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A leading retailer is set to shut down 27 locations across 15 different states.

2025-03-12 10:53:15 By Robert Johnson

Closed Notice (Mark Harper/The Daytona Beach News-Journal/TNS)

Kohl’s announced last Thursday that it would be closing 27 “underperforming” stores in the coming months. The major retail chain also announced that it would be closing its San Bernardino E-commerce Fulfillment Center in California.

In a Thursday press release, the company wrote, “Kohl’s announced real estate changes for 2025, including the closure of its San Bernardino E-commerce Fulfillment Center (EFC) in May when the lease on that facility expires, and the closure of 27 underperforming stores, by April 2025.”

In response to the store closures, the company stated, “Kohl’s remains confident in the robustness and profitability of its store network; however, these particular locations were not meeting performance expectations.”

In the announcement, Kohl’s highlighted that it operates over 1,150 locations across the United States. The 27 stores identified as “underperforming” in the announcement span 15 various states.

Kohl's CEO Tom Kingsbury stated, “We approach these decisions with utmost seriousness. As we advance our long-term growth strategy, it is crucial to make tough yet essential choices that will ensure the well-being and future of our business, benefiting both our customers and our employees.”

Kohl's announced that all employees impacted by the closure of 27 stores and the e-commerce fulfillment center have been notified and presented with options for a “competitive severance package” or the opportunity to apply for other available positions within the company. The retail chain expressed gratitude to its employees for their contributions and highlighted that it is committed to assisting its associates throughout this transition period.

According to Fox Business, Kohl’s noted in a Securities and Exchange Commission filing that the company will have between $60 and $80 million worth of pre-tax charges due to the retail chain’s “real estate and workforce rationalization.”

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The comics distributor Diamond is seeking bankruptcy protection.

2025-03-12 10:53:15

The largest distributor of English language comics in the world is divesting its assets and reducing the scale of its operations in a bid to stay afloat. Please share this narrative. View pictures in App save up to 80% data. Stephanie Gonzaga / Boom! Studios Diamond Comics Distributors, a major player in the distribution of graphic novels to brick-and-mortar stores, is seeking bankruptcy protection and reducing its operations as the industry prepares for a fresh set of economic difficulties. In a letter sent to comics retailers and publishers today, Diamond president Chuck Parker announced that the company has filed for Chapter 11 Bankruptcy and plans to sell off its Alliance Game Distributors arm to Universal in order to “protect the most vital aspects of our business.” Parker stated, “This choice was not taken without serious consideration, and I realize that hearing this news may be just as hard for you as it is for me to convey it. The Diamond leadership team and I have put in a tremendous effort to prevent this situation, but the financial difficulties we are encountering have left us with no alternative.” Founded in 1982 by Stephen A. Geppi (who still serves as CEO), Diamond became a heavyweight in the comics business by securing a number of exclusive distribution agreements with various publishing houses like DC, Marvel, and Image. For decades, Diamond — which also publishes its Previews magazine showcasing upcoming titles — was instrumental in bringing comics to market and played a huge role in determining a book’s success because of how Previews influenced retailer orders. News about Diamond’s bankruptcy comes weeks after the company suddenly shuttered its flagship fulfillment center in Plattsburgh, NY, which the company’s VP of retailer services Chris Powell described as a necessary step to address longstanding operational issues that made its distribution process unsustainable. “Preferably, we would have developed and tested changes while maintaining our usual operations at Plattsburgh,” Powell stated. “Since that is no longer feasible, we are required to implement changes and trial them using real data and shipments, all while aiming to reduce the effect on retailers.” In recent years, many of Diamond’s bigger name publishing partners have dropped them as the company failed to meet expected delivery deadlines to retailers, which left stores struggling to meet customer demand. Given the tough time Diamond has been having as of late, the announcement that it’s filing for bankruptcy isn’t entirely surprising. It sounds like the company’s leadership very much wants to stay in the comics game as long as possible, but as it stands now, it seems like all Diamond can really do is to staunch the bleeding as much as it can.

