Latest news with #Xu
New York Post
16 hours ago
- Business
- New York Post
Once-booming Texas border city known for affordability loses appeal among homebuyers
Long recognized for its affordable housing and low cost of living, McAllen, TX, emerged as a COVID-19 pandemic-era boomtown—but that surge has since reversed. McAllen—a city of 146,000 people situated just a few miles north of the U.S.-Mexico border—experienced the sharpest decline in popularity among local homebuyers over the past six years, according to a new report from Advertisement The report analyzed the 100 largest U.S. metros for cross-market demand. Economists looked at views of listings, comparing how many out-of-town visitors were looking at homes in a city versus how many locals were shopping for properties elsewhere between April and June 2025. According to the latest data, during the spring season, 65% of online home shopping traffic in McAllen went to listings outside the city, representing a 30% increase from 2019—the biggest jump among all the analyzed metros. economist Jiayi Xu explains that McAllen's drop in homebuyer interest could be attributed to a combination of factors. Advertisement 3 McAllen—a city of 146,000 people situated just a few miles north of the U.S.-Mexico border—experienced the sharpest decline in popularity among local homebuyers over the past six years. Courtesy of City of McAllen 'Like many affordable markets, McAllen, TX, attracted new residents during the pandemic due to its low cost of living,' says Xu. 'However, as home prices rose and return-to-office trends resumed, some of that migration has started to reverse.' Lower affordability, higher unemployment In June 2025, the median home list price in McAllen was $274,950, up more than 38% from the same period in 2019. Meanwhile, the unemployment rate in the border city reached 6% in May of this year, compared with 5.4% six years ago. Advertisement In light of rising home prices and shrinking job opportunities in McAllen, local homebuyers began casting covetous glances toward more busting nearby metros like Austin and San Antonio, where there is an abundance of high-paying work. 3 According to the latest data, during the spring season, 65% of online home shopping traffic in McAllen went to listings outside the city. According to the analysis, McAllen residents' out-of-market online home searches directed at Austin and San Antonio surged from just 4.8% and 16.1%, respectively, to 10.7% and 18.9% over the past six years. Ironically, McAllen might be a victim of its own success, as rising home equity has likely enabled residents to relocate to higher-priced metros. Advertisement 'Over the last six years, home prices in McAllen have climbed 65.6% on a price-per-square-foot basis, significantly increasing homeowner equity,' says senior economic research analyst Hannah Jones. 'This equity growth may be providing some local homeowners with the flexibility to pursue employment opportunities in other parts of Texas.' 3 Meanwhile, the unemployment rate in the border city reached 6% in May of this year, compared with 5.4% six years ago. Google Maps But according to Jones, it's not all bad news for McAllen, located just across the Rio Grande from Mexico—an area that has been at the center of the ongoing border crisis. 'While the 'border crisis' narrative could nudge some buyers or employers away from McAllen, there is no evidence of a mass exodus of population,' she says. 'The area's housing market remains stable, and its relative affordability means that the area sees strong demand from out-of-metro buyers.'
