. Bureau of Labor Statistics. The average financial planner in Austin makes $118,770 a year, roughly 43% less than their NYC-based peers.

The difference is less dramatic for the other cities included in the study, San Francisco and Chicago, where financial planners on average make an annual wage of $170,100 and $136,780, respectively.

With lower average earnings, these cities also have lower taxation rates and cost of living expenses than NYC, making a move to a city like Austin less impactful on overall savings. San Francisco-based advisors would see a savings of 33% by moving to Austin, whereas Chicago-based advisors would only see 12% in savings, according to the study.

Advisors pointed out that property tax in Austin is another significant factor that can eat into potential savings.

“While high earners will no doubt save on income taxes, and perhaps some cost of living, they will pay a lot more in property taxes (and indirectly if they rent versus own),” said Kashif Ahmed, the president of American Private Wealth in Bedford, Massachusetts. “High earners are likely to purchase larger, more high-end homes, especially when coming from more expensive property states, but that larger home is going to have even larger property taxes due.”

Inflated property taxes may end up “zeroing out” any savings gained from lower cost of living premiums and income tax rates, according to Ahmed, who owns multiple rental properties in Austin.

Property taxes and home insurance expenses were not included in the Council for Community and Economic Research data used by SmartAsset, as “there was not a reliable way to include the data,” according to DeJohn.

Along with regional differences in average earnings, property tax differences may complicate the decision for some high earners eyeing a move to cities like Austin.

The post Excessive earners save 40% or extra by shifting from NYC to Austin, examine finds appeared first on DAILY SAN FRANCISCO BAY NEWS.

By Doug Milnes

Now that summer’s officially started, many people are looking forward to much-needed vacations. However, with travel costs on the rise, finding an affordable Airbnb has become both a puzzle and an art. To help you in your search for cost-saving summer rentals, MoneyGeek analyzed data for over 200,000 Airbnb listings across 19 U.S. vacation hotspots and explored how location, party size, amenities and room type impact costs.

Key findings

• Among the 19 U.S. travel destinations analyzed, the median price of an Airbnb is $154 per night. Hawaii listings have the highest median nightly cost ($294), while Portland, Oregon, offers the most affordable accommodations ($100).
• By choosing a private room, instead of a full home or apartment, you could cut your costs in half. A little extra privacy will cost you an additional $70 in a one-bedroom rental.
• While higher-capacity rooms tend to be more expensive, larger groups may experience more savings overall. When pitching in to rent a unit with a group of four, expect to save around 17% per person compared to a group of two.
• Access to fitness equipment or a pool will increase the cost of your stay by nearly 50%. In cities like New York, you could even pay double for rentals that offer these amenities.

MoneyGeek

How Airbnb prices vary across top tourist destinations

The research found that the median cost of an Airbnb across 19 popular U.S. travel destinations is $154 per night. However, where you travel significantly impacts the cost of your vacation accommodations. The price of a room on the sun-soaked shores of Hawaii is the highest among the locations the study analyzed at $294. Nashville was home to the second-most expensive rentals, with a median nightly cost of $198, followed by San Diego ($186).

The analysis also found that the way prices fluctuate based on the total capacity of rentals differs depending on your location. For example, while Nashville took the second spot for the highest overall Airbnb costs, San Francisco and New Orleans tied for the second-most expensive accommodations for 1-2 travelers; in New Orleans and San Francisco, renting a smaller-sized Airbnb will typically set you back $110 per night, while it costs just $90 in Nashville.

Across the U.S., Airbnbs that accommodate 3-4 people are typically 66% more expensive than those that accommodate 1-2 guests. This price increase is highest in Las Vegas’ Clark County, where travelers pay twice as much for these larger accommodations.

The table compares Airbnb prices across 19 major U.S. tourist destinations by median nightly cost overall and for different unit capacities.

MoneyGeek

Most expensive Airbnb neighborhoods in New York, Los Angeles, and Chicago

The study also broke down nightly median accommodation costs for the three most populated cities in the country: New York, Los Angeles and Chicago.

MoneyGeek

The premium for personal space is $70: How less privacy can lead to more savings on Airbnb

Imagine having an entire Airbnb to yourself — a private retreat where you can spread out, enjoy uninterrupted relaxation and experience the luxury of complete solitude. While the appeal is undeniable, this level of personal space comes with a premium price tag, often leading guests to pay more for the privilege of privacy.

For more personal space in a one-bedroom Airbnb rental, visitors can expect to pay roughly $70 more. The study calculated this expense by comparing the median prices of entire homes or apartments ($145 per night) and private rooms ($75 per night). By giving up a little privacy, you could see savings of nearly 50%. If you’re seeking even cheaper alternatives, rentals with shared bathrooms are available at just $60 a night.

MoneyGeek

Planning to swim or work out? Expect to pay nearly 50% more

Airbnb pricing doesn’t just hinge on location — amenities like beach, pool and gym access also wield considerable influence.

Our analysis compared median prices of rentals with specific amenities to those without and found that listings with beach access are 61% more expensive.

Pool availability is the second-most expensive amenity, costing vacationers 48% more. But this cost increase isn’t the same everywhere: for instance, the cost of rentals with pool access skyrockets to more than twice the usual rate (125%) in New York City.

Fitness enthusiasts looking for gym access can expect around a 47% increase in booking costs. In Portland, Oregon, the price tag on rentals with gym access goes up by 84%.