Business

'Complete villain mode': Analyst criticizes alarming new misconduct by health insurance companies

2025-03-12 10:53:15

View pictures in App save up to 80% data. Physician meeting with a patient (Shutterstock) The Affordable Care Act reined in many of the worst abuses of the health insurance industry, like denying people for pre-existing conditions or for meeting a lifetime coverage maximum — but it remains an industry where patients can be denied critical care for nonsensical reasons — and horror stories continue to abound, Arwa Mahdawi wrote for The Guardian. The issue has sprung into national prominence following the murder of UnitedHealthcare CEO Brian Thompson and the arrest of Luigi Mangione for the crime. Many took to the internet to apparently root for the killer, with polling showing some 40 percent of young Americans found the shooting "acceptable" and 7 in 10 Americans believe insurance company greed played a role. While murder isn't justified, wrote Mahdawi, what does seem to be true is that "insurers seem to have gone into full-on villain mode; just when you think you can’t hear anything worse about the insurance industry, a new horror story comes out. There’s been an uptick in stories about insurers limiting coverage of prosthetic limbs and questioning their medical necessity, for example. Mr Beast, an influencer with 343 million subscribers on YouTube, recently railed against the healthcare industry in a new video where he helped 2,000 amputees walk again." In one of the wildest stories to hit national news, UnitedHealthcare recently forced a breast cancer surgeon to scrub out in the middle of an operation to interrogate her on whether the procedure was actually needed — because the different departments at the insurance company hadn't communicated with each other that the patient had breast cancer. Mahdawi pointed out that although Mangione is likely to face punishment for his alleged crime — and rightly so — "He ought to have realized that if he intended to kill someone and evade consequences, there were much more socially acceptable methods to achieve that." For example, she wrote, he could have taken "a well-paid job as a management consultant and helped supercharge the country’s opioid epidemic; chances are he would have faced little more than a slap on the wrist. He could have gone to Gaza and shot some Palestinian children in the head – in which case, not only would he probably face no consequences whatsoever, U.S. lawmakers would probably go out of their way to shield him from accountability. And, of course, Mangione could have gone into the health insurance industry himself, and routinely denied life-saving care to desperate people in order to boost profits." "That type of violence is perfectly fine," she added.

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"I’m informing Luigi about this": Horrific insurance predicament seeks to deny essential care for a newborn baby.

2025-03-12 10:53:15

"A boundary must be established." View pictures in App save up to 80% data. Screenshots courtesy of TikTok/@doctor.disney If those employed at insurance companies could truly empathize with the anxiety of new parents seeking help for their newborn, perhaps we would never have to hear such terrifying tales again. TikTok user @doctor.disney shared a frustrating and sad conversation he had regarding an insurance claim for a newborn. He said it was a “peer-to-peer” conversation, which means the insurance company said they wouldn’t pay for a procedure, and he had to talk to the doctor representing the company. Peter explains, “Usually it’s very cordial and things are fine,” but that wasn’t the case here. The doctor asked, “Why did you think that the baby needed all that?” She said she would approve the claim, but repeated that these procedures might not be necessary. As she said, “Do you ever think why Mother Nature lets those things happen?” Peter exclaimed, “Doctors who compromise their integrity for insurance companies must realize that human life isn’t a commodity to be exploited for profit. There has to be a boundary.” And just like that, he left everyone speechless! @doctor.disney Please draw a line. ♬ original track – Dr. Peter, MD (: It was impossible for anyone to view that video without feeling a surge of anger, and the comments reflected that sentiment perfectly. One viewer exclaimed, “I was shocked!” Another questioned if physicians are meant to adhere to the Hippocratic Oath. Additionally, one commenter stated, “I need to inform Luigi about this.” Although U.S. health insurance is always top of mind, whether you’re watching an episode of Grey’s Anatomy and a patient doesn’t have coverage, or wondering how anyone can afford to give birth in a hospital. But, as this commenter alluded to, the high price of health care and the cruel nature of insurance companies has become even more of a conversation since everyone began talking about Luigi Mangione. It’s absolutely horrible to imagine any person of any age being denied coverage for any reason, but how can anyone think that a newborn doesn’t need a procedure? Unfortunately, it’s not even a little bit rare for a baby to need help as soon as they come into the world. More than 90,000 babies are in U.K. neonatal hospital units. And many babies in the U.S. end up in the NICU because of a health problem, they weigh under 5.5 pounds, and the mother delivered the baby earlier than 37 weeks. It’s infuriating and shocking to imagine that insurance companies wouldn’t just approve claims for a newborn’s care without a second thought. This doctor said she would “do Peter a solid” and approve it, which is mind-blowing. Tragically, insurance companies saying no to claims is not a new story. According to a 2023 study, some companies part of the Affordable Care Act deny a stagggering number of claims. In 2020, one company said no to 80% of claims. In 2021, one said no to 49%. As reported by PBS.org, Deidre O’Reilly was stunned at what happened when her son had an anaphylactic response. His life was literally saved, and the insurance company said “not medically necessary.” I’m sorry, I need to process that for a moment. A TikTok user highlighted the urgent need for more doctors to stand up for patients like Peter, particularly those who are newly born! This situation underscores the ongoing issue of insurance companies prioritizing profits over care, while dedicated doctors and nurses at hospitals strive to provide the best support for their patients. It’s disheartening that these scenarios continue to occur, leaving us longing for a fresh, positive narrative to emerge.

