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In FY25, Punjab is set to experience financial challenges as its capital-to-revenue expenditure ratio is the lowest among all states, standing at just 6.2%, highlighted a research report by the <keyword id="19938957" type="General" weightage="100" keywordseo="National-Stock-Exchange" source="keywords">National Stock Exchange</keyword> (NSE). This means that for every rupee Punjab spends, a very small portion is being allocated towards capital expenditure, which is crucial for long-term <keyword id="19971350" type="General" weightage="20" keywordseo="infrastructure-development" source="keywords">infrastructure development</keyword>. In contrast, the research showed that the states like Gujarat lead the way with a much higher ratio of 36.2%, signaling a stronger focus on capital spending that can drive future growth. "The capital-to-revenue expenditure ratio, a measure of expenditure quality, is set at 20.7 % for FY25BE, declining from 21.2 % in FY24RE. Punjab has the lowest ratio at 6.2 %, while Gujarat leads at 36.2 %" said the report. The report also highlighted that the overall, capital expenditure by Indian states is expected to moderate in FY25 after three years of strong growth. It stated that the total capital spending for the fiscal year is estimated to increase by just 6.5 % to Rs 6.5 lakh crore. This is a notable slowdown compared to the sharp 39.3 % rise in FY24, which was marked by a post-pandemic push to boost infrastructure and public projects. The capital-to-revenue expenditure ratio, a key indicator of the quality of spending, is also set to decline slightly to 20.7 %in FY25 from 21.2 %in FY24, reflecting a more cautious approach by states. At the same time, revenue expenditure, which covers recurring costs like salaries, subsidies, and interest payments, is expected to grow by 8.9 % to Rs 44.2 lakh crore. This is the slowest growth in the last four years, indicating tighter control over everyday spending. "<keyword id="23614983" type="General" weightage="20" keywordseo="committed-expenditure" source="keywords">Committed expenditure</keyword> (interest payments and pensions), on the other hand, remains high, comprising about 24 % of total revenue expenditure and consuming nearly a quarter of revenue receipts" the report added. Despite this, the report noted that a large portion of revenue expenditure remains committed to non-discretionary costs. Interest payments and pensions alone account for about 24 % of total revenue expenditure and consume nearly a quarter of the revenue receipts, limiting states' flexibility in spending. Some states are more burdened than others by this committed expenditure. Punjab, Kerala, Himachal Pradesh, and Tamil Nadu have earmarked over 35 %of their revenue receipts for these fixed costs in FY25, putting additional pressure on their finances. This leaves less room for discretionary spending and makes it harder for these states to invest in development and growth-oriented projects.

Punjab's capital expenditure lowest in FY25 at 6.2% vs highest of Gujarat at 36.2%: NSE

<ul class="summary-list"><li>Before he was the vice president-elect or a senator, <a target="_blank" class="" href="https://www.businessinsider.com/trump-vice-president-jd-vance-career-facts-2024-7">JD Vance</a> was a venture capitalist.</li><li>He maintains ownership stakes in several funds, according to his disclosure forms.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/election-results-congress-historic-firsts-2024-11">JD Vance</a> is a man of many careers: attorney, author, senator, vice president-elect, and, perhaps less well-known, venture capitalist.For about six years between graduating from law school and becoming a United States senator from Ohio, Vance held various positions in the space before eventually starting his own fund, Narya Capital.Over his career, Vance has been involved in investments across a broad range of business areas. Through Narya, he continues to hold a portfolio of investments in several startups, though he gave up his role as a partner there in 2022 and doesn't actively run or advise any of the companies.<h2 id="4b0a6db6-89d6-4a96-93e8-e561475e4b10">Vance's early VC career</h2>After a brief stint at a now-defunct biotech startup, Vance got a job at his benefactor <a target="_blank" href="https://www.businessinsider.com/peter-thiel">Peter Thiel's</a> venture fund Mithril Capital.He went on to work as a managing partner at <a target="_blank" class="" href="https://www.businessinsider.com/rise-of-the-rest-steve-case-jd-vance-2018-1">Rise of the Rest</a>, part of Steve Case's Revolution venture firm. The fund's mission is to invest in companies outside major tech hubs — New York, Silicon Valley, Boston — and Vance, whose outsider persona was cemented by his memoir <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-hillbilly-elegy-transformation-trump-vice-president-2024-7">"Hillbilly Elegy"</a>, was <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-venture-capital-opioid-nonprofit-tech-record-ohio-senate-2021-8">seen as a perfect fit for the fund</a>.Vance was active in a number of deals for the firm, including leading investments in storage-sharing startup Neighbor, agtech company AppHarvest, and AI outfit Pryon, Rise of the Rest confirmed.<h2 id="114f37cf-0035-49cd-8b40-1bd02d5bdb6c">Vance co-founded Narya Capital in 2019</h2>After two years, Vance broke out on his own, cofounding <a target="_blank" href="https://www.businessinsider.com/hillbilly-elegy-jd-vance-launches-vc-fund-backed-by-thiel-2020-1">Narya Capital</a> in 2019 with investments from Thiel, former Google CEO Eric Schmidt, and VC veteran Marc Andreessen.Vance still owns pieces of the funds that he helped advise. According to his vice president and senate disclosure forms, he has a stake in Narya Capital Fund I, Narya Capital Fund II, and Rise of the Rest Seed Fund.His stake in Narya Capital Fund I is worth between $500,001 and $1 million. His holdings through Narya's Capital Fund II and the Rise of the Rest's Seed Fund are smaller, worth as much as $15,000 and $250,000, respectively, according to his disclosure forms.Through all three funds, he holds a portfolio of investments in dozens of startups. He doesn't actively run or advise any of the companies, and gave up his role as a partner in Narya in December 2022 after winning his senate seat, according to disclosure forms.It's not entirely clear which Rise of the Rest companies Vance has a stake in. The fund has two $150 million investment vehicles and did not disclose which portfolio companies are in which fund.Narya, meanwhile, has only completed one fundraise so far — its $120 million Fund I. The fund has a dozen active investments, according to its website, and because Vance has a stake in the fund, he technically owns a stake in each.The companies vary in their mission: One is a gene therapy company founded by Vivek Ramaswamy's brother, while another is a Catholic meditation and prayer app. Thiel, one of Vance's mentors, is listed as a separate investor in many of the companies, per PitchBook.Some are the type of companies that could work with the government.True Anomaly, an aerospace company for which Narya participated in two rounds of funding, <a target="_blank" class="" href="https://www.trueanomaly.space/newsroom/true-anomaly-selected-for-30m-space-systems-command-contract-in-support-of-victus-haze-tactically-responsive-space-mission">won a $30 million government contract</a> from the US Space Force in April. ValueBase, a property valuation software, lists local governments among its customer base on its website.Nayra has had two exits: <a target="_blank" class="" href="https://www.businessinsider.com/what-is-rumble-conservative-video-youtube-competitor-joe-rogan-2022-2">Rumble</a>, the conservative-leaning social video platform that went public in 2022, and AppHarvest, which went public in 2021.Criminal conflict of interest laws do not apply to the president and vice president.Luke Schroeder, a spokesperson for the vice president-elect, said that Vance has complied with all required disclosures and is not directly involved in the funds.<h2 id="883278a9-d442-4e81-aeb4-b282861515b7">Here are Narya's current portfolio companies</h2>Deal details, unless noted with a comment from the company, come from PitchBook.<table style="width: 652px"></colgroup></colgroup><tbody><tr><td>Company</td><td>Industry</td><td>Deal Description</td></tr><tr><td colspan="1" rowspan="1">AcreTrader</td><td colspan="1" rowspan="1">Farmland investment</td><td colspan="1" rowspan="1">Narya contributed to AcreTrader's $12 million Series B round in 2021. "Senator Vance has no involvement in AcreTrader's operations or strategic direction," the company said.</td></tr><tr><td colspan="1" rowspan="1">AmplifyBio</td><td colspan="1" rowspan="1">Biotech</td><td colspan="1" rowspan="1">Narya took part in the company's $200 million, early-stage investment round in 2021.</td></tr><tr><td colspan="1" rowspan="1">Atomic Industries</td><td colspan="1" rowspan="1">Manufacturing</td><td colspan="1" rowspan="1">In 2023, Narya contributed to a $16.5 million early-stage round.</td></tr><tr><td colspan="1" rowspan="1">Branch</td><td colspan="1" rowspan="1">Insurance</td><td colspan="1" rowspan="1">Narya took part in Branch's 2022 $147 million Series C. During his time at Rise of the Rest, Vance led an investment in Branch.</td></tr><tr><td colspan="1" rowspan="1">Chapter</td><td colspan="1" rowspan="1">Medicare advisory</td><td colspan="1" rowspan="1">Narya contributed to three of Chapter's fundraising rounds: A 2021 $17 million Series A round, 2022 $42 million Series B round, and 2024 $50 million Series C round. Peter Thiel is also an investor in Chapter.</td></tr><tr><td colspan="1" rowspan="1">Hallow</td><td colspan="1" rowspan="1">Religion</td><td colspan="1" rowspan="1">Narya invested in Hallow's 2021 $40 million Series B round."We worked with another partner at the fund on the investment - not with JD at all," Alex Jones, Hallow's CEO, told BI. Thiel is also an investor in Hallow.</td></tr><tr><td colspan="1" rowspan="1">Kriya Therapeutics</td><td colspan="1" rowspan="1">Gene therapy</td><td colspan="1" rowspan="1">Narya contributed to three of Kriya's funding rounds, including a $87.6 million Series A in 2020, $100 million Series B in 2021, and $430 million Series C in 2023. Kriya Therapeutics is founded by Shankar Ramaswamy, the brother of Vivek Ramaswamy.</td></tr><tr><td colspan="1" rowspan="1">Realm Alliance</td><td colspan="1" rowspan="1">Security services</td><td colspan="1" rowspan="1">Earlier this year, Narya took part in Realm Alliance's seed round.</td></tr><tr><td colspan="1" rowspan="1">Strive</td><td colspan="1" rowspan="1">Asset Management</td><td colspan="1" rowspan="1">Narya invested in Strive's $20 million seed round in 2022 and $30 million Series B earlier this year. Thiel is also an investor in Strive.</td></tr><tr><td colspan="1" rowspan="1">True Anomaly</td><td colspan="1" rowspan="1">Space</td><td colspan="1" rowspan="1">Narya contributed to True Anomaly's $100 million Series B in 2023 and $17 million Series A in 2022. The company won a contract from the US government earlier this year.</td></tr><tr><td colspan="1" rowspan="1">ValueBase</td><td colspan="1" rowspan="1">Property valuation</td><td colspan="1" rowspan="1">Narya took part in ValueBase's $6.3 million seed round earlier this year.</td></tr></tbody></table>

