housing Archives -
Microsoft has pledged $ 500 million to address homelessness and develop affordable housing in response to the Seattle region’s widening affordability gap.
Most of the money will be aimed at increasing housing options in the Puget Sound region for low- and middle-income workers at a time when they’re…
As the housing market has downshifted, more builders are offering sweeteners to close the deal.
Companies large and small are paying closing costs, buying down mortgage rates and trimming square footage to offer a cheaper abode. Some are countering the high cost of a mortgage with a more direct…
Completing a project to build 3 million homes for its suffering population is the next big initiative Venezuela wants to finance with its digital currency, the petro. The socialist government in Caracas says there is enough money and materials to fulfill the main objective of the “Great Housing Mission.”
Minister Urges Construction Companies to Accept Petro
The Venezuelan Ministry of Housing is now joining forces with other government institutions to revive a state-sponsored program focused on the building of new apartment blocks for the masses. The leftist administration of President Maduro hopes to boost Gran Misión Vivienda Venezuela (GMVV) using the oil-backed national cryptocurrency, the petro.
During the first government meeting in 2019, the housing minister Ildemaro Villarroel invited both state-run and private companies to support the ambitious plan, the Prensa Latina news agency reported. The official emphasized that using the sovereign digital coin to fund the construction projects will also help consolidate the economic independence of the South American country.
Villarroel insisted that GMVV has both the necessary budget and the construction materials needed to reach its target – the completion of 3 million housing units by the end of this year. The new homes will be distributed among Venezuelans from different walks of life with priority given to professionals, young people and senior citizens.
The minister added that over 2.5 million new homes have already been delivered and another 1 million have been renovated as part of the “Great Housing Mission Venezuela.” The program has also allocated over 1 million plots of urban land.
Mission Far From Accomplished
Faced with pressing economic challenges, hyperinflation and foreign sanctions, the Venezuelan government has put great hopes on the success of its cryptocurrency. Authorities in Caracas launched the public sale of the petro in October last year, but all buyers have been able to get so far are so-called “petro certificates,” not any digital coins.
At the same time, Nicolas Maduro’s administration has made a number of loud announcements about the petro. The digital currency was adopted as official unit of account along with the country’s redenominated fiat, the bolivar. Wages and pensions have been calculated in the state-issued cryptocurrency. The Venezuelan president promised special economic zones to stimulate its circulation and assured Venezuelans they’ll be able to purchase homes and property with the petro.
Venezuelan officials have been trying to convince partnering countries and organizations to accept the crypto for international trade deals. The Russian Federation, the Organization of the Petroleum Exporting Countries (OPEC), and the members of the regional “Bolivarian Alliance for the Peoples of Our America” (ALBA) have been offered the petro, so far with little success.
The large-scale housing projects may also soon grind to a halt. According to а recent report, Russian and Chinese construction businesses have already pulled out of the country. Caracas owes over $ 110 million to the Belarusian state-owned Belzarubezhstroy, one of the few foreign companies still building in Venezuela. Minsk, however, has been reluctant to accept the repayment of the debt in petro.
Do you think Venezuela will be able to finance housing projects with its digital currency? Tell us in the comments section below.
Images courtesy of Shutterstock, Belzarubezhstroy.
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Dallas is housing’s “canary in the mine shaft.” Homes are taking longer to sell, bidding wars are rarer and price cuts are more common as buyers absorb the impact of higher mortgage rates.
WSJ.com: US Business
When Christopher Cacho is home, the 23-year-old data specialist doesn’t do much out of the ordinary. He may run a computer analysis at his desk, play a video game or lie down with a good book.
But when he does, he’ll do it from a roughly 11-by-8-foot space that’s cordoned off by a foldable tan…
A fire that likely blocked a crucial exit at a low-cost dormitory-style housing facility in central Seoul killed at least seven people and injured 11 others on Friday, according to fire authorities who were investigating possible safety lapses in the building.
Is winter coming for Southern California’s housing market? Sales are falling and price cuts are more commonOctober 31, 2018 | dailybusinessnews
A chill is settling over the once white-hot Southern California housing market.
Listings are up. Sales are falling. Price reductions are becoming more common.
The latest evidence came Tuesday when CoreLogic released its monthly market report. Sales across the region plummeted nearly 18% in September…
High-rise living, once a rarity in Southern California, is gaining new favor as reviving urban centers such as downtown L.A. and Hollywood attract thousands of new residents in search of neighborhoods with a big-city feel.
Los Angeles has especially encouraged dense development near transit hubs…
The Los Angeles City Council is preparing to ask voters if they want to create a publicly owned bank, something no city or state in the United States has done in nearly a century.
Council members voted Tuesday to start the process of putting a measure on the Nov. 6 ballot that would allow for the…
For decades, the Latino-run nonprofit charity was the belle of the ball.