Business

LOL: Social Media Chimes In on Walmart's New Logo Reveal After Almost 20 Years: "Did They Just Add Moisturizer to the Logo?"

2025-03-12 10:53:15

View pictures in App save up to 80% data. Image Source: Getty Images Attention, socialites! Exciting news on the horizon: Walmart has just revealed a fresh logo, marking its first update in nearly two decades as part of a bold initiative to embrace a new era. This week, a new logo was unveiled, prompting a flurry of responses on social media. One user on X remarked, “Are you kidding? This is just a color shift and some enlarged shapes.” Another commented, “They just made it slightly rounder and switched to blue… brilliant move.” A third person quipped, “Did they apply lotion to the logo?” Well, William White, the senior vice president and chief marketing officer of Walmart U.S., shared the reasoning behind this transformation: “This update, inspired by our founder Sam Walton’s legacy, showcases our growing capabilities and our enduring promise to cater to the needs of our customers, both now and in the future.” He highlighted that although the brand's visual identity has been refreshed, it continues to embody the fundamental values established by Walton and the company's commitment to fulfilling customer demands. White explained that the brand refresh is part of a strategy aimed at “enhancing Walmart's credibility and fostering connections.” He added, “As our customers grow and change, so will we. Our Walmart will consistently remain their Walmart, and our brand will serve as a reflection of our commitment to innovate and adapt with them.” Starting in January 2025, Walmart intends to roll out its new branding on its website, mobile app, and in-store displays over the course of the year. The last update to the logo occurred in 2008, during which the company made a major change by dropping the hyphen from “Wal-Mart” and adopting the streamlined “Walmart,” while also introducing the recognizable yellow spark. As Walmart embarks on this rebranding journey, it will be fascinating to observe how customers respond to these alterations and how the retailer adapts to the ever-changing shopping environment.

Business

Mark Zuckerberg is set to co-host a reception alongside Republican billionaires in celebration of Trump's inauguration.

2025-03-12 10:53:15

View pictures in App save up to 80% data. During an event at SIGGRAPH 2024, the leading conference focused on computer graphics and interactive methods, Mark Zuckerberg, the CEO of Meta, emphasized a key point on Monday, July 29, 2024, at the Colorado Convention Center in downtown Denver. Photo credit: AP/David Zalubowski. WASHINGTON — Next week, Meta CEO Mark Zuckerberg will be cohosting a reception alongside wealthy Republican donors in honor of Donald Trump's inauguration, marking a notable indication of the Facebook founder's support for the president-elect. According to two individuals familiar with the private arrangements, who spoke to The Associated Press on the condition of anonymity, the reception cohosted by Zuckerberg is scheduled for Monday evening, just ahead of the inaugural balls. Among the other cohosts are Miriam Adelson, the owner of the Dallas Mavericks and the widow of casino tycoon Sheldon Adelson; Tilman Fertitta, a casino mogul, owner of the Houston Rockets, and selected by Trump to be the U.S. ambassador to Italy; Todd Ricketts, who is a co-owner of the Chicago Cubs; along with his wife, Sylvie Légère. Zuckerberg initially appeared to be an adversary of the former president, as he suspended Trump's accounts on Facebook and Instagram following the assault on the U.S. Capitol by Trump's supporters on January 6, 2021. However, in recent times, he has been working to build a rapport with Trump, joining a group of tech leaders aiming to strengthen their ties with the new administration. Meta chose not to provide any comments on Tuesday. In November, shortly after Trump's victory in the presidential election, Zuckerberg traveled to Florida to have dinner with the Republican at his Mar-a-Lago resort. Additionally, Meta, the parent organization of Facebook and Instagram, contributed $1 million to Trump's inauguration fund. Last week, Zuckerberg revealed a shift in the content moderation policies for Facebook and Instagram, which involves substituting third-party fact-checkers with user-generated "community notes." Trump commented that this new strategy was "likely" a response to the threats he directed at the tech billionaire.