The Intercept
19 hours ago
- Politics
- The Intercept
ICE Lawyers Are Hiding Their Names in Immigration Court
Inside a federal immigration courtroom in New York City last month, a judge took an exceedingly unusual step: declining to state the name of the Immigration and Customs Enforcement attorney pressing to deport asylum seekers. 'We're not really doing names publicly,' said Judge ShaSha Xu — after stating her own name and those of the immigrants and their lawyers. It was the first of two separate instances The Intercept identified in which judges chose to withhold the identities of the attorneys representing the Trump administration's deportation regime. As ICE agents across the country wear masks to raid workplaces and detain immigrants, government attorneys need not cover their faces to shield their identities. Legal experts who spoke to The Intercept agreed the practice of concealing the lawyers' identities was both novel and concerning. 'I've never heard of someone in open court not being identified,' said Elissa Steglich, a law professor and co-director of the Immigration Clinic at the University of Texas at Austin. 'Part of the court's ethical obligation is transparency, including clear identification of the parties. Not identifying an attorney for the government means if there are unethical or professional concerns regarding [the Department of Homeland Security], the individual cannot be held accountable. And it makes the judge appear partial to the government.' 'Part of the court's ethical obligation is transparency, including clear identification of the parties.' The concealment shocked two lawyers who were representing immigrants in Xu's courtroom. Attorney Jeffrey Okun, who was representing a client via video call, characterized the move as 'bizarre.' Attorney Hugo Gonzalez Venegas called Xu's behavior 'a terrible lack of transparency on the part of officers of the court.' Immigration courts, which are run by the Executive Office for Immigration Review — part of the executive branch, not the judiciary — are far less transparent than most courts. Their prosecutors work for ICE and DHS; they have no obligation to provide defense lawyers; and their judges are appointed — and fired — by the president. On a Tuesday morning in late June, Xu was running through several brief, preliminary hearings known as 'master calendars.' Nationwide, these proceedings always start out the same way. An immigrant will appear with their attorney — if they have the good fortune to retain one — often on Webex. A judge presides at a big desk in an actual courtroom, in this case in lower Manhattan. An ICE lawyer represents the government in its attempts to deport the immigrant. As each case commences, the judge recites their own name, followed by the immigrant's name, the name of the immigrant's attorney (if they have one), and finally, the name of the ICE lawyer. It's an on-the-record census that enables due process. When Xu omitted the ICE lawyer's name, Okun asked her to identify who was arguing to deport his client. She refused. Xu attributed the change to 'privacy' because 'things lately have changed.' Xu told Okun that he could use Webex's direct messaging function to send the ICE lawyer his email, and the ICE lawyer would probably respond with her own name and address. Okun accepted the arrangement. When the next case commenced minutes later, Xu again refused to state the ICE lawyer's name, and Gonzalez Venegas, also on Webex, argued that the legal record would be incomplete without it. Xu again said that the two attorneys could message each other confidentially. The government's mystery attorney, who was prosecuting both Okun's and Gonzalez-Venegas's clients, wore glasses and a navy blue suit; her hair was pulled back primly from her face. She spoke quietly, with a tinge of vocal fry. Her name, according to Gonzalez Venegas, was Cosette Shachnow. Shachnow, 33, began working for ICE in 2021, shortly after she graduated from law school, according to public records and her LinkedIn account. The latter lists 'Civil Rights and Social Action' among her 'favored causes.' Shachnow did not respond to an email from The Intercept seeking comment. Neither did the Executive Office for Immigration Review and the Office of the Principal Legal Advisor, which oversees ICE lawyers. It is unclear how many immigration judges are failing to say ICE lawyers' names, but The Intercept has witnessed the practice twice. On July 10, Judge James McCarthy in lower Manhattan neglected to identify the government's attorney in several cases, referring to the lawyer instead as 'Department.' 'Department, are we done with pleadings?' McCarthy asked. The word stood in for ICE's parent agency, the Department of Homeland Security. Several immigration defense attorneys were attending the hearings by video. None objected. Judge Shirley Lazare-Raphael, who is also a New York City immigration judge, told The Intercept that the new phenomenon of occluding ICE attorneys' names has not been formalized via a directive or rule. 'It's up to the judges whether or not they want to do it,' she said. 'This is a very new and very disturbing turn of events,' said Daniel Kowalski, a former longtime immigration attorney who now edits the legal journal Bender's Immigration Bulletin for LexisNexis. 'Where does it stop?' asked Kowalski. 'Are the immigration judges going to be unnamed? Behind a screen?' Lazare-Raphael said she had heard that some ICE attorneys have said they found it 'dangerous to state their names publicly.' That reasoning echoes DHS's questionable claim that ICE agents need to mask up because of what the department described as an almost 700 percent increase in assaults against agents nationally during the first six months of this year. But as DHS revealed last week, the raw number of assaults this year is 79, compared to 10 in the same period last year. Given that ICE arrests have more than quadrupled since Trump took office — and the agency's determination of what qualifies as an assault is often dubious — this uptick likely sounds more dramatic than it is. Read Our Complete Coverage Veronica Cardenas, who was an ICE prosecutor for six years before quitting in 2023, told The Intercept that she thinks the real threat these lawyers face is shame. She said that her mother came to the United States from Colombia without papers and was arrested at the southern border, and that while she was proud of her daughter when she started working for ICE, Cardenas came to realize the people she was seeking to deport were a lot like her family. Cardenas now works as an immigration defense attorney and counsels other ICE lawyers who want to leave their jobs — many of whom, she said, have backgrounds similar to hers. Adam Boyd, a former ICE attorney who resigned last month, according to a report in The Atlantic, said that many ICE lawyers feel frustrated about having to ask judges to dismiss cases so that ICE enforcement and removal officers can grab immigrants outside courtrooms and swell the Trump administration's deportation numbers. Boyd said he left after making what he called 'a moral decision.' The asylum system has suffered a stunning collapse under President Donald Trump's second term. In the past six months, judges' denials of asylum have skyrocketed from rates of 62 to 80 percent — and immigration enforcement statistics expert Austin Kocher predicts that the figure could soon top out at 95 percent. As the Trump administration orders ICE to ramp up its removal operations, hundreds of immigrants to the United States are being arrested and beaten by people with their faces covered and no proof of who they are. Now, they may not know the names of the attorneys making the case to deport them, either.