Before politics, JD Vance had a career in venture capital. Here are the startups he's invested in.

<ul class="summary-list"><li>VCs are lobbing cash at the presidential election and key congressional races, FEC data shows.</li><li>While most VCs favored Democrats, a16z's crypto giving dwarfed all other donations.</li></ul>America is bitterly divided over politics, and the tech industry — once portrayed as a liberal bastion — is <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">no different.</a> Among the sector's investor class, these disputes typically play out behind closed doors, with checkbooks rather than <a target="_blank" href="https://www.businessinsider.com/silicon-valley-political-divide-twitter-elon-musk-kamala-harris-2024-8">angry social media posts</a>.This election cycle, investors at the top venture capital firms have plowed tens of millions of dollars into the election, both backing their favored political candidates and just cannily promoting commercial interests.Business Insider trawled political donation data released by the Federal Elections Commission to see how employees at VC firms have donated by candidates and political entities as the hotly contested race enters its final phase.The data is limited, focusing only on a subjective grouping of 10 high-profile firms, and cutting off at varying points over the summer. More recent FEC donor data will be released in the days and weeks ahead of the November 5 general election, often the most turbulent time in any cycle.The sheer volume of donations captured in the FEC filings underscores the significance of the tech constituency in the political arena, how the Silicon Valley elite has embraced politics of late, and just how flooded by money modern American politics has become.<h3 id="dd94bff4-8a0b-4fe4-8f40-59db1deb3131">The big spenders</h3>For venture capitalists, talking politics can invite scrutiny — or worse, turn off founders seeking funds for what might be the next big thing. It's part of the reason why many firms won't take positions on political issues or push a candidate on their employees.While that hasn't stopped individual investors from voting with their dollars, many VC firms are quick to point out that donations do not represent the organization's political stance.Except when they do.Andreessen Horowitz, or a16z, is the sole firm in our dataset to make political contributions directly. In this election cycle, it contributed $47 million to groups working to elect blockchain-friendly candidates, including Fairshake, a titanic crypto-industry backed super PAC. The firm is all-in on crypto, investing in Solana and Yuga Labs, and launched a $4.5 billion investment fund focused on this area in 2022.While the names of the firm's founders, Marc Andreessen and Ben Horowitz, also appear on filings for donations to these groups, a16z says on its <a target="_blank" href="https://a16zcrypto.com/posts/article/contributing-to-fairshake-pac/">website</a> that these contributions come from the firm, not the founders personally. Though the distinction a16z draws between itself and its founders might be slightly artificial, given Andreessen and Horowitz created, own, and named the firm after themselves.For all the brouhaha about Andreessen and Horowitz putting <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-vcs-in-silicon-valley-2024-7">millions of dollars</a> behind Trump's latest bid for the White House and Horowitz hedging his bets with <a target="_blank" href="https://www.businessinsider.com/read-ben-horowitzs-email-a16z-saying-plans-donate-kamala-harris-2024-10">a planned donation to Harris</a>, the data shows the two are a rare breed among venture investors: relatively bipartisan donors.Horowitz sent roughly 59% of his personal political contributions to Republicans and a little under 40% to Democrats, while Andreessen more strongly favored Republicans this election cycle, with 64% of his donations.In the time period covered by the data, a16z even eclipsed Greylock, where outgoing partner and <a target="_blank" href="https://www.businessinsider.com/silicon-valley-billionaires-investors-kamala-harris-mark-cuban-reid-hoffman-2024-8">Democrat megadonor</a> Reid Hoffman has personally pumped nearly $30 million in recorded donations into the presidential election and key congressional races.Investors at Founders Fund, which has backed SpaceX and Palantir, are nearly 100% Republican in donations, though the bulk of contributions came from Keith Rabois, who left the firm in January to rejoin Khosla Ventures. Employees of venerable firm Kleiner Perkins are the opposite, giving almost entirely to Democratic causes, as is the case for Y Combinator, the colossal startup accelerator.Like Andreessen Horowitz, Sequoia Capital is largely bipartisan. Unlike a16z, its biggest donors are largely split on party lines. Michael Moritz, who left the firm midway through last year and continues to serve as an advisor to Sequoia Heritage, its wealth management group, gives to Democrats, while Sequoia partner Shaun Maguire donates to Republicans.<h3 id="3ae3c5f1-4f98-4417-8e68-d3e367656034">Number-crunching</h3>When a candidate's campaign or other political entity receives political donations, they must report it either quarterly or monthly to the FEC, along with information about the donors, including the donor's employer. The federal agency processes these filings, before releasing them in a searchable format on its website.The data analyzed for this story cuts off on August 31 for entities that report donations on a monthly basis (including presidential campaigns, national party committees, and some PACs), while the cut-off for entities that report quarterly (including Congressional committees and some PACs) is June 30. (The filing deadline for Q3 data for quarterly filing entities was October 15, but this data isn't yet readily available in full online.)Business Insider selected 10 venture capital firms to focus on, taking into account fund size and cultural and industry significance. The list encompasses employees ranging from general partners and firm founders to marketers and executive assistants.The findings should not be interpreted as an exhaustive accounting of all venture capital investors' donations to date, but as a comparative analysis of how some of the industry's most significant players have approached political giving over the summer as the election heated up.Business Insider divided the recipients into three categories: Democrat-aligned, Republican-aligned, and unaffiliated — a grouping that includes both bipartisan groups like Fairshake and independents like West Virginia senator Joe Manchin, as well as organizations like The Lincoln Project, run by self-described Republicans but in practice supporting Democratic causes.<h3 id="383b71f4-35bb-4d3d-9fd8-a1daae48b9df">Hoffman vs. Horowitz</h3>Hoffman, the top individual donor, has developed a reputation as tech's Democratic Party standard-bearer. In this election cycle, records show his efforts include $2 million to help fund an <a target="_blank" href="https://www.forbes.com/sites/saradorn/2024/01/31/billionaire-reid-hoffman-spent-2-million-on-bidens-new-hampshire-write-in-campaign-fec-records-show/">unusual write-in effort</a> for President Joe Biden in New Hampshire, and millions to joint fundraising committees for Harris after Biden dropped out. Hoffman also <a target="_blank" href="https://www.nytimes.com/2023/12/05/us/politics/nikki-haley-reid-hoffman-donation.html">gave $250,000</a> to a super PAC supporting Nikki Haley, the last major candidate to challenge Trump for the Republican nomination.Most donors more closely resemble Hoffman than Horowitz: clearly partisan, with an overwhelming majority of their donations going to support one party.Vinod Khosla of Khosla Ventures is another of the biggest donors on the Democratic side of the aisle, with more than $3 million in recorded donations during the time period to recipients including the Democratic Congressional Campaign Committee and Harris' presidential campaign. Khosla's giving puts him just above John Doerr, chairman of Kleiner Perkins and architect of cleantech investing, though he hasn't managed funds for the firm in a decade.Sequoia Capital's Doug Leone is one of VC's most prolific GOP-aligned political donors, giving his almost $3.8 million to the National Republican Committee and other causes.The vehicle of choice for many of these donations is via super PACs, a controversial political fundraising tool that can raise unlimited funds — <a target="_blank" href="https://www.fec.gov/help-candidates-and-committees/candidate-taking-receipts/contribution-limits/">bypassing FEC limits on donations</a> to candidates and other committees — but cannot directly coordinate with candidates. Asides from Fairshake, some of the biggest super PACs out there favored by VC investors include Future Forward PAC, a tech billionaire-linked Democrat-supporting group, and <a target="_blank" href="https://www.businessinsider.com/elon-musk-trump-america-super-pac-2024-10">America PAC, a right-wing entity founded by Elon Musk</a>.Investors also gave to several joint fundraising committees, which take money for multiple candidates or organizations. They, too, became favored over the years because a joint fundraising committee allows candidates to rake in cash while sharing the costs of fundraising — think website hosting fees, high-end hotels, and catering for splashy Hamptons fundraisers. The most well-loved committees in our dataset were the Harris Victory Fund and Harris Action Fund, the joint fundraising efforts between the Harris campaign, the Democratic National Committee, and state Democratic committees.Reached for comment by Business Insider, none of the named investment firms agreed to make employees available for interviews about their political giving. Perhaps, from the donors' perspectives, they don't need to: They're already putting their money where their mouth is.Have a tip or a story? Connect with Melia Russell via email at <a target="_blank" href="mailto:mrussell@insider.com">mrussell@businessinsider.com</a> or by phone at (603) 913-3085. Reach Rob Price at <a target="_blank" class="" href="mailto:rprice@insider.com">rprice@businessinsider.com</a>. For sensitive matters, use the Signal app on a non-work device for encrypted messaging.

