(NEW YORK) — People haven’t only been filling their plates this Thanksgiving weekend — it also seems they’ve been filling their online shopping carts.
Black Friday online shopping this year is on pace to break a record with between $10.7 billion and $11 billion in sales, according to Adobe Analytics, which tracks U.S. e-commerce data.
As of Friday evening, spending on online shopping was up more than 8% compared to last year, according to Adobe.
The record pace of Black Friday buying follows record-setting online shopping on Thanksgiving itself, the analytics firm said. Consumers spent a record $6.1 billion online on Turkey Day — up nearly 9% compared to a year ago, according to Adobe.
What are people buying this Black Friday?
Adobe said deep discounts are likely fueling the online spending spree, including discounts on toys of more than 27% off the listed price. Toys have seen a 178% boost in online Black Friday sales so far, compared to an average day in October.
Other popular items on Black Friday include makeup and skin care sets, LEGO sets, “Wicked” toys, Bluetooth speakers, TVs, patio heaters and air fryers, according to Adobe.
Increasingly, online shopping is happening on smaller screens. More than half of all online sales on Black Friday — 57.6% — were on mobile screens, according to Adobe. That’s up from 55.5% last year.
(BERLIN) — Workers for the largest online retailer in the world are planning to go on strike during one of the busiest shopping weekends of the holiday season.
Amazon employees are preparing to protest in 20 countries, including in major cities in the United States, Germany, the United Kingdom, Japan and Brazil, starting on Black Friday over “labor abuses, environmental degradation and threats to democracy,” according to UNI Global Union and Progressive International, a Switzerland-based global labor union.
Dubbed the “Make Amazon Pay days of resistance,” the strike is scheduled to last from Black Friday through Cyber Monday, the union announced in a press release. Demonstrators are calling for increased wages and for employees to be permitted to unionize.
The strike could lead to delays in holiday deliveries for customers, economy experts told ABC News.
Unions and allied groups around the world are planning to participate, according to UNI Global Union.
Thousands of workers in the German cities of Graben, Dortmund Werne, Bad Hersfeld, Leipzig, Koblenz and Rheinberg will also protest, in addition to hundreds in New Delhi, who are demonstrating to demand fair treatment following the mistreatment of workers during a heat wave in July, the union said.
The Association for the Taxation of Financial Transactions and Citizen’s Action will hold protests in multiple cities across France, and garment workers will also take to the streets in Bangladesh, the union said.
This year marks the fifth annual Make Amazon Pay demonstration, which aims to “hold Amazon accountable around the world” by targeting a busy holiday shopping weekend. In 2023, Amazon represented 18% of the worldwide Black Friday sales, with more than $170 billion in total holiday sales, according to an earnings report released earlier this year.
“Amazon’s relentless pursuit of profit comes at a cost to workers, the environment and democracy,” said Christy Hoffman, general secretary of UNI Global Union. “[Jeff] Bezos’ company has spent untold millions to stop workers from organizing, but the strikes and protests happening around the world show that workers’ desire for justice — for union representation — can’t be stopped. We stand united in demanding that Amazon treat its workers fairly, respect fundamental rights, and stop undermining the systems meant to protect us all.”
Amazon defended its treatment of workers in a statement to ABC News on Thursday.
“This group is being intentionally misleading and continues to promote a false narrative,” Amazon spokesperson Eileen Hards said. “The fact is at Amazon we provide great pay, great benefits, and great opportunities — all from day one. We’ve created more than 1.5 million jobs around the world, and counting, and we provide a modern, safe, and engaging workplace whether you work in an office or at one of our operations buildings.”
The company announced earlier this year a $2.2 billion investment to increase pay for fulfillment and transportation employees in the U.S. As a result, the average base wage for these employees is now more than $22 per hour and the average total compensation more than $29 per hour when the value of their elected benefits is factored in, according to the company.
Comprehensive benefits for these employees that begin on the first day of employment include health, vision and dental insurance; a 401(k) with 50% company match; up to 20 weeks paid leave, which includes 14 weeks of pregnancy-related disability leave and six weeks of parental leave; and Amazon’s Career Choice program, which prepays college tuition, according to Amazon.
An earlier statement to ABC News from Amazon stated: “While we’re always listening and looking at ways to improve, we remain proud of the competitive pay, comprehensive benefits and engaging, safe work experiences we provide our teams.”
