The best way to help your kids buy a home in a ‘nepo’ market | Mira Murati, the young CTO of OpenAI, is building ChatGPT and shaping your future | Aid agencies deliver just 29ml of water per person to Gaza | Time to take a wrecking ball to realtors’ fees in America

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� � � � � � You Might Like � � � � � � � � � The best way to help your kids buy a home in a 'nepo' market - Fortune    Recently Redfin’s chief economist, Daryl Fairweather, coined a new subset of homebuyers. The group had a few attributes in common: They’re millennials and Gen Zers, mostly. They desperately want to buy a home. But by and large they’re not applying for mortgages at Chase or BofA. They’re looking for help much closer to home.  Fairweather calls them “nepo-homebuyers,” and they’re much more common than you might think. Earlier this year, Redfin conducted a survey of recent movers and found 38% of more than 500 buyers under the age of 30 either used a cash gift from a family member or an inheritance for their down payment. Her play on nepotism is a nearly perfect way to describe our current housing market, one of deteriorated affordability that’s fallen to levels unseen since the height of the housing bubble. And family money, seemingly now more than ever, matters. “It seems like the only way to kind of get your foot in the door to the housing market is to have some help,” Fairweather previously told Fortune.  Continued here Mira Murati, the young CTO of OpenAI, is building ChatGPT and shaping your future - Fortune    Mere moments before Mira Murati, the chief technology officer of OpenAI, meets us at a conference room in the company’s San Francisco headquarters, another executive exits the space: cofounder and CEO Sam Altman. The nerdy frontman of the AI revolution darts in from another room, gathers his belongings—which, underwhelmingly, consist of just a laptop—and shuffles away quietly, clearing the path for Murati to take center stage.  It’s Altman who’s typically the public face of the best-known company in AI; in fact, he’d recently flown back from Washington, D.C., from talks with Congress about regulation. Less well known, but just as crucial to OpenAI’s soaring ascent, is Murati, who often tinkers just outside of the spotlight. Murati, 34, is the executive who manages the popular chatbot ChatGPT as well as DALL-E, an AI system that creates art from text—the products that have propelled OpenAI, which started eight years ago as a nonprofit research lab, to unforeseen heights. After ChatGPT launched in November 2022, it amassed more than 100 million monthly active users in just two months, making it the fastest-growing consumer application in history. And as these products continue to evolve, sometimes in response to embarrassing or even disturbing glitches, it’s Murati who’s increasingly responsible for explaining the latest iterations to a public that can seem hyper-attuned to every breakthrough and misstep.  Continued here Don't like ads? Go ad-free with TradeBriefs Premium Aid agencies deliver just 29ml of water per person to Gaza - The Economist    LIFE in gaza, for many, is now all about walking and waiting. People walk to water trucks and wells, to bakeries, to whoever has some food to distribute. Then they wait, often for hours; sometimes they go home empty-handed. At night they wait for dawn, which usually brings a lull in Israel’s bombardment of the enclave, and a chance to catch a few hours of sleep. The 2.2m people in Gaza have now endured more than a month of war and near-total siege. Some are also nearing a month of displacement. Since October 13th Israel has repeatedly told the 1.1m inhabitants of north Gaza to flee south. About three-quarters are thought to have heeded the warning. There are fewer Israeli strikes in the south, but it is hardly safe: on November 7th, for example, one Palestinian was killed and nine others injured in a strike on a school in Khan Younis, the first city south of the evacuation line. Most of those displaced are sheltering in UN facilities, hospitals and other public buildings—all of them bursting at the seams. At a vocational-training centre in Khan Younis, the most crowded UN shelter, each resident has less than two square metres of personal space and each toilet is shared by at least 600 people. Continued here Time to take a wrecking ball to realtors' fees in America - The Economist    DEATH, TAXES AND extortionate realtors’ fees: for decades these have been the three grim certainties of American life, and one of them is avoidable. Every time a home changes hands, realtors (known as estate agents in Britain) charge a staggering 5-6% of its value, two or three times more than they can get away with in any other rich country. As the internet has allowed would-be buyers to browse properties from a sofa, agents’ fees have tumbled elsewhere—but not in America, where they have been set in concrete for nearly a century. Why? On October 31st a court in Missouri gave the obvious answer: because of anti-competitive practices. Ruling on a class-action lawsuit, a jury found the National Association of Realtors (nar) and a handful of large real-estate brokers guilty of conspiring to keep commissions high. They awarded homesellers $1.8bn in damages. It’s a start. A similar class-action suit in Illinois will probably be decided next year. America’s Department of Justice is investigating the industry. The plaintiffs in the Missouri suit have already filed another suit against another group of brokers. More copycat suits are likely to follow. Analysts think damages could reach $400bn. Share prices of listed real-estate brokers have dropped sharply. Bob Goldberg, the boss of the nar, said he would retire early. Continued here

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