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Biden proposes capping rent hikes at 5%... July 17, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Med-X]( Good morning. Today, July 17, is World Emoji Day. Wanna know why? Pull up the Calendar emoji and look at the date: It’s July 17. Apple picked that date for its Calendar emoji because that was the day in 2002 when the company debuted iCal for Mac at the MacWorld Expo. Emojipedia, which introduced World Emoji Day in 2014, decided that July 17 made the most sense for a global celebration of emoji. In the years since, many platforms have decided to use July 17 as the date on their Calendar emoji, but there are some holdouts. Facebook’s Calendar emoji still shows May 14—Mark Zuckerberg’s birthday. —Cassandra Cassidy, Matty Merritt, Sam Klebanov, Adam Epstein, Neal Freyman MARKETS Nasdaq 18,509.34 +0.20% S&P 5,667.20 +0.64% Dow 40,954.48 +1.85% 10-Year 4.167% -6.0 bps Bitcoin $65,140.60 +2.66% Gold $2,472.00 +1.77% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks did their best Falcon Heene impression and ballooned on Tuesday, netting a [fresh record]( for the Dow as part of its best day in over a year. Meanwhile, the price of gold reached an all-time high of ~$2,471 per ounce as investors are becoming convinced of a September interest rate cut.  HOUSING [Biden proposes 5% cap on rent hikes]( [US president Joe Biden]( Nishimura/Getty Images Yesterday in Nevada, President Biden announced a plan to address low housing affordability as he tries to regain voters’ faith through the one place they hurt the most—their rent autopay system. The proposal, which would last two years, would end tax credits for corporate [landlords]( (those with 50+ units) who raise rent by over 5% a year. The administration estimates it would affect 20 million rental units across the country. Renters could use the break. Housing costs continue to live rent-free in voters’ minds: Half of all renters in the US are cost burdened by housing, meaning they spend more than 30% of their income on rent and utilities, according to a Harvard University study. A Gallup survey in May found that 41% of Americans see inflation and the cost of living as their most important financial problems. Inside the policy push Haters (economists) will argue that Biden’s [proposal]( is more harmful than helpful because rent control reduces the supply of affordable housing by disincentivizing developers to build more units. One reason housing is so expensive in the first place is that there’s a shortage of between 4 million and 7 million units, according to a Pew study. Landlords, developers, and bankers argue this proposal will exacerbate that problem. But…the White House positions it as a temporary bridge. An estimated 1.6 million housing units are expected to come on the market in the next few years, a flood of supply that will, theoretically, bring shelter prices down. Putting a cap on rent increases would help renters get by until then. Zoom out: Biden’s diving [deep]( into housing policy. He also announced: - $325 million in grants to fund home-building in seven cities - A plan to direct federal agencies to repurpose excess land for affordable housing Time check. It’s doubtful that a divided Congress will pass the proposal before the election, but it’s something Biden would fight for “in a second term,” an administration official told reporters.—CC PRESENTED BY MED-X [Natural is heading to the Nasdaq]( [Med-X]( Natural solutions are already better for the environment. But Med-X is taking it a step further: Their natural pesticides outperform chemical alternatives. That’s already led to 200% revenue growth, thanks to commerce partnerships with companies like Walmart, Amazon, and Kroger. But they aren’t stopping there. You have a unique opportunity to [join them as an investor as they scale into 41 global markets](. Perfect timing, since the global pesticides market is projected to 3x in size to $17b by the end of the decade. Now they’re planning to [list on the Nasdaq (ticker MXRX)](. But you don’t have to wait to invest. [Become an early Med-X shareholder ahead of their planned Nasdaq listing](. WORLD [Tour de headlines](#) [New Jersey senator Bob Menendez]Andrea Renault/Getty Images Bob Menendez was found guilty of bribery, fraud, and extortion. A federal jury convicted the New Jersey senator of [all 16 charges]( he faced for making favorable deals on behalf of foreign officials and three businessmen in exchange for lavish gifts, including gold bars and a Mercedes. His Democratic colleague, Senate Majority Leader Chuck Schumer, called for his resignation almost immediately after the verdict was read. A separate trial for Menendez’s wife, Nadine, who allegedly participated in the scheme, was delayed indefinitely while she undergoes cancer treatments. Amazon is on pace for a record-breaking Prime Day. The annual discount shopping event, which despite its name is actually two days (yesterday and today), could generate up to [$14 billion in sales]( up 10.5% from last year, according to projections from Adobe Analytics. The news comes as rivals Walmart and Target launch their own discount events this month to help consumers fight inflation during what is typically a slower time of the year for spending. Meanwhile, a Senate investigation found that Prime Day is a major cause of [worker injuries]( due to the “increased volume without increased support.” Record labels are suing Verizon for $2.6 billion for ignoring piracy. Universal, Sony, and Warner accused the telecommunications giant of disregarding [mass online piracy]( among its internet users despite hundreds of thousands of copyright infringement notices. Verizon is “willfully blinding itself to that information and prioritizing its own profits over its legal obligations,” the lawsuit argues. In 2022, Verizon and other internet providers settled suits with Hollywood production companies for refusing to cut off access for users who picarooned movies. CRYPTO [Crypto embraces Trump]( [Marc Andreessen]( Andreessen. Photo by Steve Jennings/Getty Images Former President Donald Trump is leaning into crypto, and Silicon Valley donors are lining up to give him money. Marc Andreessen