Amazon workers have been outspoken in recent years about workers’ rights, especially as the 2020 COVID-19 pandemic increased the number of online orders. E-commerce sales in the U.S. increased by $244.2 billion — or 43% — in 2020, the first year of the pandemic, rising from $571.2 billion in 2019 to $815.4 billion in 2020, according to the Census Bureau’s Annual Retail Trade Survey.
In 2022, a worker-led independent group led the first-ever U.S. union at the company, unionizing a 6,000-employee Amazon warehouse in Staten Island, New York.
While subsequent attempts at facilities in Alabama and New York have failed, efforts have continued.
In June 2023, nearly 2,000 Amazon workers organized a walkout after a mandate to return to the office was issued. In Kentucky, Amazon employees who spoke to ABC News alleged that the company was leading a union-busting campaign to discourage employees from organizing.
Amazon told ABC News last year that the disciplinary action taken by the company at an Amazon facility in Kentucky came in response to infractions of company policy.
“Amazon squeezes everything that it can get, but it changes its behavior depending on its jurisdiction,” James Schneider, communications director for Progressive International, told ABC News this week. “Let’s say, in Sweden, it engages much better at how it operates with trade unions. But in the U.S., it engages in union busting.”
A 2022 report by the United Nations’ International Labour Organization found that post-pandemic inflation and the rising cost of living have been decreasing the value of minimum wage globally.
The rise of inflation has paved the way for collective action, experts say. (Starbucks was also part of the 2022 union resurgence.)
“Amazon is everywhere, but so are we. By uniting our movements across borders, we can not only force Amazon to change its ways but lay the foundations of a world that prioritizes human dignity, not Jeff Bezos’ bank balance,” said Varsha Gandikota-Nellutla, Progressive International’s co-general coordinator.
(WASHINGTON) — Tariff threats voiced by President-elect Donald Trump this week rippled through global stocks and triggered warnings from U.S. retail executives about the risk of higher prices.
Former President George W. Bush, who congratulated Trump a day after the election, has not commented on Trump’s remarks, in keeping with a low public profile. As recently as 2021, however, Bush criticized trade barriers, lamenting the GOP under Trump as “isolationist, protectionist.”
Trump’s support for tariffs and skepticism toward global trade departs from previous Republican presidents spanning the past four decades.
Presidents Ronald Reagan, George W. Bush, and his father, George H.W. Bush, each venerated free trade, though in some cases they put forward policies similar to Trump’s protectionist proposals.
“Trump is not talking about free trade,” John Hanke, a professor of applied economics at Johns Hopkins University and a former senior economist on the Council of Economic Advisers under Reagan. “Trump’s rhetoric is completely different.”
In response to ABC News’ request for comment, the Trump transition team said his tariff plans would boost the U.S. economy.
“In his first term, President Trump instituted tariffs against China that created jobs, spurred investment, and resulted in no inflation. President Trump will work quickly to fix and restore an economy that puts American workers by re-shoring American jobs, lowering inflation, raising real wages, lowering taxes, cutting regulations, and unshackling American energy,” Trump transition spokesperson Karoline Leavitt said.
Trump late Monday said he would charge Mexico and Canada with a 25% tariff on all products coming into the United States until action is taken by those countries to stem illegal immigration and the overflow of drugs across the border.
For China, Trump said that he’d impose an additional 10% tariff on products coming to the U.S.
The declarations of trade hostility echoed vows made by Trump on the campaign trail.
Speaking at the Economic Club of Chicago in October, Trump called “tariff” the “most most beautiful word in the dictionary.”
Tariffs as high as 2,000% would safeguard key U.S. industries, such as auto manufacturing, Trump said. In the absence of tariffs, Trump added, it’s “going to be the end of Michigan.”
The favorable tone toward protectionist policies contrasts with rhetoric voiced by Trump’s Republican predecessors.
Reagan, who served in the latter years of the Cold War in the 1980s, invoked free trade as a weapon in the fight against authoritarian adversaries abroad and perceived demagogues at home.
“Our peaceful trading partners are not our enemies; they are our allies,” then-President Ronald Reagan said in 1988, after signing a free trade agreement with Canada.
“We should beware of the demagogues who are ready to declare a trade war against our friends — weakening our economy, our national security, and the entire free world — all while cynically waving the American flag,” Reagan added.