You’ll also likely pay a premium if there’s a dishwasher in your rental unit; Airbnbs with dishwashers typically cost 21% more than those without them.

Tips to save on your Airbnb bookings

It’s no secret that traveling today is expensive. The researchers recommend following these cost-saving tips when looking for Airbnb accommodations to enjoy the vacation you want without breaking the bank.

1. Boost your party size.

A group of four can anticipate 17% savings per person compared to pairs. On average, a 2-person unit charges $105 per night, while accommodating four nudges the price up by 65% to $173 — letting you entertain twice as many folks for less.

2. Opt for private rooms or units with shared bathrooms.

The cost of renting a full home averages $185 per night, while a private room or a shared-bathroom unit only costs $79 or $60 per night, respectively.

3. Embrace washing dishes by hand.

Dishwasher-equipped units demand a 21% premium. In Hawaii, you may even find yourself paying 85% more for rentals with dishwashers. Opting for accommodations without a dishwasher could lead to significant savings.

4. Utilize credit cards.

Familiarize yourself with the benefits of travel credit cards and reward credit cards to make your money work for you. Between welcome offers, cash back rewards and opportunities to accumulate points and miles, there are many ways you can utilize credit cards to make your vacation cost-effective.

Methodology

The study analyzed data from Inside Airbnb to provide insights on Airbnb costs in 19 U.S. tourist destinations and offer tips for maximizing savings on Airbnb bookings.

The study examined several data points, such as price, location, unit capacity, available amenities and room type. Then, the study calculated median rates across these variables to demonstrate how prices vary by location.

The study also applied a linear regression model to the data and used Shap feature importance to identify the amenities with the highest impact on price. To calculate the percentage impact of amenities on price, the study compared the median prices of listings with a specific amenity to those without it.

This story was produced by MoneyGeek and reviewed and distributed by Stacker Media.

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An anonymous reader shared this report from nonprofit journalism site the San Francisco Standard: The San Francisco Board of Supervisors passed legislation on Tuesday aimed at regenerating the city’s beleaguered downtown area by filling in vacant storefronts and speeding up the conversion of unused office buildings into housing support . The bill is a key part of Mayor London Breed’s redevelopment agenda. Co-sponsored by Chief Executive Officer Aaron Peskin, it changes the city’s planning code to expand residential use and downtown office conversions. Among other things, this also optimizes the review of certain projects …

Even with faster project approvals, converting San Francisco office buildings into residential buildings remains a costly endeavor; Few developers have checked this option so far. At an April 3 hearing of the Board’s Land Use Committee, lawmakers emphasized the need for several reforms to make conversions economically viable. Supervisor Dean Preston expressed concern that even these reforms would not address housing for low-income people. Many say downtown San Francisco is currently in an “unfortunate loop” fueled by the economic fallout from the pandemic, including an office vacancy rate of nearly 30% and prime office towers changing hands at deep discounts…

The bill, passed Tuesday, is one of several legislative efforts to help downtown and the city’s broader economy. Initiatives included legislation to delay tax increases for retail, hospitality and other businesses hit hard by the pandemic, an Office Attraction Tax Credit for new businesses opening in the city, and a program called Vacant to Vibrant, which grants grants to companies opening “pop-up” shops and art spaces in empty downtown storefronts.

The post ‘Plan To Save Downtown San Francisco From Doom Loop Authorized by Lawmakers’ appeared first on DAILY SAN FRANCISCO BAY NEWS.

• Moving to Miami from New York City, Chicago or San Francisco could save high earners thousands.
• Different tax policies and different living costs can affect potential savings.
• Those making $650,000 or more could save up to $200,000 by moving to Miami from NYC, according to a new study.

Those earning more than $150,000 a year could save anywhere from $2,000 to almost $200,000 when moving to Miami from major metropolitan areas like New York City, Chicago or San Francisco, a new study finds.

An analysis by financial website SmartAsset based on tax rates and the average cost of living found that the biggest tax savings often come from moving a dense, expensive area like New York City to a city or state with more favorable tax rates.

At its most extreme, New Yorkers earning $650,000 or more could save nearly $200,000 a year in taxes and living expenses by living in Miami instead.

A report by real estate firm Redfin earlier this year found that Miami tops the list of metro areas people from outside the region search for real estate deals, and that Florida had several cities in the top 10, Insider previously reported.

Florida’s tax policy has also put it to the top of census data for immigrant populations in recent years, but some, including tech billionaire Peter Thiel, said real estate in the state has become too expensive due to the growing population.

Savings move from New York City to Miami

source: SmartAsset

Traveling from New York to Miami offers the greatest benefits due to vastly different tax policies and a significant reduction in the cost of living, as the cost of living in New York City is 137% higher than the US average, while Miami is only 23% higher than average , found SmartAsset.

Chicago has a better cost of living than Miami at just 17% above average, and San Francisco sits in the middle at 83% above the average American household spend of about $5,500 per month.

Savings are shifting from San Francisco to Miami

source: SmartAsset

According to the study, New York City and San Francisco have significant differences due to higher taxes and the cost of living. However, Chicago has slightly higher taxes, totaling about 32% to 40% of income for select high earners, compared to about 27% to 35% for Miami residents.

This relatively small tax differential is offset by the city’s slightly lower cost of living. Overall, a Chicagoan moving to Miami saves just 1% or 2% of their annual salary, while someone moving to Miami from San Francisco would save about a quarter of their income.

Savings shift from Chicago to Miami

source: SmartAsset

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