--:-- John Bickley: The Florida legislature could soon strip the Disney Corporation of their special privileges in the state. The move comes after Disney publicly opposed Florida's new parental rights and education bill.
--:-- Georgia Howe: Disney is well prepared for a fight. They have more than three dozen lobbyists in Tallahassee who are all going to be lobbying against this. Disney contributes millions of dollars every year to Florida Republicans. So they're going to fight this tooth and nail.
--:-- John Bickley: I'm John Bickley with Georgia Howe. It's Wednesday, April 20th, and this is Morning Wire. Large investment firms like BlackRock are buying up homes at an astonishing pace.
--:-- Georgia Howe: Homeowners associations are now finding ways to save homes for families. Homeownership gives people a stake in society. It's a way to build generational wealth. It's the foundation of the middle class and part of the American dream. And permanent capital is now robbing Americans of that dream.
--:-- John Bickley: And the UK is considering a controversial solution to its own illegal immigration crisis.
--:-- Georgia Howe: Thanks for waking up with Morning Wire. Stay tuned. We have the news you need to know. This show is sponsored by Birch Gold Group. The market's slow decline has now worsened, And you need to make sure that your savings are protected with alternative investments.
--:-- John Bickley: Hedge your savings today before it's too late with Birch Gold. Text the word WIRE to 989898 to claim a free info kit on physical gold and silver today. Again, text WIRE to 989898 to protect your savings with Birch Gold today.
--:-- Megan Basham: Disney World has long been allowed to operate as its own independent government. A special session of the Florida legislature this week will decide whether those carve-outs continue.
--:-- John Bickley: Daily Wire culture reporter Megan Basham is here to tell us more about what it will mean to Disney if Florida lawmakers decide to revoke these privileges.
--:-- Megan Basham: So Megan, what specifically does Disney stand to lose here?
--:-- Megan Basham: The Florida legislature had already scheduled a special session this week to draw a new congressional map. Well, on Tuesday, DeSantis announced that they're adding a proposal to dismantle the Reedy Creek District. Now, that's an area owned by Disney that covers about 25,000 acres in Orange and Osceola.
--:-- Georgia Howe: So essentially, since 1965, Disney's been allowed to operate that district as its own independent city. They provide fire and emergency services. They can build structures without getting city or county approval, levy taxes, issue bonds, pretty much anything that a county or city government can do, Disney can do.
--:-- Megan Basham: So if that's revoked, all of that would fall back under the control of local governments. This was Governor DeSantis at a press conference Tuesday announcing that the district will now be under review in that special session.
--:-- Megan Basham: I am announcing today that we are expanding the call of what they are going to be considering this week. And so, yes, they will be considering the congressional map, but they also will be considering termination of all special districts that were enacted in Florida prior to 1968. And that includes the Reedy Creek Improvement District.
--:-- Georgia Howe: Wow, so that's a big blow for Disney. Right, it is. And there's actually one other smaller item. So they'll also review an exemption Disney has asked for and received from a new 2021 law that allows people to sue big tech over censorship.
--:-- Megan Basham: Now a federal judge previously blocked that so it's not in effect right now but Florida is appealing that ruling
--:-- Megan Basham: Do you think this came as a surprise to Disney? You know, yes and no. On one hand DeSantis did signal before that Reedy Creek could be in jeopardy as a result of Disney CEO Bob Chapik promising that Disney would work to overturn that new Florida law.
--:-- Megan Basham: As a reminder, that law bans public schools from talking about sexuality or gender identity with kids before the fourth grade. But look, I mean, big companies have used their clout to wade into state politics before. We saw it in Georgia, for example, when Delta and Coca-Cola took public stances against new abortion and voting laws.
--:-- Megan Basham: Now, in that case, Georgia legislators threatened to strip Delta of special tax breaks over that. But the effort stalled before it really went anywhere. So Disney might have reasonably assumed that DeSantis was just engaging in a little grandstanding when he said that Reedy Creek was on the table.
--:-- Megan Basham: Looks now like he wasn't bluffing. Of course, that doesn't mean that this proposal revoking those privileges will pass. State lawmakers often balk at upsetting big business when push finally comes to shove.
--:-- Megan Basham: But usually that's because they don't want to upset that campaign donation apple cart. In this case, Disney has already promised LGBT activists within the company that it's not going to make any political donations in Florida going forward.