The elder Bush, who had served as Reagan’s vice president, adopted a similar posture toward trade.
As president, George H.W. Bush sought to improve trade ties with China, and he helped establish the World Trade Organization, an international body that aims to facilitate global trade through a shared set of regulations.
In the early 1990s, Bush negotiated the North American Free Trade Agreement, or NAFTA, a trade pact between the U.S., Mexico and Canada.
“Free trade throughout the Americas is an idea whose time has come,” Bush said at a ceremony promoting NAFTA in December 1992.
“This century’s epic struggle between totalitarianism and democracy is over. It’s dead. Democracy has prevailed,” he added. “Today, we see unfolding around the world a revolution of hope and courage, propelled by the aspiration of ordinary people for freedom and a better life.”
The deal was ratified under Bush’s successor, President Bill Clinton, a Democrat.
During his first presidential campaign in 2016, Trump sharply criticized NAFTA, which had drawn criticism for allowing manufacturers to relocate plants abroad and lay off U.S. workers.
Weeks before the 2016 presidential election, Trump described NAFTA as “the single worst trade deal ever approved in this country.”
Like Reagan and his father, George W. Bush voiced support for free trade while in office. Since then, he has continued to back global commerce and oppose trade barriers.
“Since World War II, America has encouraged and benefited from the global advance of free markets, from the strength of democratic alliances, and from the advance of free societies,” George W. Bush said in 2017.
“Free nations are less likely to threaten and fight each other. And free trade helped make America into a global economic power,” George W. Bush added.
Despite their rhetoric, Trump’s predecessors within the Republican Party put forward some policies that resembled his proposals this week.
Reagan slapped 45% tariffs on Japanese motorcycles, and 100% tariffs on some Japanese electronics, seeking to counter that nation’s economic rise and bolster domestic industry. Reagan also placed an annual quota on the allowable number of imported Japanese cars.
“There was a huge gap between rhetoric and reality,” Hanke, the former Reagan administration economist, told ABC News.
For his part, George W. Bush attempted to protect the U.S. steel industry by placing tariffs on some steel imports. Facing pushback from the World Trade Organization and threats of retaliation from other countries, he removed the tariffs after 18 months.
(NEW YORK) — The Dow Jones Industrial Average closed at a record high on Tuesday, achieving the milestone less than 24 hours after a tariff pledge from President-elect Donald Trump sparked fears of a panic in the stock market.
The S&P 500 also closed at a record high, surging about 0.55% on Tuesday to end the day at 6,021.63. The Dow ticked up about 0.25% during the day’s trading, closing at 44,860.31.
The tech-heavy Nasdaq advanced about 0.60%, ending the trading session at 19,174.30.
Trading began on Tuesday hours after Trump announced plans to slap tariffs on Canada, China and Mexico by executive order on the first day of his administration.
Trump late Monday said he would charge Mexico and Canada with a 25% tariff on all products coming into the United States until action is taken by those countries to stem illegal immigration and the overflow of drugs across the border.
For China, Trump said that he’d impose an additional 10% tariff on products coming to the U.S.
Economists widely forecast that tariffs of this magnitude would increase prices paid by U.S. shoppers, since importers typically pass along a share of the cost of those higher taxes to consumers.
Trump’s tariffs would cost the average U.S. household about $2,600 per year, according to an estimate from the Peterson Institute for International Economics.
The major indexes were bolstered by steady performance among some major firms.
Apple — which assembles many of its products in China but enjoyed key tariff exemptions during Trump’s first term — ticked up 0.12% on Tuesday. While Nvidia, the AI chipmaker that imports most of its semiconductors from Taiwan, rose 0.66% during the trading session.
Tesla, the electric vehicle company led by Trump-ally Elon Musk, has a manufacturing plant in Shanghai, China. Shares of the EV maker ticked down 0.11% on Tuesday.
ABC News’ Lalee Ibssa , Kelsey Walsh, and Soo Rin Kim contributed to this report.
(NEW YORK) — In a letter to shareholders, Warren Buffett revealed that he would be donating more than $1.1 billion of Berkshire Hathaway stock to four of his family’s foundations. In addition, he detailed plans for distributing his wealth after his death.
Buffett, the CEO and Chairman of Berkshire Hathaway, reflected in the letter released Monday on his life and how long he has lived.