The Wire
a day ago
- Business
- The Wire
Innovative App Coverd Helps Users Take Control of Debt — One Win at a Time
What do you get when you combine Wall Street experience, Silicon Valley tech brains, and a healthy obsession with gaming? For Eric Xu and Albert Wang, the answer is Coverd—a fintech app that lets users play games to win money that goes toward paying off their credit card debt. It's a bold idea: take one of the most painful aspects of adult life—financial debt—and gamify it. But for these two founders, it's not just a gimmick. It's a carefully engineered attempt to rewire the way people think about money, starting with the $1.1 trillion in credit card debt currently weighing down American households. The origin story of Coverd reads more like a case study in problem-solving than a startup fairytale. Xu, a former Morgan Stanley analyst, saw firsthand how broken consumer finance had become—especially for everyday Americans. Wang, a former engineer at Google and Hudson River Trading, brought deep technical skills and a passion for user-centric design. Together, they asked one big question: Why does paying off debt have to feel like punishment? Their answer was Coverd—a mobile-native app built on a legal sweepstakes model. Users purchase low-cost 'practice coins' and receive free credits called Coverd Cash, which can be used to play games like slots, plinko, and blackjack. Any winnings go directly toward paying off linked credit card balances or into savings. 'We didn't just want to build another budgeting app,' says Xu. 'We wanted to reframe the experience of getting out of debt—to make it feel like progress, not sacrifice.' That mindset shift is core to the app's design. Unlike traditional finance tools, which often rely on charts, limits, and reminders, Coverd taps into behavioral psychology—small wins, dopamine hits, and the feeling of control. The games are simple and fun, but the stakes are real. For many users, it's the first time they've felt a sense of agency over their finances. It helps that the platform is entirely legal, operating under U.S. sweepstakes regulations rather than gambling laws. That compliance unlocks access across 38 U.S. states, with more to follow. But the real secret behind Coverd's rise may be its founding team's dual perspective: they understand both how money works and how people behave. Xu brings a finance-world view of debt and its crushing impact, while Wang focuses on user behavior and digital engagement. That blend is rare—and effective. Already, Coverd has built a loyal user base and is preparing to launch the Coverd Card, a no-annual-fee credit card that offers up to 100% cash back and sweepstakes entries with every swipe. 'Financial stress is universal,' Wang says. 'But financial tools don't have to be joyless. We're proving that you can take a serious problem and approach it in a way that's both responsible and rewarding.' With Coverd, the duo may have done something few others have: taken a Wall Street problem and built a Silicon Valley-style solution—for everyone else. (Disclaimer: The above press release comes to you under an arrangement with NRDPL and PTI takes no editorial responsibility for the same.).