Venture capital is going to war over the election. Here's the data to prove it. 

<ul class="summary-list"><li>Between 2022 and 2023, about 612,000 people moved to Texas, new census data shows.</li><li>Most Americans who moved to Texas came from California and Florida, followed by New York and Illinois.</li></ul>Arielle Francois never planned on <a target="_blank" class="" href="https://www.businessinsider.com/moving-from-florida-to-dallas-texas-pros-cons-2024-6">moving to Texas</a>.In 2022, the 20-something content creator relocated from <a target="_blank" href="https://www.businessinsider.com/rent-vs-buy-miami-millennial-making-six-figures-prefers-renting-2024-10">Miami</a> to Dallas for a program at PMG, the media company, where she now works as a digital marketer.Earlier this year, she told Business Insider's Madison Hoff that living in Dallas gave her more visibility as a creator, which has resulted in "more opportunities" for her there compared to South Florida. She also said she paid less than $2,000 in rent a month for a nice apartment, which she felt was more affordable than options in Miami.Hundreds of thousands of people seeking a better life have moved to Texas in recent years.<a target="_blank" href="https://www.census.gov/data/tables/time-series/demo/geographic-mobility/state-to-state-migration.html">Census data</a> released on October 17 reveals that nearly 612,000 moved to the Lone Star State between 2022 and 2023. The data comes from the American Community Survey, which asked respondents if they had moved in the past year.<div type="image" title="Arielle Francois in front of a mural with the name of her employer PMG" height="876" width="1168" msid="115143531" hostid="261" sizebytes="49358"></div><a target="_blank" class="" href="https://www.businessinsider.com/most-people-leaving-california-moved-to-these-states-2024-10">California</a> is the state that lost the most residents to come to Texas. Nearly 94,000 Californians moved to Texas, compared to over 102,400 the previous year.Florida, where Francois was living before, is Texas' next-biggest feeder state. Between 2022 and 2023, more than 50,500 residents left Florida for Texas.<h2 id="17e37a54-f69f-447e-a544-dd6a167da582">Texas remains a hot spot for movers overall</h2>Texas ranked second in US migration from 2022 to 2023, trailing only Florida, which gained almost 637,000 residents during the same time period.After California and Florida, the next-most movers to Texas hailed from <a target="_blank" href="https://www.businessinsider.com/startup-founder-moved-houston-texas-tulsa-oklahoma-entrepreneur-2024-5">Oklahoma</a>, which experienced a slight increase in migration to Texas, with over 29,700 people moving in compared to 24,300 last year. Then came New York, with just over 29,610 who relocated to Texas.Other states contributing over 20,000 movers to Texas apiece include <a target="_blank" href="https://www.businessinsider.com/why-louisiana-billion-dollar-shrimp-industry-could-go-extinct-2024-9">Louisiana,</a> <a target="_blank" href="https://www.businessinsider.com/millennials-cant-afford-home-colorado-six-figure-income-mortgage-rates-2024-10">Colorado</a>, Illinois, and Washington.<h2 id="8b834741-1dfb-4cdf-873d-5f2570e9443e">Texas has something for everyone</h2>Some transplants are attracted to the state's <a target="_blank" href="https://www.businessinsider.com/best-economy-us-texas-austin-tech-real-estate-job-growth-2023-12">reputation</a> for affordability — thanks largely to its <a target="_blank" href="https://www.businessinsider.com/moved-from-san-francisco-to-texas-for-work-life-balance-2023-8">relatively lower cost of living</a> and absence of state income tax. While others are drawn to its <a target="_blank" href="https://www.businessinsider.com/texas-company-headquarters-hq-tesla-chevron-charles-schwab-california-economy-2024-8">business-friendly environment</a> and <a target="_blank" href="https://www.twc.texas.gov/news/texas-job-count-reaches-historic-milestone">abundant job opportunities</a>.Many people are also moving to Texas for its <a target="_blank" href="https://www.businessinsider.com/moving-to-new-braunfels-texas-real-estate-jobs-schlitterbahn-wurstfest-2024-1">smaller towns</a>, sought out for their down-to-earth communities.<div type="image" title="Two parents and their children at a birthday party." height="2074" width="2616" msid="115143529" hostid="261" sizebytes="624960"></div>Take California native <a target="_blank" href="https://www.businessinsider.com/california-millennial-moving-to-texas-hopes-small-town-feel-remains-2024-7">Michelle Clifford</a>, a 33-year-old sales manager who bought a home with her husband in <a target="_blank" href="https://www.businessinsider.com/reasons-people-move-to-fastest-growing-city-in-us-texas-2024-7">Celina</a>, Texas, this year.Celina, located north of Dallas, is one of the <a target="_blank" href="https://www.businessinsider.com/inside-fastest-growing-city-in-the-us-celina-texas-2024-6">fastest-growing cities</a> in the US. Yet, it has managed to maintain its close-knit vibe. This, combined with an abundance of relatively affordable and spacious homes, has contributed greatly to its population growth."We were drawn to Celina because we have friends from California who moved here," Clifford told BI in July. "More importantly, it was about doing something completely different. We've experienced city life and wanted to embrace country living and own some land."It's not just everyday people looking for a fresh start in Texas —<a target="_blank" href="https://www.businessinsider.com/celebrities-moved-to-texas-from-california-new-york-reasons-why-2024-8">celebrities</a> are also among those relocating.<div type="image" title="US model Bella Hadid poses as she arrives for the screening of the film &quot;Tre Piani&quot; (Three Floors) at the 74th edition of the Cannes Film Festival in Cannes, southern France, on July 11, 2021" height="3648" width="5472" msid="115143535" hostid="261" sizebytes="536414"></div>Consider supermodel <a target="_blank" href="https://www.allure.com/story/bella-hadid-orebella-interview">Bella Hadid</a>, who moved to Fort Worth, Texas, this year to escape the hustle and bustle of New York City and live with her professional horseman boyfriend, Adan Banuelos.Hollywood actor <a target="_blank" href="https://www.businessinsider.com/emma-stone-real-name-emily-2024-4">Emma Stone</a> and comedian <a target="_blank" href="https://www.businessinsider.com/joe-rogan-experience-podcast-draws-huge-audience-spotify-2024-3">Joe Rogan</a> have also fled Los Angeles for Austin in recent years.This trend reflects a broader shift in wealth realignment in the US, where even the nation's wealthiest opt for places where their money goes further, the climate is more inviting, and life feels more relaxed.<h2 id="e298a5e0-9b13-404d-a2b5-c7d7bfbac7e5">Where people from Texas move to</h2>There are also <a target="_blank" class="" href="https://www.businessinsider.com/boomer-left-texas-moved-to-tennessee-better-weather-lower-taxes-2024-6">plenty of people who leave Texas</a> in search of greener pastures.Between 2022 and 2023, there were about 478,600 departures, less than the 612,000 who moved in. This gap was even wider between 2021 and 2022, when over 668,300 people moved to Texas and 494,000 left.The biggest number headed to California.Between 2022 and 2023, about 38,700 people moved from Texas to California, a slight decrease from the 42,300 who did so the previous year.Additionally, about 37,800 people relocated from Texas to Florida, about 32,200 Texans moved to Colorado, and 31,500 headed to Oklahoma.Other popular destinations for former Texans included Georgia, New York, and Louisiana, each welcoming more than 18,000 residents from Texas.<h2 id="503aea46-6cb5-48a9-ba5e-6fe864354920">Home prices and politics have driven some Texans out</h2>Texas may have its appeal, but it also has some drawbacks.Over the past year, BI has spoken with many residents who have left the state, citing <a target="_blank" href="https://www.businessinsider.com/californians-moved-texas-property-tax-gave-sticker-shock-2023-11#:~:text=Texas%20levies%20significantly%20higher%20property,to%20Business%20Insider's%20past%20reporting.">rising home prices and property taxes</a>, extreme heat, and a divisive political climate as reasons for their departure.<div type="image" title="Flora Batts and her husband." height="540" width="720" msid="115143533" hostid="261" sizebytes="43050"></div><a target="_blank" href="https://www.businessinsider.com/leaving-austin-texas-tech-increased-cost-of-living-changed-culture-2024-5">Flora Batts</a>, a retired Medicaid program coordinator, moved to Pennsylvania this year after living in Austin for over 60 years.Batts, 65, told BI in May that she and her husband were leaving because "Big Tech" companies like Dell and <a target="_blank" href="https://www.businessinsider.com/tesla-cybertruck-outselling-almost-every-other-ev-in-us-2024-10">Tesla</a> have transformed Texas' capital over the past decades, driving up costs for everything from food to <a target="_blank" class="" href="https://www.austinmonitor.com/stories/2024/03/for-the-first-time-in-20-years-more-people-are-leaving-travis-county-than-moving-in/">housing</a>."<a target="_blank" href="https://www.businessinsider.com/michael-dell-nepo-baby-billionaire-family-children-brother-wife-tech-2023-1">Michael Dell</a> kicked the door down and <a target="_blank" href="https://www.businessinsider.com/tech-workers-moved-to-austin-regrets-2023-8">let everybody in</a>," she said. "All that tech money changed Austin and drove up the cost of living."Batts and her husband purchased a three-bedroom, two-bath home on two-thirds of an acre in the small town of Erie, which is located just over an hour and a half northwest of Cleveland.She said that they wouldn't have been able to afford a similar home in Austin.<div type="image" title="Joerger smiling with friends at a Seattle Mariners game in Seattle." height="1065" width="1280" msid="115143534" hostid="261" sizebytes="113454"></div>Texan native <a target="_blank" href="https://www.businessinsider.com/leaving-texas-moving-to-seattle-politics-guns-power-outage-2023-12">Ty Joerger,</a> 25, and about a dozen of his friends moved from Texas to the Pacific Northwest over the past two years.While he has a "laundry list" of reasons for leaving Texas, he told BI in July that a common concern among him and his friends was the political climate, especially as members of the LGBTQ+ community."My friends and I shared a pretty similar sentiment: That we didn't feel safe in a state that had more and more aggressive legislation targeting us," he said. "As a gay man, I didn't feel like I could be myself."Joerger now lives in <a target="_blank" href="https://www.businessinsider.com/incredibly-lonely-high-paying-tech-job-seattle-2023-9">Seattle</a>, where he said he feels safer and better accepted."I lived in Texas all my life, and I'm so glad I moved to Seattle," he said. Joerger added that despite his criticisms, he still loves the Lone Star State but hopes it can improve "before I would even encourage anyone to move or live there."

