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Gavin Newsom’s long-distance grant funding, a data access deal with three major MLSs, and investors hogging the homebuying market. From the wild and wooly world of real estate, here are our Hits and Misses for the week of July 7-11.

Miss: Greetings from South Carolina! California Gov. Gavin Newsom announced the state’s Department of Housing and Community Development will release $101 million to finance the rebuilding of affordable multifamily rental housing in the Greater Los Angeles Region. Now, you might think that would merit a Hit. But, no, it gets a Miss because Newsom didn’t bother making the announcement in person – it was declared in an online statement because the governor was in South Carolina, holding meetings with political and civic leaders ahead of his all-but-certain bid for the 2028 Democratic Party nomination for president. The Associated Press reported that Newsom conducted a fundraiser that generated $160,000 for the South Carolina Democrats. For the record, Newsom is still governor until the end of 2026, so maybe he can pretend to do his current job before jockeying for the 2028 election?

Hit: Three Into One. A trio of multiple listing systems – California Regional MLS, Florida’s Stellar MLS and the Mid-Atlantic Bright MLS – are now teaming in a new reciprocal data access agreement. With this partnership, roughly 300,000 real estate professionals are now linked and positioned to conduct business. Merri Jo Cowen, CEO of Stellar MLS, said it best: “By connecting the three largest MLSs in the country, we are breaking down regional barriers while empowering agents and brokers with seamless data access, expanded referral opportunities, and a stronger foundation to serve their consumers.”

Miss: No Thanks, Mr. President. The plan to create a new stadium for the Washington Commanders using $1 billion of taxpayer money is stalling in the DC Council with some lawmakers balking at the cost of this project. Incredibly, President Trump volunteered to mediate this matter, telling reporters, “If I can help them out, I would.” Trump added, “I saw the plans; I saw the stadium — the owner’s a very successful and a very good man. I know him a little bit. And it would be a great place for the NFL to be.” With all that’s going on across the nation and around the world, the president has more important things to focus on instead of trying to get District of Columbia taxpayers to finance a new overpriced football stadium.

Miss: Investor Invasion. A new report from the data provider BatchData found nearly 27% of all US homes sold during the first quarter were bought by investors. This is the largest share of investor acquisitions in five years, totaling 265,000 properties and a 1.2% increase from one year earlier. If there is any good news in this data, it could be that mom-and-pop investors – the ones who own between one and five homes – account for 85% of these purchases while institutional investors that own 1,000 or more homes make up approximately 2.2% of that figure. And while there are no laws preventing investors from buying single-family homes, it nonetheless creates another warp in a market that is still struggling to find its footing and another strike against first-time buyers looking to acquire an affordable residence.

Miss: Wells Fargo’s Canceled Card. Wells Fargo is planning to terminate its partnership with Bilt on a credit card that enabled people to earn rewards points for charging their rent. The Wall Street Journal, sourcing its coverage from unnamed “people familiar with the matter,” reports the partnership began in 2022 with the bank hoping it could be used to help leverage the renters to consider Wells Fargo when the time came for them to pursue homeownership. But with Wells Fargo cutting back on its home loans and relatively few landlords accepting rent payments by credit card, the product became a liability; by mid-2024 the bank was losing up to $10 million a month on the card. Bilt is now in talks with the fintech Cardless to take on Wells Fargo’s role.

Miss: Garden State Mischief. A big thumbs down goes to S4694/A5957, new legislation designed to create a state-level version of the Community Reinvestment Act (CRA) in New Jersey. Unlike the federal version of CRA, the New Jersey version would also apply to nonbank mortgage lenders, credit unions and online institutions. The bill’s sponsors, State Senator Britnee N. Timberlake and Assemblywoman Verlina Reynolds-Jackson, claim their bill will provide oversight that was allegedly weakened under the Trump administration. Timberlake declared, “The state version expands oversight and reinforces commitments to reduce foreclosures and boost lending to small businesses – including those owned by women, veterans, and minorities.” Translation: big government with a DEI focus and no understanding of the financial services process to the rescue. No wonder Republicans are gaining momentum in New Jersey’s politics.

Hit: Welcome Back, WeWork. It took three different CEOs, a bankruptcy filing, and a new owner, but the coworking company WeWork is finally back on its feet with its first New York City lease in six years. Bisnow.com reports WeWork will be moving into the 24th, 25th, 27th, and 29th floors of 250 Broadway in the city’s Financial District, with occupancy expected in December. “New York City holds immense value and opportunity for WeWork,” said CEO John Santora, adding the new office is “one of the critical launchpads for our new era of strategic growth.” Here’s a toast to WeWork on the next chapter of its innovative odyssey.

Phil Hall is editor of Weekly Real Estate News. He can be reached at [email protected]