Mercury
a day ago
- Entertainment
- Mercury
AFL fan's dream house with Waverley Park grandstand views for sale
An AFL fan's dream house with views across the iconic Waverley Park grandstand is poised to score a $1m-$1.1m sale. BigginScott's Ming Xu and Jing Chen star in a Hawks-themed online listing video showcasing the four-bedroom home at 60 Waverley Park Drive, Mulgrave. The property also has views of an oval at the Waverley Park complex that served as Hawthorn's base from 2006 until recently. RELATED: Melbourne: Offbeat bullfighter approach boosts home deal Mulgrave: House that Liam Neeson helped to promote in Taken-esque clip sells Brendan Fevola: Ex-Carlton star joins Wayne Carey and Kevin Sheedy in real estate game Ahead of the Hawks' move to a new base in Dingley, the club sold Waverley Park back to the AFL in a deal believed to be worth about $20m, in June. To celebrate the residence's connection to the sporting complex, Mr Xu dons a Hawthorn uniform, runs around the oval and tosses a footy to Ms Chen who is standing on one of the abode's two balconies, in the listing clip. 'I think there are only a few properties around Waverley Park with three levels and oval views,' Mr Xu said. 'Every time Hawthorn do training there are a lot of Hawks fans standing there watching, by owning this property you can sit and watch from your balcony while having coffee.' The clip is not Mr Xu's first foray into creative marketing. In February, he had the listing for a house owned by an assistant director's family who know Hollywood actor Liam Neeson. They recruited the Taken star to voiceover their listing video as a humorous tribute to the hit franchise. And earlier this month, Mr Xu and colleague Eric Liu donned matador and bull costumes to film a clip for a house that has a Spanish Mission-style facade. As a keen Hawthorn supporter, Mr Xu already owned the outfit he needed for the latest video. The Mulgrave house would suit a variety of buyers, he added. 'I think it would be great for a family with one or two kids as there's four bedrooms and multiple living areas, or a couple who enjoy having a healthy and active lifestyle as locals can use the oval when footballers are not training,' he said, The main kitchen is fitted with stone-topped benches, a 900mm Smeg oven and gas stove, Haier dishwasher and an island breakfast bench. Sliding doors open onto a balcony, while an indoor entertainers' area includes a second kitchen with a Goldline gas stove and gas log fire. Upstairs, is a lounge room, study nook and two bedrooms with balcony access, including the main bedroom with a walk-in wardrobe and dual vanity ensuite. Head to the lower level for a terrace and garden with oval views, bathroom and laundry with a walk-in linen press and chute. Other highlights include a powder room, ducted heating and airconditioning and a double garage with internal access. The house will be auctioned at midday on August 2. Sign up to the Herald Sun Weekly Real Estate Update. Click here to get the latest Victorian property market news delivered direct to your inbox. MORE: Boxer Sugar Kane Watts selling Melbourne home Melbourne's biggest eyesore listed for sale by China's Wang Hua La Fervance skincare founders list Elwood home for sale
Mint
4 days ago
- Automotive
- Mint
How China's BYD is squeezing suppliers in the EV price war
China's electric vehicle-makers are locked in a spiraling price war. Their suppliers say they are bearing the brunt. The country's biggest automaker, BYD, recently lowered the price of a starter electric vehicle to the equivalent of less than $8,000. To hit such low prices, suppliers say the company and others like it are squeezing them by demanding lower prices and dragging out payment periods. BYD, or Build Your Dreams, often pays suppliers at first with an electronic IOU it calls D-chain, after the Dreams in its name. The suppliers may wait for the better part of a year before the notes can be cashed in. Suppliers say such payment methods are a nightmare for cash flow. But they are falling into line, desperate to keep orders coming. Overcapacity and lackluster consumer demand are driving the trend. China's car business is one of many industries hit by a deflationary wave that threatens its economy as trade relations with the U.S. remain tense. The phenomenon has come to be known by the Mandarin word neijuan, which has become widely used to refer to a situation in which people work hard and compete fiercely without anyone getting ahead. 