Texas lured the most people away from California — and these other states

<ul class="summary-list"><li>PowerSchool sells student data without parents' informed consent, a federal lawsuit alleges.</li><li>The edtech giant calls the lawsuit's allegations "unfounded and inaccurate."</li></ul>It's been 10 years since Emily Cherkin helped her son log onto a school computer on his first day of Kindergarten."He can't even write his name. Why am I teaching a five-year-old control-alt-delete?" she remembers asking herself.Cherkin, a Seattle mother of two, former teacher, and author of the new parenting guide <a target="_blank" class="" href="https://www.google.com/search?q=emily+cherkin+the+screentime+solution&amp;rlz=1C5GCEM_enUS1094US1095&amp;oq=emily+cherkin+the+screentime+solution&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQIRigATIHCAIQIRigATIHCAMQIRigATIHCAQQIRigATIHCAUQIRigATIHCAYQIRirAtIBCTEwMzY5ajBqN6gCALACAA&amp;sourceid=chrome&amp;ie=UTF-8">"The Screentime Solution,"</a> is now the lead plaintiff in a class-action lawsuit that alleges the education technology giant PowerSchool is selling student data, including health and disciplinary records, to its third-party "partners," and doing so without the informed consent of kids or parents.The lawsuit, filed in May in federal court in San Francisco, takes on the world's largest provider of cloud-based software for K-12 schools.PowerSchool, based in Folsom, California, manages data and crunches it into what it calls "analytics and insights" for more than 60 million students and their educators, including <a target="_blank" class="" href="https://www.powerschool.com/global/north-america/united-states/">at 90 of the top 100 US school systems by enrollment size</a>.Boston-based private equity firm <a target="_blank" class="" href="https://www.businessinsider.com/rak-garg-bain-capital-ventures-youngest-partner-2024-7">Bain Capital</a> acquired PowerSchool for $5.6 billion in a deal finalized October 1. PowerSchool <a target="_blank" class="" href="https://www.powerschool.com/bain-capital/#:~:text=(%E2%80%9CPowerSchool%E2%80%9D%20or%20the%20%E2%80%9C,value%20of%20approximately%20%245.6%20billion.">CEO Hardeep Gulati said</a> the merger will help the company expand its award-winning products, including <a target="_blank" href="https://www.powerschool.com/powerschool-ai/powerbuddy/?utm_id=ps00032&amp;utm_campaign=powerschool_powerbuddy_paid-search__pkg00035&amp;utm_source=google&amp;utm_medium=paid-search&amp;utm_content=text-only&amp;_bk=powerbuddy&amp;_bt=702266406463&amp;_bm=e&amp;_bn=g&amp;_bg=161909434485&amp;cq_plac=&amp;cq_net=g&amp;cq_pos=&amp;cq_med=&amp;cq_plt=gp&amp;gad_source=1&amp;gclid=Cj0KCQjwsoe5BhDiARIsAOXVoUucdfp2kkZDiwXnqSDBRfimw6rztJoPhTxmV5nwd8F7Y9ZtUlGzj3IaAqMIEALw_wcB">PowerBuddy,</a> its new generative AI platform.With two parents and their children as sole plaintiffs, the Cherkin lawsuit may seem a small effort by comparison, but it's throwing big rocks.<a target="_blank" class="" href="https://www.documentcloud.org/documents/25260275-cherkin-v-powerschool-complaint-20240506">The lawsuit</a> caps Cherkin's decade of concern about children and screen time. It calls PowerSchool a "multibillion-dollar surveillance-technology empire." It demands that the company pay back untold millions of dollars earned by selling student data "products" to more than 100 of its <a target="_blank" class="" href="https://www.powerschool.com/company/partners/">partners</a>, including educational consulting firms and <a target="_blank" class="" href="https://www.documentcloud.org/documents/25259171-powerschool-guide-to-p20w">government policymakers</a>.One partner, an educational consulting firm, offers marketing guidance to colleges, trade schools, and the military based on data from the 6 million high school students who use PowerSchool's Naviance college-planning software, the lawsuit alleges."PowerSchool collects this highly sensitive information under the guise of educational support," the lawsuit alleges, "but in fact collects it for its own commercial gain," while hiding behind "opaque terms of service such that no one can understand."PowerSchool is throwing big rocks back.The days of "spiral-bound grading books" are long over, the edtech company's lawyers counter in <a target="_blank" class="" href="https://www.documentcloud.org/documents/25260257-cherkin-v-powerschool-motion-to-dismiss-20240722">a motion to dismiss</a> filed in July.The motion argues that PowerSchools is legally allowed to collect data voluntarily submitted by students and administrators, along with metadata about "unique device identifiers," IP addresses, and "cookie data."PowerSchool also argues that it "adequately discloses" what data it collects.PowerSchool spokesman Austin Zerbach told BI that no PowerSchool product sells any form of student data. "PowerSchool does not endorse or support any use of student educational records other than as agreed to by our customers, the schools and districts controlling the student education record, nor do we conduct targeted advertising with personal data of students," PowerSchool spokesman Zerbach said in a written statement.<h2 id="d912114d-9964-433f-80b6-1ed9123210db">A 345-terabyte trove of data</h2>The information PowerSchool collects from students is "virtually unlimited," the lawsuit says.It lists more than 50 kinds of data that PowerSchool says in public disclosures it "may" collect, including "extracurricular program membership" and "student assessments."<div type="image" title="Categories of data PowerSchool public disclosures mention the edtech company &quot;may&quot; collect." height="1076" width="766" msid="114945245" hostid="261" sizebytes="23708"></div>PowerSchool also tells users it may collect "student behavior data" and information about "physical and mental disabilities," according to the lawsuit.PowerSchool's "data trove" totals some "345 terabytes of data collected from 440 school districts," and includes information from nearly 20 edtech companies it has acquired since 2015, including Schoololgy and Kickboard, a "student behavior management and reporting program," the lawsuit alleges.What's done with the data?The lawsuit alleges that in addition to being aggregated into lucrative analytics "products" for third parties, it's used to "train its AI technologies," including a <a target="_blank" href="https://www.powerschool.com/powerschool-ai/powerbuddy/?utm_id=ps00032&amp;utm_campaign=powerschool_powerbuddy_paid-search__pkg00035&amp;utm_source=google&amp;utm_medium=paid-search&amp;utm_content=text-only&amp;_bk=powerschool%20powerbuddy&amp;_bt=702266406463&amp;_bm=e&amp;_bn=g&amp;_bg=161909434485&amp;cq_plac=&amp;cq_net=g&amp;cq_pos=&amp;cq_med=&amp;cq_plt=gp&amp;gad_source=1&amp;gclid=CjwKCAjw-JG5BhBZEiwAt7JR6wXcuxvpa0vkLTae4QJjMPAdsAXLaqF5-fArp6Ea0cuLbThmuvw7YBoCCiwQAvD_BwE">PowerBuddy</a> chatbot marketed not only to educators but to "state officials" for the purpose of "workforce planning," the lawsuit alleges.<div type="image" title="PowerSchool also publicly discloses that it may collect &quot;student behavior data&quot; and records of &quot;physical and mental disabilities,&quot; the Cherkin lawsuit alleges." height="1512" width="822" msid="114945247" hostid="261" sizebytes="38602"></div><h2 id="58f65212-0185-4112-b583-39eb1ada3ba6">The data is anonymized</h2>The data shared with third parties is anonymized, but the lawsuit raises concerns that it is so "granular" that it can be reverse-engineered to identify individual students."There are data brokers — they're called identity-resolution companies — that collect information from internet users, re-identify the data, and then sell it," said attorney Julie Liddell, whose Austin, Texas-based <a target="_blank" class="" href="https://edtech.law/about-us/">EdTech Law Center </a>represents Cherkin in the suit.Technology can easily re-identify anonymized student data, said Chad Marlow, senior policy counsel at the ACLU, where he focuses on privacy, surveillance, and technology issues."A generation ago, the most private student data was kept in a locked steel file cabinet in the principal's office, and it was very hard to share that information," Marlow said. "Nowadays the ability to share and reshare that data can be as easy as pressing a key on a keyboard."<div type="image" title="PowerSchool's marketing of student data systems to state government agencies." height="2394" width="1955" msid="114945234" hostid="261" sizebytes="89902"></div>Among the "products" PowerSchool offers educators, policymakers, and government agencies is its <a target="_blank" class="" href="https://www.powerschool.com/college-career-and-life-readiness-cloud/connected-intelligence-p20w/">"P20W Cradle-to-Career State Data Systems."</a>Its data is touted as "longitudinal," captured from the same students from K-12 through post-secondary education and into the workforce.<div type="image" title="PowerSchool markets &quot;efficient access to both historical and current data&quot; from students to government agencies." height="1486" width="1744" msid="114945238" hostid="261" sizebytes="109230"></div>"It's telling state and local governments, 'You will not get a more robust picture of children, starting from their earliest days,'" said Liddell."And this is not just for educational services," she told BI. "It's for workforce planning, for healthcare planning, for juvenile justice and law enforcement planning," she said.PowerSchool's motion to dismiss the lawsuit, including on grounds that it misapplies the law and fails to state "actual damages," will be argued in San Francisco on Thursday before US District Judge James Donato."The claims made in the complaint are unfounded and inaccurate," Zerbach, the PowerSchool spokesman, told BI.The company "strictly and proactively follows all legal, regulatory, and voluntary requirements for <a target="_blank" class="" href="https://www.powerschool.com/privacy/">protecting student privacy</a>," the statement said, pointing to PowerSchool's online "<a target="_blank" class="" href="https://www.powerschool.com/blog/commitment-to-protecting-student-data-privacy/">commitment to protecting student data privacy.</a>""No PowerSchool product, including Connected Intelligence P20W, sells any form of student data," the spokesman said. "Connected Intelligence P20W provides a unified, secure, and integrated platform for education and government agencies to securely unify, integrate, and access their own source system data in a state-specific data cloud. As with all PowerSchool products, only authorized users have data access with stringent data governance as defined by the state agency. "PowerSchool began selling software to help schools track grades, attendance, and enrollment in 1996.Apple purchased the company for $62 million in 2001, then sold it to Vista Equity Partners in 2015. Vista Equity retains a minority investment stake, as does Onex Partners, according to PowerSchool's Bain merger announcement.When the deal closed on October 1, shares of the edtech leader, which had been trading as PWSC, were delisted from the NYSE.The Bain-PowerSchool deal comes on the heels of global investment firm KKR &amp; Co. Inc's $4.8 billion acquisition of the Salt Lake City-based edtech firm Instructure Holdings, Inc., <a target="_blank" class="" href="https://www.prnewswire.com/news-releases/instructure-to-be-acquired-by-kkr-for-4-8-billion-302206622.html">announced in July.</a>"It's unsurprising that private equity firms are increasingly interested in acquiring companies that have access to troves of highly valuable data," Liddell told BI.As a private company, "they will no longer be legally bound to make even the minimum disclosures required by a public company," she said.A spokesperson for Bain Capital did not respond to a request for comment on this story.

A lawsuit accuses Bain Capital's PowerSchool of trafficking in student data. The edtech giant says everything it does is legal.