Business

Mark Zuckerberg is set to co-host a reception alongside Republican billionaires for the inauguration of Trump.

2025-03-12 10:53:15

华盛顿（美联社）——Meta首席执行官马克·扎克伯格下周将与亿万富翁共和党捐赠者共同主办唐纳德·特朗普的就职典礼接待会。这是扎克伯格对当选总统的支持最新迹象。接待会定于周一晚上举行，恰好在就职舞会之前。根据两位知情人士的透露，他们在与美联社交流时要求匿名以讨论私人计划。其他共同主办者包括达拉斯小牛队老板、已故赌场大亨谢尔登·阿德尔森的遗孀米里亚姆·阿德尔森；休斯顿火箭队老板、赌场大亨蒂尔曼·费尔蒂塔，以及特朗普提名担任美国驻意大利大使的候选人；芝加哥小熊队的共同拥有者托德·里基茨和里基茨的妻子西尔维·莱热尔。

Business

"I Seek the Top Talent for Our Teams": Meta to Cut Over 3,000 Jobs, CEO Mark Zuckerberg Urges for 'Comprehensive Performance-Driven Reductions' — Check Out the Memo In a memo circulated internally on Tuesday, Zuckerberg indicated that the upcoming year will be "challenging" for the organization.

2025-03-12 10:53:15

Meta Platforms is cutting 5% of its workforce, according to an internal memo circulating on Tuesday, first reported by Bloomberg. "The memo states, 'Normally, we address underperformance by managing individuals out over the span of a year. However, this time we will implement more significant performance-related reductions in this cycle, aiming to replenish these positions in 2025.'" According to its most recent quarterly report, the company has around 72,000 employees. Meta owns Instagram, Facebook, WhatsApp, and X competitor Threads (among other businesses). Meta has been implementing widespread layoffs for several years now. In November 2022, the tech giant announced it was cutting 11,000 roles or 13% of its workforce. In 2023, CEO Mark Zuckerberg announced a "year of efficiency," including layoffs of around 10,000 people. In October 2024, Meta laid off an undisclosed number of employees from WhatsApp, Instagram, and Threads. Earlier this month, Meta ended its independent fact-checking program in favor of a Community Notes program written by users. Last week, the company announced it was ending its DEI programs. Business Insider and CNBC also obtained the memo. Read it here: Meta is focused on developing some of the most significant technologies globally, including AI, smart glasses as the next computing platform, and the evolution of social media. This year promises to be challenging, and I want to ensure we have the most talented individuals on our teams. I have made the decision to enhance our performance management process by expediting the exit of low performers. Traditionally, we have taken a year to address individuals who fall short of expectations; however, this cycle, we will implement more significant performance-related reductions, aiming to refill these positions in 2025. We will not immediately part ways with everyone who did not meet expectations recently if we believe in their potential for improvement. For those who are let go, we will offer a generous severance package, consistent with what we have provided in past reductions. We will provide additional guidance for managers as we approach the calibration process. Individuals who are affected will receive notifications starting February 10, or later for those located outside the United States.

Business

Starbucks changes its open-door policy, implementing stricter regulations for store usage.