'Neijuan often arises when an economy experiences unexpected downturns, particularly during deflationary periods," said Jianwei Xu, a senior China economist at Natixis, a French investment bank. Chinese EV makers, stuck with big factories that they need to keep going, are 'trapped in neijuan," Xu said. Prices for goods leaving Chinese factories have fallen year-over-year for 32 consecutive months. Profit margins in China's auto-manufacturing industry nearly halved over the past decade to 4.3% in the first five months of 2025, according to government data. Lower prices might look nice to consumers, but the race to the bottom is corrosive for growth, economists say. Squeezed suppliers have little room to raise wages and insecure workers aren't likely to splurge on purchases. Suppliers say they are now asked for price cuts as often as once a month. Carmakers are tightening their audits and demanding information on what suppliers pay for materials. The carmakers ask suppliers to submit electricity bills, worker shift records and other cost data to justify their prices, suppliers say. And carmakers go to the suppliers' factories to check whether the reported number of workers on production lines is accurate. Frustrated with such practices, some auto suppliers have begun to speak up. Guo Chuan, chairman of KH Automotive Technologies, last month penned an open letter titled 'I Have a Dream," which went viral for capturing their concerns. 'I have a dream that one day in China's auto industry, leading automakers and large suppliers will have a social conscience," he wrote. In a survey by the China Automobile Dealers Association, 84% of dealers said they sold cars last year at prices lower than the wholesale prices they paid carmakers. Last November, BYD asked some suppliers to lower prices by 10% as the carmaker was negotiating contracts for 2025, according to a letter seen by The Wall Street Journal. 'Market competition will grow fiercer in 2025, ushering in a final showdown, a knockout round," BYD wrote, calling for a 'concerted effort from our entire supply chain to achieve sustained cost-cutting." In the past five years, BYD has sextupled its revenue. Over the same period, its accounts payable, notes payable and other payables—which analysts say are essentially the money it owes to suppliers—surged ninefold to $54 billion, accounting for two-thirds of its total liabilities at the end of last year. 'None of BYD's recent growth has been financed with conventional debt," said Nigel Stevenson, an analyst at Hong Kong-based GMT Research. Instead, he said, the company squeezed suppliers to make money available for new factories and equipment. BYD's accounts payable, notes payable and other payables have surged ninefold to $54 billion in the past five years. Large companies around the world often take advantage of their position to delay paying suppliers by a few months, but the payment periods are stretched out even further in China. BYD suppliers say they typically get something within a few months of sending a bill—but it is D-chain, the electronic IOU issued by a BYD finance subsidiary, rather than cash. The initial public offering prospectus of a BYD supplier, Guangdong Huazhuang Technology, offers a glimpse into the payment system. As of mid-2023, BYD accounted for a quarter of the revenue of the supplier, which makes auto parts such as brake-system controllers and cooling fans. The fast-growing company needed capital for a new factory and filed for an IPO in June 2023. One of its problems was poor cash flow. The company said it was receiving D-chain a month or two after its deliveries to BYD, which usually had a six- to eight-month term. Suppliers can sell the D-chain to a broker or bank, but that typically means losing a few percentage points of the face value to fees, say people in the industry. Stevenson, the analyst, pointed to an item on BYD's balance sheet labeled 'other external current accounts," which he said looks like a form of supply-chain financing. The item was included for the first time under liabilities in 2021, the year before the carmaker's subsidiary started issuing D-chain on a large scale. It ballooned to $20 billion by the end of last year, accounting for nearly a quarter of total liabilities. BYD's annual report doesn't say to whom the $20 billion is owed. The government has begun to show concern. In late June, China's legislature revised its competition law to add clauses that ban large companies from setting 'obviously unreasonable payment conditions" or forcing suppliers to sign exclusivity agreements. Chinese leader Xi Jinping has urged officials to crack down on neijuan. Officials are looking into the risks posed by financial instruments used by carmakers including D-chain, people familiar with the matter said. Under government pressure, more than a dozen Chinese automakers including BYD pledged in June to pay suppliers within 60 days of product deliveries—a pledge many suppliers are skeptical will be upheld. The government moves don't address the fundamental reasons for the price war, said Ernan Cui, an analyst at Gavekal Dragonomics. 'While the leading automakers are profitable, there is a long tail of struggling firms that should probably exit the market, yet continue to produce thanks to ample government and private-sector financing," she wrote in a recent research note. Write to Rebecca Feng at and Raffaele Huang at