New Delhi: Nine of the top-10 most valued firms together added Rs 2,01,552.69 crore in market valuation last week, with <keyword id="19951944" type="General" weightage="100" keywordseo="Bharti-Airtel" source="keywords" meta.keywordsubtype="org" meta.entityname="Bharti Airtel" meta.hostid="153" meta.entityid="Bharti Airtel">Bharti Airtel</keyword> stealing the show, amid bullish investors' sentiment in equities. Last week, the BSE benchmark jumped 1,707.01 points or 2.10 per cent. The 30-share BSE Sensex hit its lifetime high of 83,116.19 on Thursday. Bharti Airtel's valuation jumped Rs 54,282.62 crore to Rs 9,30,490.20 crore, becoming the biggest gainer among the top-10 firms. The market capitalisation (mcap) of <keyword id="19900482" type="General" weightage="20" keywordseo="ICICI-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="ICICI Bank" meta.hostid="153" meta.entityid="ICICI Bank">ICICI Bank</keyword> surged Rs 29,662.44 crore to Rs 8,80,867.09 crore. <keyword id="19950119" type="General" weightage="20" keywordseo="Tata-Consultancy-Services" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Consultancy Services" meta.hostid="153" meta.entityid="Tata Consultancy Services">Tata Consultancy Services</keyword> (TCS) added Rs 23,427.12 crore taking its valuation to Rs 16,36,189.63 crore. The mcap of Hindustan Unilever soared Rs 22,438.6 crore to Rs 6,89,358.33 crore and that of <keyword id="19895995" type="General" weightage="20" keywordseo="HDFC-Bank" source="keywords" meta.keywordsubtype="org" meta.entityname="HDFC Bank" meta.hostid="153" meta.entityid="HDFC Bank">HDFC Bank</keyword> zoomed Rs 22,093.99 crore to Rs 12,70,035.77 crore. The market valuation of Infosys climbed Rs 17,480.49 crore to Rs 8,07,299.55 crore and that of ITC rallied Rs 15,194.17 crore to Rs 6,42,531.82 crore. The valuation of <keyword id="19896380" type="General" weightage="20" keywordseo="Reliance-Industries" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Industries" meta.hostid="153" meta.entityid="Reliance Industries">Reliance Industries</keyword> jumped Rs 9,878.19 crore to Rs 19,92,160.61 crore and that of State Bank of India went up by Rs 7,095.07 crore to Rs 7,05,535.20 crore. However, the mcap of Life Insurance Corporation of India (LIC) declined by Rs 3,004.38 crore to Rs 6,54,004.76 crore. Reliance Industries was leading the chart of the top-10 most valued firms followed by TCS, HDFC Bank, Bharti Airtel, ICICI Bank, Infosys, State Bank of India, Hindustan Unilever, LIC and ITC.

Mcap of nine of top-10 most valued firms jump Rs 2 lakh crore, Bharti Airtel leads the surge

<ul class="summary-list"><li>The biggest money managers on Wall Street are shedding billions in stocks for this one tax strategy.</li><li>Tax-loss harvesting allows investors to offset capital gains taxes by selling securities at a loss.</li></ul>It's officially stock-selling season, according to Bank of America.Institutional investors usually increase their selling activity towards the end of the year, and this year was no exception. Bank of America's clients alone sold $1.3 billion in US equities last week. The bank reported that institutional selling activity was 80% higher this October than the historical average.What's the reason behind these elevated levels of security selling? The answer is <a target="_blank" class="" href="https://www.businessinsider.com/tax-savings-strategy-offset-gains-income-loss-harvesting-morgan-stanley-2024-10">tax-loss harvesting</a>.Tax-loss harvesting has long been a strategy of Wall Street and the wealthy to reduce their tax bills. They do this by selling underperforming investments for a loss to offset capital gains taxes on other investments sold at a profit. As a result, taxes are only paid on the net profit.You can replicate this strategy in your own portfolio, too. Below are some tips and tricks on how to use it to reduce your taxes, according to Jere Doyle, estate planning strategist at BNY Wealth.<h2 id="68a94438-775f-431a-954e-0e5b2d8dcb75">How tax-loss harvesting works</h2>Investors might look to rebalance some portfolio positions as the end of the year approaches. For example, after this year's incredible runup in tech stocks, some investors might be looking to sell their positions to realize their gains and diversify their holdings.That's where tax-loss harvesting comes in. If you're selling Nvidia stock with a $10,000 gain, you can pair that with a sale of another asset with a $10,000 loss to avoid paying capital gains taxes.You can also front-load your losses, according to Doyle. If you sell one asset at a $10,000 gain and another at a $15,000 loss, you can use up to $3,000 of the loss to offset other ordinary income — and carry forward the remaining $2,000 to subsequent years.Tax-loss harvesting can be especially advantageous in today's environment, according to Doyle.The market has been experiencing heightened volatility from factors such as mega-cap earnings and the election.This environment creates big winners and losers, giving investors plenty of opportunity to recognize losses. Investors shouldn't be scared of pullbacks in a volatile market. Instead, take advantage of price dips in the market to sell losing securities and lower your tax bill.<h2 id="c83964ce-4da2-4126-a044-a3769347944b">Tax-loss harvesting tips and tricks</h2>There are a few things to consider before using a tax-loss harvesting strategy.First, investors should be aware of the wash-sale rule. The wash-sale rule states that if you sell a security at a loss and buy the same or "substantially identical" security in a 30-day timeframe before or after the sale, you cannot use the loss for income tax purposes.Sometimes, people forget about this rule. "They made the mistake of repurchasing those same assets within that 61-day period, and they lose the deductibility of loss," Doyle said.If you want to sell a security at a loss but still want exposure to a specific area of the market, you can use the proceeds of the sale to purchase a similar, but not substantially identical, asset. However, the IRS hasn't provided a clear definition of what constitutes a substantially identical asset, so investors should approach this with caution. Or, you could double down on the asset more than 30 days before selling at a loss.Another piece of advice Doyle: try to match your gains and losses.It might be tempting to record a larger loss than gain to carry it over in subsequent years, but it might not be worth taking the loss if you don't plan to use it for tax-harvesting purposes in the near future."Given the time value of money, those long-term capital gain losses lose their value over a period of time," Doyle said. A $2,000 loss today will be worth less carried over many years in the future — in that case, it would be more advantageous to just record the loss in the future. In other words, don't incur excessive losses today just to be able to use them in the future.Lastly, Doyle recommends thinking through this strategy carefully to make sure it's a good fit for your current portfolio."From an investment point of view, it may not make sense. Maybe the securities you have at a loss are going to bounce back later on. Maybe the securities you're selling at a gain have future appreciation left," Doyle said.Investors should keep in mind that tax-loss harvesting isn't a one-size-fits-all strategy — but if you do have gains and the losses to offset them, the end of the tax year might be a good time to think about implementing this plan.

Bank of America's clients are selling stocks 80% more than normal to use this strategy that allows you to avoid capital gains taxes on big returns