“Father time always wins. But he can be fickle – indeed unfair and even cruel – sometimes ending life at birth or soon thereafter while, at other times, waiting a century or so before paying a visit,” Buffett said. “To date, I’ve been very lucky, but, before long, he will get around to me.”
Buffet, 94, said he and his late wife, Susan Buffett, always expected she would outlive him and be the one to distribute his fortune.
But when Susan died in 2004, with a fortune of $3 billion and 96% of that going to the foundation, she left $10 million to each of their three children.
That was the largest gift they had given them, Buffet said.
Buffett believes that parents should support their children but do so in a meaningful way.
“Our belief that hugely wealthy parents should leave their children enough so they can do anything but not enough that they can do nothing,” Buffett wrote in his letter to shareholders.
Buffett explains that he “never wished to create a dynasty or pursue any plan that extended beyond the children.” He also admits that while he and Susan encouraged the children to get involved in philanthropy, that the children weren’t ready to handle the wealth Berkshire stocks had generated in light of their mother’s death.
Since the 2006 lifetime pledge Buffett made and later expanded, the children have dramatically increased their philanthropic activities, Buffet said. And now Buffett is entrusting them fully.
“The children have now more than justified our hopes and, upon my death, will have full responsibility for gradually distributing all of my Berkshire holdings,” Buffet said. “These now account for 99 1⁄2% of my wealth.”
Buffett has described his wealth and age as “lucky” but he also sees a downside to it, he said.
“There is, however, a downside to my good fortune in avoiding his notice. The expected life span of my children has materially diminished since the 2006 pledge. They are now 71, 69 and 66.”
With his children getting older, the family has also designated three potential successors, Buffett said.
“Each is well known to my children and makes sense to all of us. They are also somewhat younger than my children,” Buffett said.
Buffett also reflects on his “lucky streak” dating back to 1930 when he was born as white male in the United States. He mentions his two sisters being promised by the 19th Amendment to be treated equally with males. And he admits to growing in a country that has not yet fulfilled its promises elsewhere.
“In 1930, however, I emerged in a country that hadn’t yet gotten around to fulfilling its earlier aspirations,” Buffett said. “Aided by Billie Jean King, Sandra Day O’Connor, Ruth Bader Ginsberg, and countless others, things began changing in the 1970s.”
Favored by male status, Buffet said he had confidence he would become rich one day. But he never expected it to be the way it is, he said.
“But in no way did I, or anyone else, dream of the fortunes that have become attainable in America during the last few decades,” Buffett said. “Billions became the new millions.”
(NEW YORK) — Tech billionaire Elon Musk, who has vowed to dismantle thousands of federal regulations as the co-head of a new Department of Government Efficiency, or DOGE, says the nation’s financial security depends on it.
The U.S. risks “strangulation by regulation” as it hurtles toward “bankruptcy super fast,” Musk said in a pair of posts on X this month.
Musk’s general concern about the nation’s multi-trillion dollar debt reflects worry among many economists, and his slash-and-burn rhetoric mirrors that of close ally President-elect Donald Trump.
The ambitious cuts championed by Musk, however, could imperil an array of federal protections that safeguard against harm in just about every corner of American life, regulatory experts told ABC News.
Regulations ensure air and water remain free of toxic pollution, workers receive safety gear and overtime pay, drugs undergo rigorous testing and corporations steer clear of ripping off customers.
“Revoking regulations or refusing to endorse them will endanger people’s lives,” Michael Gerrard, a law professor at Columbia University who specializes in environmental regulation, told ABC News. “I’m very worried.”
In response to ABC News’ request for comment, the Trump transition team touted the involvement of Musk and his plans for streamlining U.S. government.
“Elon Musk and President Trump are great friends and brilliant leaders working together to Make America Great Again. Elon Musk is a once in a generation business leader and our federal bureaucracy will certainly benefit from his ideas and efficiency,” Brian Hughes, a transition spokesperson, told ABC News.
DOGE, the commission co-led by Musk and entrepreneur Vivek Ramaswamy, plans to recommend a “vast reduction” of federal regulations, the two leaders said in a joint op-ed in The Wall Street Journal last week.
