[Fox Business] Redfin CEO: How to fix America’s housing shortage

The housing shortage in the U.S. could be addressed through deregulation, according to an industry executive.

“It’s in the progressive states where we have seen — California, as an example — take a page from the red states and significantly deregulate housing,” Redfin CEO Glenn Kelman told FOX Business, citing examples like “setting aside zoning requirements, parking requirements” and “environmental reviews.” 

He said, “People who left California for Texas and Florida finally scared that state legislature into a significant bout of deregulation. And builders who wouldn’t have set foot in some parts of California are coming back.”   

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The focus should be on ramping up supply and ensuring “affordable housing for the next generation.” 

Kelman said that if regulations make homebuilding easier, it could spur “an enormous wave of economic growth and optimism and prosperity,” not only for boomers but also for younger generations.

His comments come as Redfin reported that there has been a slight increase in the supply of homes ahead of the spring homebuying season. During the four weeks ending March 17, the total number of U.S. homes for sale increased 5%, marking the biggest annual uptick since May 2023. 

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Meanwhile, new listings jumped 15% during that same four-week period. That’s the biggest increase since June 2021, according to the data. 

Even though this has prompted some buyers to jump back into the market, the increased inventory hasn’t made a material impact on prices. 

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Redfin data showed that the median U.S. home-sale price is up 5.3% year over year, the second-biggest increase since October 2022. The median monthly housing payment is also $31 shy of its all-time high because of high mortgage rates and prices. 

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[Fox Business] Costco will crack down on non-members eating at food courts

Costco will get stricter about who can use its food courts.

The retailer will enforce a requirement that food court patrons have a Costco membership card starting in a couple of weeks, according to reports.

The food courts are home to Costco’s $1.50 hot dog-soda combo, chicken bake and pizza, all of which are extremely popular among customers.

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A user uploaded a photo to r/Costco subreddit in early March that they claimed depicted signage at an Orlando, Florida, area location saying the membership card requirement for food court purchases would become “effective April 8, 2024.”

FOX Business reached out to Costco for comment on the matter.

Richard Galanti, who retired from serving as Costco’s longtime CFO in mid-March, recently told Axios the move would affect locations featuring exterior food courts.

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“One of the challenges is that some of the food courts have gotten so busy, particularly if it’s near some office buildings or construction sites. We were getting member complaints,” Galanti told the outlet about the crackdown.

The retailer makes customers show their membership card to get into its warehouses, something that already curbs non-member usage of inside food courts.

Its website says generally “only Costco members may purchase items” at Costco. Globally, around 132 million people had membership cards as of the end of the second quarter.

Other recent membership-related crackdowns include Costco starting to ask shoppers to present their membership cards while using self-checkout and testing the use of membership card scanners at entrances, as previously reported by FOX Business.

For the former, Galanti said on a recent earnings call it was “more fair and the right thing to do” for Costco members.

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The retailer’s food courts, gas stations and other ancillary businesses encourage members to visit its 875 warehouses more often, the company has said.

Its ancillary businesses “were up in the low-single-digits” in the second quarter, Galanti told analysts and investors on Costco’s latest earnings call. He identified the “top performers” in that category” as its food court, pharmacy and optical services.

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[Fox Business] Cruises canceled following Carnival Freedom fire during busy spring break season

Two cruises have been canceled this week during the busy spring break travel season, following a fire on the Carnival Freedom  the second on the ship in less than two years. 

“Regrettably, the damage is more than we first thought and will require an immediate repair to stabilize the funnel, resulting in the cancellation of the March 25 and March 29 cruises from Port Canaveral,” a Carnival spokesman told Fox Business.

Initial information from Carnival about the fire came on X, the social media platform formerly known as Twitter, confirming the fire broke out at 3:15 p.m. ET Saturday on the port side of the ship’s exhaust funnel while it was 20 miles off Eleuthera Island in the Bahamas. 

Passengers with upcoming cruises nearly immediately began asking if they would be canceled, and at the time Carnival said no. However, “a thorough assessment” was completed in Freeport on Sunday, requiring it to return to the shipyard on Monday afternoon for the required repairs to stabilize the funnel. 

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While multiple witnesses reported a lightning strike, Carnival is investigating the cause of the fire. The ship’s onboard team quickly extinguished the fire and no injuries were reported.

“It was scary, very scary, fire on a cruise ship in the middle of the ocean,” passenger Jamie Eubanks told FOX 35 Orlando while disembarking in Port Canaveral on Monday.

CARNIVAL FREEDOM CRUISE SHIP SEEN ON FIRE AT GRAND TURK

Cruisers told the TV station the top deck was closed the rest of the trip, and they did not get to visit all the ports planned for their itinerary. 

“We sincerely regret the impact to our embarking guests, as we know they have been looking forward to their spring break vacation,” the Carnival statement reads. The cruise line is providing guests on both canceled cruises with a full refund and a 100 percent future cruise credit. 