2025-03-12 10:53:15

View pictures in App save up to 80% data. A close-up of the Starbucks logo can be seen on a coffee cup at a Starbucks location in Houston, taken on June 17, 2022. (Photo by Aaron M. Sprecher, AP) INDIANAPOLIS (WISH) – If you’re planning to chill or even just use the restroom at Starbucks, you’ll now need to buy something. Starbucks announced Monday it’s rolling back its open-door policy introduced in 2018, and implementing a new code of conduct in all company-owned stores across North America. The revised regulations are designed to enhance the experience for paying customers by prohibiting specific actions such as discrimination, harassment, consuming outside alcohol, smoking, vaping, drug use, and panhandling. In a statement, Starbucks representative Jaci Anderson expressed, "Our goal is to ensure that every individual feels welcomed and at ease in our locations. By establishing clear guidelines for behavior and the use of our facilities, we can foster a more positive atmosphere for all." Breaches of the updated code may lead to removal from the premises, and in certain situations, law enforcement might be contacted. Additionally, employees will undergo training to effectively implement these policies. This represents a change from Starbucks' 2018 policy that permitted anyone to utilize its locations without needing to make a purchase. This earlier policy was implemented following a highly publicized event in Philadelphia, where two Black men were arrested for simply sitting in a Starbucks without making a purchase. The event ignited a wave of anger. At the time, Chairman Howard Schultz underscored the importance of inclusivity by stating, “We don’t aim to be a public restroom, but we are committed to making the right choices every single time and providing people with access.” Nevertheless, the open-door policy has introduced various challenges as well. Throughout the years, Starbucks has encountered problems related to disruptive conduct in its establishments, including drug usage and safety issues. In 2022, the company decided to shut down 16 locations across the country, pointing to ongoing safety concerns. The recent policy shift reflects the initiatives of Brian Niccol, the newly appointed chairman and CEO of Starbucks, who is focused on rejuvenating the brand. Niccol's goal is to restore the inviting, community-oriented atmosphere that originally established Starbucks as a beloved coffee hub. The next time you stop by Starbucks, be sure to pick up a latte — or maybe a cookie — before settling in comfortably.

Business

Generating enthusiasm? Major transformations are on the horizon for Walmart locations throughout NJ and PA.

2025-03-12 10:53:15

View pictures in App save up to 80% data. Attention shoppers: prepare for significant updates coming to Walmart locations throughout New Jersey and Pennsylvania. Walmart believes they hold a significant position in the market. To be frank, you might not share that same opinion. The chain announced on Monday that they are "excited to announce a comprehensive brand refresh that reflects its evolution as a people-led, tech-powered omnichannel retailer." What on earth does that signify? In simple terms, they are launching a new logo along with several additional features. To explore the changes they have in store, let's take a trip back to the 1990s — specifically, 1991, when Walmart launched its inaugural store in New Jersey, located in Turnersville, Gloucester County. Here's the logo they utilized during that time: It showcased large bold letters with a star (or occasionally a dash) at the center. About 20 years ago (holy cow, 2005 is 20 years ago!), they launched their softer-looking logo, with lower-case letters, and the star/hyphen was replaced with a more modern-looking one (more on that in a second)... View pictures in App save up to 80% data. Walmart located in Egg Harbor Township (view on Google 地图) As of yesterday, this is officially their new logo: If you believe it appears unchanged, you're not alone in that sentiment. It really seems like someone at Walmart splurged a significant amount just to switch the font from regular to bold. The star change is quite similar as well. By the way, regarding that yellow star emblem, it turns out it's not a star in the traditional sense. I discovered something interesting yesterday: it's referred to as "the spark." This spark "radiates the energy of Walmart and serves as a guiding light for customers navigating every aspect of the Walmart experience." Keep this in mind the next time you find yourself in line behind someone who’s shopping in their pajamas. View pictures in App save up to 80% data. Walmart located in Mays Landing, NJ - Image courtesy of Google 地图 Walmart has announced that their updated logo and branding will debut on their website later this month, with plans to gradually introduce the new look in stores throughout our region and nationwide. This rebranding effort will feature fresh vests for employees and, for loyal Walmart enthusiasts, a selection of new merchandise available for purchase. I may not be a marketing guru or a graphic design whiz, but let's face it -- that looks like an immense amount of effort for a modification that hardly anyone will even see. Will you really invest additional time and money at Walmart simply because their font and logo are undergoing a subtle change? Probably not. It's noteworthy that they continue to display their name on their buildings, in contrast to Target, which has opted to feature only their logo. View pictures in App save up to 80% data. Google 地图 By the way, Target boasts one of the most iconic logos in North America. A survey conducted in 2003 revealed that 96% of individuals are aware of what the bullseye symbolizes. Nonetheless, take into account these details from Walmart... Walmart employs approximately 2.1 million associates worldwide Their fiscal year 2024 revenue was $648 billion Globally, 255 million people shop at their stores or buy things from their website every week Given those kinds of figures, I guess you can pursue any endeavor you desire... Here’s the Meaning Behind Each Walmart Emergency Color Code Certain Walmart intercom codes utilize a color-coding system. Each color corresponds to a specific event or circumstance happening within the store. The importance of these color-coded alerts can vary from moderately serious events to potentially dangerous, life-threatening circumstances. It is essential for Walmart employees to grasp the meanings behind these codes. This knowledge enables them to quickly implement the necessary safety measures whenever the situation demands. It’s our hope that you’ll never encounter these codes being called out at Walmart. However, if you happen to hear them, you’ll be informed about their meanings and know how to respond appropriately.