<ul class="summary-list"><li>Housing shortages and affordability problems are especially acute in America's swing states.</li><li>Arizona's population is surging and Pennsylvania's is shrinking; neither can build enough homes.</li></ul>Rising home prices and rents are weighing on <a target="_blank" class="" href="https://www.businessinsider.com/rent-housing-affordability-swing-state-voters-apartments-presidential-race-redfin-2024-9">voters' minds</a> this election season.Renters and homeowners in the handful of swing states that will likely determine the US presidential election — which include Michigan, Wisconsin, Pennsylvania, Arizona, Georgia, North Carolina, and Nevada — have been disproportionately hit by rising housing costs, caused by decades of underbuilding, a surge in new residents, high construction costs, and red tape.Since 2017, "in 6 of the 7 states, home prices have risen faster than the national average, and the national average is already quite high," Alex Horowitz, director of Pew's Housing Policy Project, told Business Insider, citing data from Zillow and Apartment List. "In all 7 states, rent growth has been higher than the national average."Two swing states — Arizona and Pennsylvania — exemplify in their own ways how housing markets across the country have failed to address the key issue they face: too few homes.In Arizona, sprawling subdivisions can only sprawl so far, and years of population growth have outstripped supply. While Pennsylvania's population shrank in recent years, it's still struggling to dig itself out of a construction worker shortage after years of underbuilding.<h2 id="1a859852-557b-4304-892a-c09040f80a6d">Zoning restricts housing for Arizona's population boom</h2>For years, Arizona has been among the <a target="_blank" class="" href="https://www.newsweek.com/population-map-reveals-fastest-growing-us-states-this-century-1904724">fastest-growing</a> states in the country. Sprawling subdivisions helped accommodate the growing population and were enough to keep housing costs relatively low through the early 2010s.The pandemic supercharged pressure on the housing market. Since 2020, Arizona has welcomed <a target="_blank" class="" href="https://www.census.gov/quickfacts/fact/table/AZ/PST045223">hundreds of thousands of new residents</a>. As demand spiked, snarled supply chains helped inflate construction costs. Since January 2020, home prices in Arizona have risen by 55%, compared to a national average of 45%, while rents have jumped 27%, compared to a national average of 22%, Horowitz said.<div type="image" title="A worker operates machinery during construction at a housing development in the Phoenix suburbs of Queen Creek, one of the fastest-growing communities in Arizona." height="832" width="1280" msid="114584579" hostid="261" sizebytes="114024"></div>Housing experts blame some of Arizona's home shortage on the restrictive zoning laws in <a target="_blank" class="" href="https://morrisoninstitute.asu.edu/sites/default/files/exclusionary_zoning_legal_barrier_to_affordable_housing.pdf">many of its cities and suburbs</a>, which tend to allow only large-lot, detached single-family homes. These homes are generally more expensive than denser housing and require far more land."The obvious land that's proximate to job centers is scarcer and scarcer after we've had 20 or 30 years of significant home building" in Arizona, Ben Metcalf, managing director of the Terner Center for Housing Innovation at UC Berkeley, told Business Insider.At the same time, the state is running out of water to support its new homes and residents. State officials <a target="_blank" class="" href="https://www.nytimes.com/2023/06/01/climate/arizona-phoenix-permits-housing-water.html">announced</a> last year that Arizona doesn't have enough groundwater to support all the future homes that have been approved for building in the Phoenix area.<h2 id="807b5340-f3a6-4d5d-a378-25a3d54b550f">Pennsylvania is up against construction worker shortages amid a shrinking population</h2>Two thousand miles away, in Pennsylvania, voters are also facing a housing shortage. Home prices have risen 39% since January 2020, Horowitz noted, even though the state's population is shrinking. Pennsylvania has lost <a target="_blank" class="" href="https://www.pennlive.com/news/2024/03/amid-pockets-of-growth-pennsylvania-population-declines-worsen.html">an estimated 41,000 people</a> since 2020.Like many other states, Pennsylvania has underbuilt housing since the 2008 financial crisis, which tanked the housing market. In recent years, it's struggled with issues that plague the rest of the country, including elevated building material costs and high interest rates that make capital more expensive.But it's also dealing with a particularly severe construction worker shortage. Bureau of Labor Statistics data <a target="_blank" class="" href="https://fred.stlouisfed.org/series/PACONS">shows</a> that after growing steadily during the 2010s, the total number of construction employees in Pennsylvania has plateaued since bouncing back after the pandemic recession, while construction jobs continue to boom in the nation as a whole.Horowitz noted that Pennsylvania ranked 48th out of the 50 states for homes permitted from 2017 to 2023."The aging workforce is a very big problem in residential construction in a place like Pennsylvania," Metcalf said, adding that restrictive federal immigration policies have limited the construction workforce, which is <a target="_blank" class="" href="https://qz.com/immigrants-make-up-more-of-the-us-construction-labor-fo-1851118320">disproportionately made up of immigrants</a>.Horowitz noted that, like in Arizona, restrictive zoning policies are also preventing the construction of denser, cheaper housing in the state's suburban and exurban communities.Pennsylvania Gov. Josh Shapiro directed his administration in September to develop a statewide housing action plan. "While Governor Shapiro has made real progress in his first two years, he knows more needs to be done to fix the housing shortage and cut costs for Pennsylvanians," the administration spokesperson said.