--:-- Megan Basham: So you have to say it kind of gave up its leverage there. And if DeSantis and Florida Republicans get this done, it very well could embolden other red states to fight back against big companies that are using their clout to push political agendas.
--:-- Megan Basham: Meaning if it happens, we could see some rippling effects beyond Florida and Disney. Right. We'll definitely have to keep an eye on what that special session decides.
--:-- Ben Johnson: Corporate investors are pricing private homebuyers out of the market.
--:-- Georgia Howe: You can get this show and all of the content you love wherever you are, all on the Daily Wire app. Even if you're not a Daily Wire member, you'll be first to know what's trending with mobile notifications for the latest news.
--:-- Ben Johnson: And you'll get content from all your favorite Daily Wire shows. Download the Daily Wire app and keep up with the facts no matter where your day takes you.
--:-- Ben Johnson: Housing prices have risen at the highest rate in 35 years. Many would-be homebuyers report they are unable to compete with corporate investors who buy up homes to turn into rental properties.
--:-- Ben Johnson: But some homeowner associations are taking steps to keep the market open for families and individuals. Here are the details as Daily Wire reporter, Ben Johnson.
--:-- Ben Johnson: Thanks for joining us, Ben. Thanks for inviting me. First of all, can you give us the big picture? Just how much have housing prices and mortgage rates increased?
--:-- Ben Johnson: Mortgage rates have risen about a point and a half since last year, thanks to rising interest rates, but rates remain fairly low at 4.67 percent. That could change as the Federal Reserve continues further rate hikes to combat inflation.
--:-- Ben Johnson: But the problem isn't the interest. It's the principle. The price of the average single-family home has risen to $394,000. That's a 30% increase since 2019, according to the National Association of Realtors.
--:-- Ben Johnson: Last year saw the highest home price increase since record-keeping began in 1987. Wow. So mortgage rates are rising, housing prices are rising a lot.
--:-- Ben Johnson: What role do these corporate owners play in all this? Real estate brokers say that large corporate investors, such as BlackRock, pay more than asking price, and they're able to pay the full amount in cash.
--:-- Ben Johnson: That effectively shuts young couples looking to purchase their first homes out of the market. Investors bought about one out of every seven homes in major metropolitan areas last year according to an analysis from Redfin
--:-- Ben Johnson: That creates several problems. It hurts young families because homeownership's the primary building block of wealth in the U.S. Families who own their homes have a median net worth 40 times higher than families who rent.
--:-- Ben Johnson: 40 times higher? Yeah. It also affects renters who see their rent increase. A young couple in Jacksonville, Florida, saw a 30 percent rent increase in one month.
--:-- Ben Johnson: They told me the market justified it. And they were right, because I looked at 30 other apartments, and they were all way too much for us to afford.
--:-- Ben Johnson: The situation could also present a general moral hazard. The Federal Reserve's policy of near zero percent interest rates made it lucrative for corporations to purchase hard assets like real estate.
--:-- Ben Johnson: But government bailouts incentivize investors to make dubious investments with the understanding that they'll enjoy the profits while taxpayers will bear much of the risk.
--:-- Ben Johnson: Well, that's bad news for renters, possibly for taxpayers. Why do HOAs care about all this?
--:-- Ben Johnson: Right. Well, they say absentee landlords are less incentivized to repair and maintain these homes, and renters have no incentive to maintain these homes, which drives down the price of every home in the neighborhood.
--:-- Ben Johnson: All right, so this is where HOAs step in. What are they doing to restrict corporate ownership?
--:-- Ben Johnson: The HOAs have restricted how many houses corporations can purchase. They've required buyers to get approval from the HOA before the purchase, or they force the owner to actually live in the property for a period of time before they can put it up for rent.
--:-- Ben Johnson: And that would help keep prices down and markets open to new homeowners. Right. With the prices of homes rising as they are, will this be enough to reverse the trend?
--:-- Ben Johnson: This is definitely not a solution by itself. One of the biggest problems in the U.S. is that we have a massive housing shortage. Developers need to build 3.8 million homes to satisfy existing demand, according to Freddie Mac.
--:-- Ben Johnson: In part, that's due to government regulations, which also represent a huge unseen cost. Of the average home price of $394,000, government regulations account for about $94,000 of that.
--:-- Ben Johnson: Economist Thomas Sowell said it comes down to basic supply and demand. What's going on is that they're restricting the amount of housing that can be built. And obviously, if you restrict the supply while the demand is growing, the prices will go up through the roof.