Business

Spain is contemplating a 100% tax on homes purchased by non-EU buyers due to concerns over rising property prices and the impact of foreign investment on the housing market. The government aims to address issues related to housing affordability for local residents, as increased demand from overseas buyers has contributed to escalating costs. This proposed tax could serve as a measure to regulate foreign investment and ensure that housing remains accessible to Spanish citizens. Additionally, it reflects broader efforts to prioritize domestic needs in the face of global real estate trends.

2025-03-12 10:53:15

Spain is preparing to implement a series of initiatives aimed at tackling its escalating housing crisis, which includes the introduction of a tax of up to 100% on properties purchased by individuals who are not citizens or residents of the European Union. View pictures in App save up to 80% data. On Tuesday, January 14, 2025, a sign promoting an apartment for sale is displayed beside residential buildings in Madrid, Spain. The sign, written in Spanish, states: "A refurbished apartment featuring two bedrooms, two bathrooms, and a private courtyard." View pictures in App save up to 80% data. On Tuesday, January 14, 2025, visitors stroll through a neighborhood in Madrid, Spain, where short-term rental options, such as AirBnB, are abundant, pulling their suitcases behind them. View pictures in App save up to 80% data. FILE - A residential building facing eviction is captured in the heart of Barcelona, Spain, on Wednesday, July 10, 2024. The central banner displays a message in Catalan: "temporary rental housing: neighbors evicted." View pictures in App save up to 80% data. FILE - Protesters march through downtown Barcelona, Spain, on Wednesday, June 19, 2024, voicing their opposition to the Formula 1 Barcelona Fan Festival as part of a residents' demonstration against the impacts of mass tourism. View pictures in App save up to 80% data. On Tuesday, January 14, 2025, a man strolls by a real estate agency showcasing apartments available in Madrid, Spain. MADRID (AP) — Spain is planning a raft of measures to address its brewing housing crisis, including an up to 100% tax on properties bought by people who are neither citizens nor residents of the European Union. El primer ministro español, Pedro Sánchez, presentó esta semana un plan destinado a abordar la asequibilidad de la vivienda y los altos alquileres en la nación del sur de Europa. Afirmó que el objetivo general era ofrecer "más vivienda, una mejor regulación y una mayor ayuda". Sánchez stated while unveiling the plan, "The West is confronted with a critical challenge: to avoid transforming into a society split between the wealthy landowners and the impoverished tenants." Nevertheless, it is still uncertain whether the proposal presented by Sánchez’s minority coalition will receive approval in parliament. Let’s take a closer look at the current situation: The housing affordability crisis in Spain Similar to many affluent nations, Spain is grappling with an escalating issue of housing affordability. The surge in rental prices is particularly severe in urban centers such as Barcelona and Madrid, where wages have not kept pace, particularly affecting the younger population. Additionally, property prices continue to climb consistently, especially in metropolitan and coastal regions. Rental costs have surged due to the prevalence of short-term leases primarily targeted at tourists. Spain ranks among the top destinations globally, welcoming over 88.5 million visitors in 2024 alone. The tourism sector plays a crucial role in the nation's economy. The downsides of mass tourism have occasionally led to friction between tourists and local inhabitants, who are worried about increasing expenses, the surge of short-term rental options on sites such as Airbnb, and the strain on water resources in certain regions of the country, notably the Canary and Balearic Islands. Last year, protesters took to the streets on various occasions across the country to express their frustrations about the growth of tourism and high rents. Barcelona’s town hall has pledged to completely eliminate all short-term rentals to tourists in the coming years. Spanish housing minister Isabel Rodríguez addressed reporters on Tuesday regarding the plan, stating, “What the citizens anticipate from us is decisive action.” Restricting foreign purchases of real estate in Spain Spain intends to restrict the acquisition of homes by foreign buyers by increasing taxes by as much as 100% on properties purchased by individuals who are neither EU citizens nor residents of an EU nation. This