and Ben Horowitz, big-name VCs who invest in startups like Open AI and SpaceX, [told]( employees of their firm that they will be making large donations to Trump’s presidential campaign, The Information reports. Andreessen and Horowitz, who have donated $30+ million to pro-crypto super PACs in the past year, have said they are “non-partisan, one issue voters”—and that issue is [crypto](. Trump’s growing crypto promises In 2019, Trump called crypto a scam. But this May, he became the first candidate to accept donations in the currency. He raked in [$3 million]( in crypto in the second quarter of 2024 (part of $331 million total in Q2). And that’s not the only proof he’s changed his mind: - Trump has also met with crypto bigwigs and is headlining the annual bitcoin conference in Nashville this month. - The GOP’s recently adopted platform promises to stop Democrats’ “unAmerican Crypto crackdown.” Big picture: A number of other Silicon Valley tech execs, including the Winklevoss twins, Elon Musk, and David Sacks, have endorsed Trump and donated megabucks to his campaign or pro-Trump PACs. They hope a second Trump administration would mean less regulation.—MM TOGETHER WITH BOKA [Boka]( Treat those pearly whites. Prime Day deals on [Boka]( nontoxic, fluoride-free toothpaste are here. Packed with n-Ha, Boka helps maintain healthy teeth + gums and improves your oral microbiome. It’s also safe for sensitive teeth. There’s a flavor for everyone, including Ela Mint, Lemon Lavender, and Coco Ginger. [Shop here](. WORK [Fewer teens dream of tech jobs]( [Government and healthcare]( Parsons Teens have cooled on careers in the industry enabling their atrocious screen times, according to a recent survey of high achievers. Big Tech [lost ground]( in the ranking of companies teens aspire to work at, while government and healthcare workplaces became more desirable, per Business Insider’s analysis of the survey, conducted by the National Society for High School Scholars. - Though Google, Amazon, and Apple were still among the Top 10 most coveted employers this year, they all retreated in the rankings from their positions in 2018—as did Microsoft, Instagram, and Netflix. - On the flip side, St. Jude Children’s Research Hospital took the top spot, with the Mayo Clinic (No. 2), Health Care Services Corp. (3), the FBI (5), and NASA (6) all moving up from their 2018 rankings. Steady employment rules Tech losing its luster could be a consequence of increasing doubts about the impacts of technology like AI and recent layoffs in the industry. Job stability is the top draw for young people when looking for work, according to a survey of the college class of 2024 by job site Handshake. The survey showed that the share of recent grads applying to government jobs this year almost doubled from 2022. Zoom out: Pragmatic teens are likely aware of the job stability and hiring trends in healthcare and government. The two sectors accounted for nearly 60% of US job growth in the year leading up to April.—SK STAT [Prime number](#) [On Cloudboom Strike LS shoe]On Can you truly call yourself a sneakerhead if you don’t own shoes that a robotic arm shapes out of a mile-long filament and then heat-fuses to a sole while reducing carbon emissions by 75% compared with regular shoes? The Cloudboom Strike LS from Swiss shoe brand On weighs just six ounces and is made out of [only seven components]( (most running shoes require 150–200), the New York Times reported. If you’re interested in seeing how athletes perform wearing what amounts to a second layer of skin on their feet, Kenyan distance runner Hellen Obiri will be racing in the alien shoes in the Paris Olympics before they go on sale to non-Olympians this fall for $330. NEWS [What else is brewing](#) - [Zyn]( is opening a new $600 million manufacturing plant in Colorado to boost the dwindling supply of the popular nicotine pouches. - [Skechers]( is suing LL Bean for allegedly stealing two of its design patents. - [Elon Musk]( claimed in a post on X that the headquarters for SpaceX and X will be moving from California to Texas in response to a CA law barring school districts from requiring that parents be notified of a student’s gender identification. - [Kaspersky]( the Russian cybersecurity giant, said it will shut down operations in the US after the Commerce Department banned the sale of its antivirus software in the country. - [Retail sales]( excluding autos, rose in June by the most in three months, showing consumers continued to spend despite inflation. - [Ingrid Andress]( the country singer who went viral for her historically bad rendition of the national anthem at the Home Run Derby, said she was drunk during the performance and is now checking into rehab. RECS [Wednesday to-do list] Watch: Shogun is likely to dominate today’s [Emmy nominations announcement](. Parent: How to raise your kids [like a Norwegian](. Buy: The 200+ [best Prime Day deals]( according to Wirecutter. Haggle: [This mattress website]( lets you negotiate prices with an AI. Get in early: You rarely can invest before a company goes public. Med-X is giving you that opportunity. Invest in Med-X before its [planned Nasdaq listing]( *A message from our sponsor. GAMES [The puzzle section](#) Word Search: If you’ve been keeping up your Duolingo streak, you’ll ace today’s language-themed Word Search. [Play it here](. Movies, as told through emoji On World Emoji Day, try to figure out the famous movies from a string of emoji. - - ‍ - ‍♀️ - - - 🍽 SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=4904f90a]( ANSWER - The Wolf of Wall Street - Night at the Museum - Alice in Wonderland - Toy Story - Back to the Future - Eat, Pray, Love Word of the Day Today’s Word of the Day is: picarooned, meaning “acted or operated as a pirate.” Thanks to our matey Laurie from Melbourne, Australia, for the suggestion. Submit another [Word of the Day here](. ✢ A Note From Med-X This is a paid advertisement for Med-X’s Regulation CF Offering. Please read the offering circular at [( Written by [Adam Epstein]( [Cassandra Cassidy]( [Matty Merritt]( Sam Klebanov, and [Neal Freyman]( Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. 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