Such regulatory cuts would diminish the workload of government agencies, allowing for a significant reduction of federal workers and department budgets, the DOGE leaders said. They recommended a mandate that all federal workers come to the office five days a week, which they claimed would trigger a wave of resignations.
“Now is the moment for decisive action,” Musk and Ramaswamy said, but the pair did not identify specific regulations that they would like to cut.
Musk did not immediately respond to ABC News’ request for comment. Neither did Ramaswamy.
The promise of regulatory cuts may prove more compelling as a declaration of war against the status quo than a nitty-gritty elimination of individual rules, experts said. They pointed to significant legal hurdles faced in unwinding government regulations, as well as the lack of direct authority available to DOGE, a non-governmental entity.
Plus, the experts added, many government regulations involve direct protections of importance to a swath of Americans.
Some experts pointed for instance to an air-quality standard put in place by the Biden administration in February. The regulation lowered the amount of particulate matter air pollution — commonly known as soot — allowable in the nation’s air.
The rule would prevent as many as 4,500 premature deaths and 800,000 cases of asthma symptoms, an Environmental Protection Agency study found. Those health benefits could translate into as much as $46 billion in savings by 2032, the agency said.
The Trump administration may seek to undo the rule as part of wider regulatory cuts, Gerrard said. On the campaign trail, Trump vowed to cut environmental regulations in an effort to ease the burden on businesses, but he did not mention this specific rule. Trump rolled back nearly 100 environmental regulations during his first term, including rules governing clean air, a New York Times analysis found.
Darren Riley, co-founder of an air-quality data startup called JustAir, who was diagnosed with asthma six years ago, said air safety should transcend party politics.
“We should take whatever precautions and procedures necessary to protect the air we breathe and the water we drink as a right to life,” Riley told ABC News.
Workplace safety marks another focus of federal regulation that could draw scrutiny from the Trump administration.
In July, the Biden administration formally proposed a heat-safety rule that would require workplaces with elevated heat risks to provide adequate water, rest breaks and control of indoor temperature.
Shae Parker suffered from dizziness and nausea during bouts of heat exhaustion while working this summer at a Speedway gas station in Columbia, South Carolina, she told ABC News. One year prior, record heat in the area caused similar symptoms during Parker’s shifts at Waffle House, but management failed to provide adequate air conditioning, she said.
Parker has traveled to Washington, D.C., to advocate for the heat safety rule, and she worries that the Trump administration may set aside the regulation.
“Trump really needs to set the heat standard, and if he doesn’t, it’s like he doesn’t care about the country,” Parker said. “He needs to take our lives seriously.”
Waffle House did not immediately respond to ABC News’ request for comment. Neither did 7-11, the parent company of Speedway.
Over three decades ending in the early 2020s, nearly 1,000 workers in the U.S. died from excessive heat exposure, amounting to about 34 deaths per year, an EPA study in June found.
The proposed regulation is in the midst of a public comment period as part of the rule-making process. That phase ends in December, leaving little time for finalization and implementation of the measure before Trump takes office. The Trump administration may very well abandon the rule, experts told ABC News.
“Workers will be on their own when it comes to heat,” Debbie Berkowitz, a former official in the U.S. Occupational Safety and Health Administration under then-President Barack Obama, told ABC News.
For his part, Musk previously said DOGE would incorporate feedback from everyday people about which regulations it would recommend cutting. “Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!” Musk said in a post on X earlier this month.
Musk has also said that the nation’s worsening debt will force an increased portion of U.S. tax payments to go to interest payments on such borrowing, rather than to government services.
William Buzbee, a professor of administrative law at Georgetown University who focuses on environmental regulation, said the outcome of Musk’s efforts remains highly unclear. But he will likely face legal pushback as well as backlash from people who would be impacted by the potential rollback of a given regulation.
“The bottom line is, yes, the Trump administration is quite clearly planning to go in a deregulatory direction,” Buzbee said. “It won’t be easy.”
(NEW YORK) — Walmart, the world’s largest retailer, is rolling back its diversity, equity and inclusion policies.
This brings it in line with several major corporations that have reviewed their operational practices after facing considerable pressure from conservatives.
No longer considering race and gender as a way to increase diversity when it offers supplier contracts, is an example of the retailer’s reported rollbacks, according to the Associated Press.
The company said it didn’t currently have quotas and didn’t plan to going forward; however, it planned to stop collecting demographic data when determining financing eligibility for grants.