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Carnival thanked the passengers who were onboard during the fire, noting their “outstanding cooperation and support.”

The Freedom’s exhaust funnel previously caught fire in May 2022 while the ship was docked at Grand Turk Island in Turks and Caicos. Video from then also showed the ship’s funnel – referred to by some as the whale tail – consumed by flames and smoke. 

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The part of the ship that caught fire is designed to help direct the flow of exhaust gases away from the ship, according to the Crown Cruise Vacations website. 

Fox Business’ Greg Norman contributed to this report. 

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[Fox Business] Iconic NYC restaurant owner fears city’s ‘unsafe’ conditions threaten employees: ‘When did this become OK?’

Crime is taking a bite out of the Big Apple, according to the owner of one iconic New York City eatery.

Concerned about the crisis, Junior’s Restaurant’s third-generation proprietor, Alan Rosen, lamented to The New York Post that there are no consequences for creating chaos in the city.

“When did it become OK to shoplift a pharmacy? In what society is that OK? People shouldn’t be able to shoplift at CVS,” he said in a recent interview with the outlet.

“Enough! There are no consequences. That’s part of the problem.”

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Rosen’s remarks come as residents and businesses grapple with serious concerns – retail theft, violence against law enforcement, treacherous conditions on public transit and a financially burdensome migrant crisis that has forced the city to operate at full capacity while keeping people off the streets, to name a few.

Inspired by crime, some pharmacies and grocery stores in the area have felt compelled to take matters into their own hands and padlock items like ice cream or over-the-counter medicines. 

Outside stores, pedestrians and public transit users face the risk of muggings or other aggressive crimes.

Gov. Kathy Hochul, earlier this month, even brought in the National Guard to help local police mitigate a recent crime surge in the city’s subways.

NYC MIGRANTS CONSUME DRUGS, ALCOHOL IN PUBLIC AS ‘CRIME WAVE’ PLAGUES TOURIST HOT SPOT

In Times Square, near Junior’s establishments, two NYPD officers were attacked by a group of illegal immigrants who were later charged with assault and released without bail.

Some of Rosen’s own employees have felt unsafe amid worsening conditions, he told the Post.

He’s concerned about their safety as they leave shifts to head home at night, the report stated. His own daughter’s assault at random last summer is further evidence of moral decay.

“We feel uneasy. We feel unsafe. We want our city back,” he told the media outlet.

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He also blasted cashless bail for allowing “bad apples” to spoil the bunch. That same issue has emerged in a number of major cities across the U.S. as criminals commit offenses and are later found back on the streets to repeat the cycle.

“Our police have been handcuffed. Hire more police! We need to refund the police, not defund the police,” he said.

Rosen made additional complaints about quality of life in New York City, including the cost of living, as the city plans a “congestion toll” that could potentially hinder some of his own trucks transporting goods from New Jersey.

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Though Rosen declined to pinpoint the blame on any officials, according to the Post, he cited the city’s best days as those under Mayor Michael Bloomberg.

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[Fox Business] McDonald’s to sell Krispy Kreme doughnuts nationwide

McDonald’s will begin selling Krispy Kreme Doughnuts nationwide by the end of 2026, both chains announced on Tuesday.

Three flavors of Krispy Kreme Doughnuts will be delivered to McDonald’s restaurants daily as part of the expanded partnership – the original glazed, chocolate iced with sprinkles and chocolate iced “kreme” filled – and will be available individually or in boxes of six. The sweet treats will be sold from breakfast and last throughout the day, while supplies last, the companies said. The phased rollout will begin later this year.

“Significantly, by making Kreme Krispy accessible to fans nationwide through this partnership, we expect to more than double our points of access by the end of 2026,” Krispy Kreme CEO Josh Charlesworth said. “The partnership accelerates the development of our existing Delivered Fresh Daily channel, creating operating leverage through distribution density and production utilization.”

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The companies tested the concept at 160 McDonald’s restaurants in Kentucky in February 2023.

“The expanded test will help us learn more about operational impact on a larger scale as well as explore customer demand,” McDonald’s said at the time.

Krispy Kreme has scaled its supply chain, built a support team and added technology and new equipment to support the expansion, the chains said.

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Shares of Krispy Kreme spiked by as much as 16% in premarket trading on Tuesday.

Rival chain Wendy’s announced last month that it is partnering with Cinnabon to add an item to its breakfast menu.

The Cinnabon Pull-Apart is described by Wendy’s as a sweet treat that “takes the nostalgic, classic cinnamon roll and transforms the ooey-gooey center into bite-sized pieces.”

Wendy’s CEO Kirk Tanner said on an earnings call in February that Wendy’s breakfast daypart “is one of the most compelling levers when considering sales growth and margin acceleration opportunities.”

FOX Business’ Aislinn Murphy contributed to this report

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