move primarily targets those looking to invest in or vacation at these properties. Sánchez did not offer a schedule or specifics regarding his approach to executing the tax. “This would be a game changer,” remarked Sarah Conroy, an English real estate agent with more than thirty years of experience in the luxury Marbella market in southern Spain. While she did not disclose specific numbers regarding her non-EU clientele, she mentioned that they included British buyers post-Brexit, along with clients from Saudi Arabia and Dubai. Register Now for Free: Denver Morning Update Here’s your morning briefing on the most recent news from overnight and the key stories to keep an eye on today. View pictures in App save up to 80% data. "They have to take action since locals are struggling to find affordable rentals due to high prices," Conroy remarked. "From my experience, about 80% of my clients are purchasing vacation properties." Last year, Spain announced that it was scrapping its so-called “golden visa” program that allows wealthy people from outside the EU to obtain residency permits by investing more than half a million euros (roughly 515,000 dollars) in real estate. Joan Carlos Amaro, a real estate analyst and economics professor at Esade Business School, expressed his skepticism regarding the effectiveness of the tax in addressing Spain's housing crisis. He doubts that it will ensure that typically high-end properties are made accessible to middle-class Spaniards, despite the ongoing challenges in the housing market. "Any measures that create obstacles and hinder the market's operation ultimately harm everyone," Amaro stated during an event in Barcelona. "These foreign individuals contribute to the economy by spending money, and the construction of the homes they occupy generates employment opportunities." Amaro expressed his belief that he perceived it more as a political strategy rather than a decision grounded in solid economic reasoning. Several additional proposals have been suggested. Spain intends to develop additional public housing and designate approximately 2 million square meters (21.5 million square feet) of residential land for a newly established public housing authority. Additional suggested measures involve increasing taxes on vacation rentals, offering tax incentives and safeguards for landlords who offer affordable housing options, and revising regulations to expedite construction timelines and enhance the availability of land for private development. Housing holds significant political importance in Spain for several reasons. Firstly, the country has faced a prolonged housing crisis, with skyrocketing prices and a shortage of affordable housing options, particularly in urban areas. This situation has led to widespread social discontent and protests, prompting political parties to address housing issues in their platforms. Secondly, housing is closely linked to social inequality and economic stability. Many Spaniards struggle to secure stable and affordable housing, which affects their quality of life and economic opportunities. As such, policies aimed at improving housing accessibility and affordability resonate with a large segment of the population, influencing electoral outcomes. Additionally, housing policies can impact regional disparities, with some areas experiencing more acute housing challenges than others. This can lead to tensions between different regions and the central government, further complicating the political landscape. Finally, the rise of new political movements in Spain, such as Podemos, has shifted the focus towards social justice issues, including housing. These parties advocate for stronger regulations on the real estate market and increased government intervention to protect tenants and promote affordable housing development. Overall, housing is a critical political issue in Spain, intertwining economic, social, and regional factors that shape the country's political discourse and policy-making. The rising cost of living has driven voter discontent across many wealthy countries in recent years, including the United States. As a prominent Socialist leader in Europe, Sánchez faces a vital challenge in addressing the housing crisis, which is essential for maintaining the stability of his left-wing minority coalition following his victory in the 2023 elections for another four-year term. Furthermore, as stated in the Spanish Constitution, every Spanish citizen has the right to access a "decent and adequate" residence. In principle, the government is obligated to ensure that individuals can exercise this right. Wilson made contributions from Barcelona.