In a statement to ABC News, Walmart said, “Our purpose, to help people save money and live better, has been at our core since our founding 62 years ago and continues to guide us today. We can deliver on it because we are willing to change alongside our associates and customers who represent all of America.”
“We’ve been on a journey and know we aren’t perfect,” the statement continued, “but every decision comes from a place of wanting to foster a sense of belonging, to open doors to opportunities for all our associates, customers and suppliers and to be a Walmart for everyone.”
Walmart will also be “reviewing grants to Pride events to make sure it is not financially supporting sexualized content targeting kids,” the retail giant told AP.
The changes also extend to Walmart’s sizable third-party marketplace.
For example, those third-party retailers would no longer be able to list and sell “sexual and transgender products aimed at minors,” the company said. An example is chest binders for young people who may be using the products as part of their gender-affirming care.
The world’s largest retailer confirmed the changes on Monday.
They were first announced in a post on X by conservative political commentator Robby Starbuck.
He said that he had been in touch with the Arkansas-based corporation about a story he was doing about “wokeness,” which turned into “productive conversations” — and, ultimately, led to reversals in Walmart’s approaches to DEI.
Other changes that Starbuck listed in his announcement included: discontinuing racial equity training through the Racial Equity Institute, no longer participating in the Human Rights Coalition’s Corporate Equity Index (a national benchmarking tool for LGBTQ individuals) and eliminating the use of Latinx (a gender-neutral word for anyone of Latin descent).
He also stated that Walmart will be eliminating the use of the phrase “DEI” altogether.
“This is the biggest win yet for our movement to end wokeness in corporate America,” wrote Starbuck, who has also gone after companies including Boeing, Lowe’s, Tractor Supply and Deere & Co.
(NEW YORK) — Throughout the country, once bustling business districts have turned into ghost towns. The pandemic has shown that many jobs can be done remotely. Now some major U.S. cities are breathing new life into empty office buildings by converting them into housing. Notable cities that are part of this trend include New York, Austin, Cleveland, San Francisco, and Boston.
The office vacancy rate is 20.1% in the U.S., according to Moody’s. That’s a 30-year high, with more than 900 million square feet of office space empty — enough to fill New York City’s One World Trade Center 300 times.
Amazon, Citigroup, Walmart, and UPS are among the major companies now requiring employees to spend more time in the office. Some companies are pulling out all the stops to entice workers back. Amenities may include massage rooms, health care services, and on-site personal gyms.
However, most experts agree that hybrid and remote work is here to stay. “Companies don’t need office space in the way that they needed office space 10 years ago, 20 years ago, 50 years ago,” Evan Horowitz, executive director of The Center for State Policy Analysis at Tufts University, said. “Remote work has just transformed that landscape.”
Major cities across the country, including Boston, Austin, and Chicago, are seeing office vacancies at or near record highs. In San Francisco, more than 22% of offices are currently empty, a significant increase from about 9% in 2019.
Some cities are now at risk of falling into what is known as the “economic doom loop.” High vacancy rates can cause property values to plummet, decreasing tax revenue. This decrease in revenue affects funding for essential services such as schools, police and sanitation, ultimately making these cities less desirable places to live.
Horowitz says Boston is more vulnerable to falling into an “economic doom loop” than other major cities because of its unique s tax structure.
“Boston is closer to crisis mode than other cities because it is so dependent on taxes from commercial real estate, twice as dependent as virtually any other city in the country,” Horowitz said. The loss of commercial tenants is having a ripple effect on area businesses.
When Dave Savoie bought his favorite bar and grill, Silvertone, in 2016 he said it was like a dream come true.
The downtown Boston establishment was popular with the business crowd. Office workers made up 50% of Savoie’s customers, but all that changed with the COVID-19 pandemic.
“I used to call them suits,” Savoie said. “You know, the office guys, the finance guys. And this was their place. [Now] they work from home. If people come to the city now, they work a maximum three days a week.”
It proved too much for Silvertone and, after 27 years, eight of them under Savoie’s ownership, the bar announced “last call” in May.
Boston’s Mayor Michelle Wu, who is up for reelection next year, is taking steps to address the situation. She is implementing tax breaks and zoning changes to transform unwanted office space into much-needed housing.