<h2 id="34ab4d96-8ac9-4d17-ba48-b2df8f02ca74">Housing policy on the campaign trail</h2>Swing-state voters list <a target="_blank" class="" href="https://www.pewresearch.org/politics/2024/09/09/issues-and-the-2024-election/">the economy</a> as <a target="_blank" class="" href="https://www.wsj.com/politics/elections/trump-harris-swing-state-poll-october-2024-c3ca9414">their top issue</a> in this election. But "when you drill down, it is about affording to live and pay their rent and pay their mortgages," Tucson Mayor Regina Romero told Business Insider. "Affordable opportunities help families stop worrying about where they're going to live next or sleep next and start worrying about how they can thrive in our economy."Housing affordability has become such an acute problem that Vice President Kamala Harris <a target="_blank" class="" href="https://www.businessinsider.com/how-kamala-harris-plans-to-build-3-million-new-homes-2024-8">has promised to</a> build 3 million new homes over her first term, send $25,000 in downpayment assistance to first-time homebuyers, and spend billions on housing innovation.Meanwhile, former President Donald Trump <a target="_blank" class="" href="https://www.businessinsider.com/trump-biden-housing-crisis-policy-rising-home-prices-apartment-rents-2024-6">has said</a> he'll bring housing costs down by cutting interest rates — though the Federal Reserve, which controls rates, operates independently of the government. He's also promised to <a target="_blank" class="" href="https://www.nytimes.com/2024/10/11/business/economy/trump-housing-crisis-deportations.html">deport millions of immigrants</a> to free up housing and <a target="_blank" class="" href="https://www.businessinsider.com/trump-freedom-cities-build-housing-conservatives-scoff-at-leftist-plan-2023-3">open up federal land</a> for home construction.To be sure, not all Americans are being adversely impacted by rising rents and home prices. Many homeowners who locked in relatively low mortgage rates years ago have watched their home equity soar as prices have skyrocketed.Renters are almost twice as likely as homeowners to say that housing affordability is a top-three issue in deciding who to vote for in this election, a recent <a target="_blank" class="" href="https://www.redfin.com/news/renters-vs-homeowners-housing-affordability-election/">Redfin survey found</a>. Almost a quarter of potential first-time homebuyers say they're waiting until after the election to buy a home, with many interested in Harris' downpayment support, <a target="_blank" class="" href="https://www.redfin.com/news/homebuying-delay-election-survey-2024/">Redfin also reported</a>.Noah Sheidlower contributed reporting.

2 swing states show why the US is struggling to build enough houses

New Delhi: The decision of the <keyword id="20330004" type="General" weightage="100" keywordseo="Defence-Acquisition-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Defence Acquisition Council" meta.hostid="261" meta.entityid="Defence Acquisition Council">Defence Acquisition Council</keyword> (DAC) to accept 10 <keyword id="22515789" type="General" weightage="20" keywordseo="capital-acquisition" source="keywords">capital acquisition</keyword> proposals worth Rs 1.4 trn will not only boost <keyword id="23034601" type="General" weightage="20" keywordseo="domestic-defence-manufacturing" source="keywords">domestic defence manufacturing</keyword> but will contribute to the growth of the <keyword id="20362868" type="General" weightage="20" keywordseo="PSU-companies" source="keywords">PSU companies</keyword> in the defence sector, highlighted a report by Antique Stock Broking. The report noted that the growth of domestic defence manufacturing in the country has picked up significantly over the last few years and is expected to grow further in the future. It added that the government's focus on enhancing domestic capabilities is evident from its initiatives in FY24, where Acceptance of Necessity (AoN) was accorded to proposals worth approximately Rs 3.61 trillion under various capital procurement categories. These initiatives are in line with the Defence Acquisition Procedure (DAP) 2020, which strongly promotes domestic manufacturing. "The government, in FY24, accorded Acceptance of Necessity (AoN) to proposals worth approximately INR 3.61 trn under various categories of capital procurement, which promotes domestic manufacturing as per DAP-2020" said the report. A significant milestone highlighted in the report is the remarkable increase in the share of domestic procurement in India's defence sector. The share has improved from 54 per cent in FY19 to 75 per cent in FY24. The report noted that this trend is expected to strengthen further, driven by the fact that more than 99 per cent of the announced proposals are to be sourced from the domestic industry under the "Buy (Indian)" and "Buy (Indigenously Designed, Developed, and Manufactured)" categories. "The total share of domestic procurement has seen a phenomenal improvement from 54% in FY19 to 75% in FY24 and is expected to improve further. The report stated that the DAC's (Defence Acquisition Council) approval of proposals worth Rs 1.45 trillion is aimed at enhancing the operational capabilities of the Indian Armed Forces. The report further emphasizes that with Rs 1.45 trillion worth of projects already approved in the year-to-date FY25, the <keyword id="20994345" type="General" weightage="20" keywordseo="defence-PSUs" source="keywords">defence PSUs</keyword> are poised for strong growth in the near to long term. "With approval for Rs 1.45 trn worth of projects in YTDFY25, we believe defence PSUs have strong growth opportunities in the near to long term" the report added. The Defence Acquisition Council (DAC), under the chairmanship of Defence Minister Rajnath Singh on Tuesday accorded Acceptance of Necessity (AoN) for 10 capital acquisition proposals amounting to Rs 1,44,716 crore. Of the total cost of AoNs, 99 per cent is from Indigenous sources under the Buy (Indian) and Buy (Indian-Indigenously Designed Developed and Manufactured) categories, the Ministry of Defence stated. For the modernisation of the tank fleet of the Indian Army, the proposal for procurement of Future Ready Combat Vehicles (FRCVs) has been cleared. The FRCV will be a futuristic Main Battle Tank with superior mobility, all-terrain ability, multilayered protections, precision and lethal fires over and real-time situational awareness, the release stated. The AoN was also accorded for procurement of Air Defence Fire Control Radars, which will detect and track aerial targets and provide firing solutions. The proposal has also been approved for Forward Repair Team (Tracked) which has suitable cross-country mobility for carrying out in-situ repair during mechanised operations.