--:-- Ben Johnson: All right, Ben, thanks for bringing us that report. It was my pleasure.
--:-- Ian Howarth: In order to handle an ongoing immigration crisis, one Western country has announced an experimental plan to curb illegal immigration.
--:-- John Bickley: Here to explain is Daily Wire's Ian Howarth.
--:-- Ian Howarth: All right, Ian, this newly announced plan is really causing a stir. What can you tell us?
--:-- Ian Howarth: Well, the United States is far from the only country experiencing an ongoing immigration and refugee crisis. In recent weeks, the United Kingdom announced a new and controversial plan to address the problem.
--:-- Ian Howarth: This involves a deal the UK Interior Ministry signed with Rwanda to send many migrants who arrive in the country to the East African nation.
--:-- Ian Howarth: While there, their asylum claims can be processed and many may be asked to permanently settle there. Here's Prime Minister Boris Johnson announcing the plan.
--:-- Ian Howarth: This innovative approach, driven by our shared humanitarian impulse and made possible by Brexit freedoms, will provide safe and legal routes for asylum while disrupting the business model of the gangs.
--:-- Ian Howarth: Because it means that economic migrants taking advantage of the asylum system will not get to stay in the UK while those in genuine need will be properly protected including with access to legal services on arrival in Rwanda And given the opportunity to build a new life in that dynamic country, supported by the funding we are providing.
--:-- Ian Howarth: Okay, so before we dig into the specifics, what motivated this rather drastic plan?
--:-- Ian Howarth: Well, as I mentioned, the UK is facing a migrant crisis of its own. Just last year, 28,000 people crossed the English Channel from France in small or makeshift boats at great risk to themselves.
--:-- Ian Howarth: You may remember several stories of migrants who drowned while attempting to make the journey. Right. And this is all while, just like the southern border between the US and Mexico, organized criminal gangs see migrants as an income stream which can be easily exploited.
--:-- Ian Howarth: The government in the UK has tried to address this growing problem, either by working with France or by monitoring the channel, but these have failed. So now they're experimenting with this new plan.
--:-- Ian Howarth: What exactly does this plan involve? The British government is going to be paying the Rwandan government around $150 million.
--:-- Ian Howarth: In return, Rwanda will accept single male illegal immigrants who enter the country moving forward or entered since January 1st.
--:-- Ian Howarth: The UK's interior minister, Priti Patel, travelled to Rwanda to sign and celebrate the agreement.
--:-- Ian Howarth: We as two ministers stand here today absolutely committed to changing some of the norms around the broken global migration system. Because for too long, other countries, and by the way, naysayers, just sit on their hands and have been watching people die.
--:-- Ian Howarth: But there is significant pushback here. First, numerous non-profit organizations and opposition political figures have argued that this is an inhumane policy, especially if we consider Rwanda's history on human rights.
--:-- Ian Howarth: In an unusual political statement during an Easter service, the Archbishop of Canterbury described the plan as ungodly. Subcontracting out our responsibilities, even to a country that seeks to do well like Rwanda, is the opposite of the nature of God, who himself took responsibility for our failures.
--:-- Ian Howarth: Meanwhile, Patel has responded by saying that critics of the scheme don't have any alternative solutions beyond those that have already failed in the past.
--:-- Ian Howarth: Well, I'm sure other countries struggling with immigration will be watching how this experiment plays out. Yeah, that's for sure.
--:-- John Bickley: Thanks for the report, Ian. That was Daily Wire's Ian Howarth.
--:-- John Bickley: Other stories we're tracking this week. President Joe Biden's approval rating among Hispanics has fallen to 26%. That's according to a recent Quinnipiac poll.
--:-- Georgia Howe: And on Monday, Amtrak dropped its mask mandate for workers and passengers. Several other major transportation companies, including most airlines, have likewise dropped their requirements after a judge struck down the federal mandate.
--:-- John Bickley: Thanks for listening to Morning Wire. We created this show to bring more balance to the national conversation.
--:-- Georgia Howe: If you love our show and you stand with our mission, please consider subscribing, leaving us a five-star review, and most importantly, sharing our podcast with a friend.
--:-- John Bickley: That's all the time we've got this morning. Thanks for waking up with us. We'll be back tomorrow with the news you need to know.
--:-- Georgia Howe: If you like this podcast, subscribe to our Morning Wire newsletter available exclusively to Daily Wire members. Get the Morning Wire newsletter delivered straight to your inbox when you join at dailywire.com slash subscribe.
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