“We have about 500 housing units that are now in the pipeline to be converted out of formerly vacant office buildings,” Wu told ABC News. “We’re taking city buildings like libraries that need renovations and adding housing on top of that and making it faster than ever before through zoning and other city regulatory processes to get your building built and to get those shovels in the ground. The more that downtown is a residential, thriving, busy neighborhood, just like every other one of our neighborhoods, the more everyone benefits.”
The idea is that business districts will be reimagined as vibrant 24/7 neighborhoods that seamlessly blend work, living, dining and entertainment. This holistic approach aims to create a dynamic community where daily life and work coexist, fostering a rich, interconnected lifestyle.
“There are lots of ways to build a vibrant downtown that doesn’t involve the central role of office buildings,” Horowitz said. “It could be apartments, it could be lab space. There are lots of other things you can do with land that makes people want to go downtown and enjoy themselves.”
Many cities are already converting office space into housing, with Cleveland leading the way — 11% of its office inventory is currently undergoing this transformation. Similar projects are also taking place in Cincinnati, Houston, and New York, where the iconic Flatiron office building is set to be transformed into luxury condominiums. “This is a challenge that’s affecting every city in America,” Wu said. “And in Boston, we’re showing that it’s also an opportunity.”
That “opportunity” is something David Greaney is seizing on. At a time when many real estate investors are looking to sell their office buildings, Greaney and his firm Synergy are buying them up, at a deep discount. Synergy currently owns 35 properties in the Greater Boston area – four of them were bought in just the past 12 months.
Greaney says the worst is over in terms of office vacancies, and he is positive about the future of cities. “The great thing about cities is that cities evolve, and I certainly think that our cities will evolve,” Greaney said. “You may see more residential uses, more hospitality or institutional uses, but the office component of downtowns, I believe, will continue to be a very big factor.”
Working out of one of the same buildings Greaney recently bought, small business owners and brothers Michael and Emilio Ruggeri are betting on a comeback for Boston’s downtown.
For three decades they have been serving breakfast and lunch to the office crowd at their Archie’s NY Deli. Office workers accounted for nearly 80% of their business pre-pandemic, but that number has since dwindled to about 50%.
“We’ve been doing more deliveries,” said Emilio Ruggeri. “The construction guys have actually kept us going.”
They’ve also reduced their staff, trimmed their menu and shortened their hours to make ends meet, confident that things will turn around.
“I’m an eternal optimist,” said Michael Ruggeri. “The buildings are way too expensive to just stay empty. Someone’s going to take over the space, so we’re hopeful.”
(NEW YORK) — Tech billionaire Elon Musk has kept busy since Election Day, advising President-elect Donald Trump and receiving an appointment to co-lead a new government efficiency commission.
Musk has also found time to promote Trump in scores of posts on the social media platform X, formerly Twitter, which he owns. But such advocacy appears to have driven some X users to seek alternatives.
One such app, Bluesky, has drawn attention as a possible X rival and has amassed a total of 20 million users to date. Its growth accelerated in the aftermath of the election, when Bluesky added one million users in a single week.
Launched by former Twitter CEO Jack Dorsey, Bluesky has attracted some prominent users in recent days, including comedian Ben Stiller, author Stephen King, and pop star Lizzo.
Here’s what to know about Bluesky, and how to join:
What is Bluesky?
Bluesky is a text-oriented social media platform on which users can post messages as long as 300 characters. Like X, the messages posted on Bluesky appear on a newsfeed displayed to users. The app is available on iOS and Android.
The platform operates on an open framework, meaning that users can post their messages to a server tailored for specific interests or communities. The system design resembles that which is used on another text-first app, Mastodon, as well as the decentralized platform Discord.
Bluesky began in 2019 as a venture at Twitter overseen by Dorsey, and was launched as an independent company in 2022, the year after he left Twitter.
Development of the site started after a 2020 tweet from Dorsey announcing Twitter’s plans to fund a decentralized social media platform, Bluesky said in a blog post. The eventual leaders at Bluesky were among those who sent direct messages to Dorsey in response to his post, the blog added.
Who owns Bluesky?
The board of directors at Bluesky features Dorsey as well as Jeremie Miller, the founder in the late 1990s of a free instant messaging service called Jabber.
Bluesky’s CEO is Jay Graber, who formerly founded an events-oriented social media site called Happening and worked as a software engineer on a cryptocurrency called Zcash, according to LinkedIn. She also serves on the Bluesky board.