DAC capital acquisition of Rs 1.4 trn to boost defence PSUs: Report

<ul class="summary-list"><li>A former Avenue Capital fundraiser claims Marc Lasry offered her a $5 million settlement in May.</li><li>Earlier this month, Lasry filed a lawsuit against Gina Strum, claiming she was trying to extort $50 million.</li></ul>Billionaire Avenue Capital cofounder Marc Lasry offered a former female employee who accused him of years of sexual harassment a $5 million settlement in May, according to new legal filings from Gina Strum's lawyers.Strum, a former fundraiser for Avenue who was accused in a civil lawsuit of blackmailing Lasry and Avenue for $50 million, said in her latest legal filings that Lasry wanted to "settle without an attorney" after being presented with the evidence that eventually was put into a lawsuit she filed last week.Strum's lawyers filed a motion to dismiss Lasry's original lawsuit, which he filed on October 18. The motion was filed with a memo that included texts between the parties as exhibits to demonstrate how Lasry was pushing Strum not to bring lawyers into their back-and-forth."Plaintiff Lasry went as far as to offer to pay the Defendant's attorneys' fees and the cost of mediation in exchange for the Defendant refraining from filing a lawsuit exposing Plaintiff Lasry's egregious abuse," the filing, which was filed Tuesday in New York state court, reads.A statement from Lasry said that Strum "is seeking to generate publicity in continuation of her malicious threats." The statement also said that Avenue "will litigate these matters in the judicial forum and not in the media."It's the latest development in an explosive fight between the well-known Lasry, the former co-owner of the NBA's Milwaukee Bucks and a megadonor to Democratic campaigns, and his former employee.Lasry and Avenue first filed a <a target="_blank" href="https://www.businessinsider.com/billionaire-marc-lasry-accused-of-sexual-harassment-in-countersuit-2024-10">lawsuit</a> against Strum, claiming that she was trying to extort $50 million from the firm to stop her from making things "really ugly" for it. The suit included texts and emails from Strum that Lasry's legal team said demonstrated Strum's obsession with her billionaire boss.One message included reads: "Did you forget about me? My life doesn't really work without you. Stop punishing me."Days after Lasry filed his suit, Strum responded with her own lawsuit, <a target="_blank" href="https://www.businessinsider.com/marc-lasry-sues-former-employee-demanding-50-million-2024-10">claiming years of sexual harassment</a> and unwanted touching from Lasry. There was no mention of the $5 million offer in her suit, though CK Hoffler, a lawyer for Strum, said, "It was important to set the record straight on the evidence in this case surrounding Marc Lasry's offer to Gina Strum.""He offered that money in an effort to control the process and ensure her silence," Hoffler said in a statement.

Former Avenue Capital employee in a legal fight with billionaire boss Marc Lasry claims she was offered $5 million to 'settle without an attorney'

<keyword id="20114810" type="General" weightage="20" keywordseo="West-Bengal-chief-minister" source="keywords">West Bengal Chief Minister</keyword> <keyword id="19909056" type="General" weightage="20" keywordseo="Mamata-Banerjee" source="keywords">Mamata Banerjee</keyword> has written another letter to <keyword id="19898052" type="General" weightage="20" keywordseo="Prime-Minister-Narendra-Modi" source="keywords">Prime Minister Narendra Modi</keyword>, expressing concern over the lack of response to her previous communication regarding the rape and murder of a PG <keyword id="22760814" type="General" weightage="20" keywordseo="trainee-doctor" source="keywords">trainee doctor</keyword>. In her letter, dated August 30, Banerjee emphasised the gravity of the situation and urged for prompt central intervention, highlighting the inadequacy of the reply received from the Union Minister of <keyword id="20086338" type="General" weightage="20" keywordseo="Women-and-Child-Development" source="keywords">Women and Child Development</keyword>. The letter reads, "No reply was received from your end on such a sensitive issue. However, a reply has been received from the Minister of Women and Child Development, Government of India (vide their No. 1/RESC/HMWCD/2024 dated 25th August 2024), which barely addresses the gravity of the issue raised in my letter. I am of the view that the seriousness of the subject and its relevance to society have not been adequately appreciated in this generic reply." The letter was posted on her social media handle, X. In response to Union Minister Annapurna Devi's allegations regarding the state government's failure to implement essential safety measures for women and children, including Fast Track Special Courts (FTSCs), CM Mamata stated that the state government has approved 10 exclusive POCSO FTSCs, while 88 FTSCs and 62 POCSO-designated Courts are functioning with complete state funding. The letter mentioned, "Moreover, I would also refer to some of the initiatives in this area that our State has already undertaken, which appear to have been overlooked in the reply. Regarding Fast Track Special Courts (FTSCs), 10 exclusive POCSO Courts have been approved by the State Government. In addition to this, 88 FTSCs and 62 POCSO-designated Courts are functioning throughout the State with complete State funding. Monitoring and disposal of cases are entirely in the hands of the Courts." Highlighting the issue of appointing Presiding Officers in FTSCs, she further stated that this process requires examination and action from the Government of India, which, according to her, needs PM Modi's intervention. "As per Central Government guidelines, only retired Judicial Officers can be posted as Presiding Officers in FTSCs, but the Hon'ble High Court has observed that, in view of the severity of the cases, permanent Judicial Officers need to be appointed. This requires examination at the level of the Government of India and appropriate action thereafter, for which your intervention would be necessary. Moreover, Helpline Nos. 112 and 1098 are functioning satisfactorily in the State. Additionally, Dial 100 is also extensively used in emergency situations," the letter added. Urging for central <keyword id="20082569" type="General" weightage="20" keywordseo="legislation" source="keywords">legislation</keyword> and exemplary punishment for heinous crimes, the West Bengal CM expressed hope for very considered attention from PM Modi. Mamata Banerjee mentioned in her letter, "I would reiterate and earnestly request that a stringent Central legislation and exemplary punishment for heinous crimes of rape/rape and murder be considered, with a mandatory provision for the disposal of cases within a specific timeframe by the trial authorities. I hope this matter would receive very considered attention at your kind end in the interest of our society at large." On August 26, Union Women and Child Development Minister Annapurna Devi criticised the West Bengal government for its failure to implement essential safety measures for women and children in the state. In a letter written to West Bengal CM Mamata Banerjee, the Union Minister stated that 123 Fast Track Special Courts (FTSCs) were allocated to the state, but none of them are functional yet. Earlier, on August 22, West Bengal CM Mamata Banerjee wrote a letter to Prime Minister Narendra Modi urging the central government to bring in central legislation and set up fast-track courts for "sensitive" issues to ensure a speedy trial. Mamata, in the letter, mentioned that such "sensitive" issues need to be addressed comprehensively through stringent central legislation prescribing exemplary punishment against the perpetrators of such heinous crimes. The Bengal Chief Minister suggested the setting up of "fast-track special courts" to deal with such cases, which require a speedy trial. This development comes after the trainee doctor was found dead in the seminar hall of RG Kar Medical College and Hospital in Kolkata on August 9.

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