Welcome to Bespoke Brunch Reads — a linkfest of the favorite things we read over the past week. The links are mostly market related, but there are some other interesting subjects covered as well. We hope you enjoy the food for thought as a supplement to the research we provide you during the week.

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Real Estate

Big U.S. Cities Lost More Residents as Covid-19 Pandemic Stretched On by Paul Overberg and Janet Adamy (WSJ)

Among the ten largest cities in the country, only two (San Antonio and Phoenix) saw population grow last year, while cities with a resident population of less than 1mm but more than 500k saw aggregate declines as well. [Link; paywall]

The Hamptons summer rental market is facing an unexpected chill as inventory piles up and prices come down by Robert Frank (CNBC)

Travelers are moving further afield than the far end of Long Island and as a result demand for rentals in the Hamptons is crashing with summer demand falling well short of estimates. [Link]

States Help Business Owners Save Big on Federal Taxes With SALT-Cap Workarounds by Richard Rubin (WSJ)

Closely-held businesses are getting billions in tax benefits by skirting the SALT cap using a conversion that converts personal income taxes to business taxes. Regular wage earners are unable to enjoy the deduction. [Link; paywall]

Crypto

Crypto Goes Shopping for a Regulator It Can Push Around by Max Chafkin (Bloomberg)

The heaviest hitters in the crypto industry are pushing for regulation of the space to be taken on by the CFTC rather than the more aggressive and administratively powerful SEC. [Link; soft paywall]

Crypto Industry Sees Surge in Lawsuits as Investor Losses Pile Up by James Fanelli (WSJ)

Predictably, the near-inevitable cascade of losses emerging in the crypto industry are being litigated. Various flavors of fraud were being alleged even before the brutal fall in many crypto assets over the winter. [Link; paywall]

Financial Stability

‘Everything Is Terrible, but I’m Fine’ by Derek Thompson (The Atlantic)

Despite improving prospects thanks to higher checking account balances and incomes, Americans are feeling more dire about the national economy. Why? [Link]

The Racial Gap in Stock Market Participation (FRBSL On The Economy)

Across all income brackets, far fewer Black Americans hold investments in the stock market, with roughly one-third of the stock market participation of white households depending on income levels. [Link]

Missed Payments, Rising Interest Rates Put ‘Buy Now, Pay Later’ to the Test by AnnaMaria Andriotis (WSJ)

Wildly popular installment plans which allow consumers to purchase items immediately and pay for them over four or more later payments are proving more expensive for lenders than anticipated. [Link; paywall]

Streaming

Ted Sarandos Talks About That Stock Drop, Backing Dave Chappelle, and Hollywood Schadenfreude by Maureen Dowd (NYT)

A profile of Netflix CEO Ted Sarandos, featuring nautical musings, personal tragedy, layoffs, and Hollywood schadenfreude. [Link; soft paywall]

Fantasy Football

Mike Trout Would Rather Talk About the Angels by Tyler Kepner (NYT)

You know your fantasy football league is getting a little bit carried away when it leads to an on-field fight between two of its members. [Link; soft paywall]

Retro

The Wall Street Hotel Aims to Make 1700s-Era Finance Cool Again by Nikki Ekstein (BNN Bloomberg)

Lower Manhattan is being graced by a new place to stay: a new 180 room hotel located just across the street from the literal roots of the New York Stock Exchange. [Link]

Sanctions

U.S. Technology, a Longtime Tool for Russia, Becomes a Vulnerability by Ana Swanson, John Ismay, and Edward Wong (NYT)

The flow of critical inputs in to Russia via imports from a range of countries has slowed to a trickle, and that poses major challenges to Putin’s ability to make war in the Ukraine, let alone operate a modern economy at scale. [Link; soft paywall]

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Have a great weekend!