The company is owned by Graber as well as “the Bluesky team,” the Bluesky website says.
While Bluesky has retained a traditional corporate structure featuring a board and chief executive, the company said it aspires to take control of content away from a top-down entity and return it to creators.
“Traditional social networks are often closed platforms with a central authority,” the website says. “There’s a small group of people who control those companies, and they have total control over how users can use the platform and what developers can build.”
Dorsey criticized Musk’s leadership at Twitter on Bluesky last year, saying that things “all went south” at the platform after Musk’s acquisition, CNBC reported.
Is Bluesky a viable alternative to X?
The steady growth of Bluesky has made it a destination for an increasing number of celebrities, elected officials and government entities. But the platform remains much smaller than X or the Meta-owned competitor, Threads.
Bluesky boasts roughly 20 million users, which amounts to less than 10% of the 229 million daily active users disclosed by Twitter in a June 2022 earnings report. X’s user data is no longer publicly available since Musk took the company private.
In July, Meta CEO Mark Zuckerberg announced that Threads had exceeded 175 million monthly active users.
How do you join Bluesky?
During Bluesky’s initial years, users could only join the platform if they received an invitation. The policy aimed to limit the app’s user base as it underwent testing.
In February, however, the platform made itself available to all users. Individuals or organizations can navigate to the platform and follow instructions to create an account.
(NEW YORK) — If you are nearing retirement, you will soon be able to stash even more money into your nest egg — if you can afford it.
The Internal Revenue Service announced that the maximum amount individuals can contribute to their 401(k) or similar plans in 2025 will increase to $23,500, up from $23,000 for 2024.
The federal government already lets those 50 and older make extra contributions so that they can save more as they near retirement age. This is known as a “catch-up” contribution.
In 2025, the standard catch-up contribution will stay the same, with a max of $7,500, according to the IRS.
But starting next year, workers ages 60 to 63 will be able to make “super” catch-up contributions, up to $11,250 annually, which is an additional $3,750.
That means they can potentially contribute up to $34,750 in total, each year, to a workplace retirement account.
The substantially higher catch-up contributions are part of SECURE 2.0, which President Joe Biden signed into law in 2022 as part of a $1.7 trillion omnibus spending package.
“While anything that encourages more investing is generally a good thing, I’m afraid this rule change probably won’t make a big impact, ” Bankrate’s Senior Industry Analyst Ted Rossman, told ABC News. “There has to be a very small population between the ages of 60 and 63 who were maxing out their accounts and can now go higher.”
In 2023, just 14% of retirement plan participants maxed out their 401(k) limits, according to Vanguard Research.
Even those who have always maxed out their retirement savings contributions may need to reallocate funds as they age and start to face extra expenses, like sending children to college or caring for aging parents.
Aside from 401(k) plans and similar employee-sponsored plans, the limit on annual Individual Retirement Account contributions is unchanged next year, at $7,000, while the catch-up contribution for people 50 and older will remain $1,000.
Those limits apply to both traditional IRAs, which may offer a tax deduction depending on income, and to Roth IRAs, which don’t come with a tax deduction but do offer tax-free growth and withdrawals in retirement.
An aging population, coupled with fewer companies offering pensions, means that a smaller portion of the population overall is prepared for retirement.
The typical household headed by someone ages 55 to 64 has just $10,000 saved in a retirement account, according to an analysis of federal data by the Economic Policy Institute and the Schwartz Center for Economic Policy Analysis.
“Not to discourage investing at any age, but there’s a reason why Einstein said compound interest is the eighth wonder of the world,” Rossman said. “Investing is more powerful when you’re young.”
Still, catch-up contributions can be a valuable way to grow your retirement fund and enjoy the tax benefits.
Rossman said it’s also important to contribute regularly to your 401(k) and gradually increase your contributions. He suggested putting reminders in your calendar to increase your 401(k) contribution every year.
“The idea is that you’re less likely to miss the extra money if you do it gradually or if you do it in tandem with a pay raise,” Rossman said.
For instance, he said, if you’re currently contributing 5% of your salary, could you bump that up to 6% or 7% next year?
“Gradually dialing up your percentage makes it more likely that you’ll stick with the approach,” Rossman added, “and you won’t diminish your standard of living.”
