HUD to Cut 50% of Workforce as Anywhere Real Estate Reports Strong 2024 Earnings and Palm Beach Market Soars Amid New York Migration

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HUD to Cut 50% of Workforce

The U.S. Department of Housing and Urban Development (HUD) is set to cut 50% of its workforce, according to the agency’s union president, Antonio Gaines. The cuts will affect employees in departments that enforce civil rights laws, collect housing market data, and assist in rebuilding communities after disasters. However, the Federal Housing Administration, which provides mortgage insurance, will remain unaffected.

This move follows a directive from President Donald Trump, issued on February 11, to prepare for large-scale workforce reductions in agencies, targeting positions not mandated by law, including those related to diversity, equity, and inclusion programs. In addition, the U.S. Forest Service plans to terminate about 3,400 employees, and the Consumer Financial Protection Bureau is expected to lay off most of its staff.

HUD, which employs about 9,600 people, has not yet responded to requests for comment.

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Anywhere Real Estate Reports Strong 2024 Earnings

Anywhere Real Estate Inc., a global leader in residential real estate services, has reported its financial results for the fourth quarter and full year of 2024. Despite a challenging housing market, the company posted impressive gains, including a $112 million year-over-year increase in fourth-quarter revenue, reaching $1.4 billion. Operating EBITDA surged by $24 million to $52 million, and the company’s luxury real estate brands, such as Coldwell Banker Global Luxury and Sotheby’s International Realty, saw closed transaction volume jump nearly 20%.

CEO Ryan Schneider expressed confidence in 2025, highlighting innovations like generative AI and expanding luxury leadership. Meanwhile, CFO Charlotte Simonelli praised the company’s cost savings and improved capital structure.

Full-year revenue totaled $5.7 billion, and Anywhere exceeded cost-saving targets by 25%. The company also grew its franchise network, adding 67 franchisees. Notably, Anywhere was recognized by Forbes as a World’s Best Employer and continues its streak as a World’s Most Ethical Company.

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Palm Beach Market Soars Amid New York Migration

A surge of wealthy New Yorkers is fueling a booming real estate market in Palm Beach, Florida, in what experts are calling a “supercharged southern migration.”

At the height of the COVID-19 pandemic, affluent New Yorkers fleeing the crowded streets of Manhattan turned to the sun-soaked luxury of Palm Beach. And that trend hasn’t slowed down. As demand soared, property prices skyrocketed, with the median price peaking at $4.15 million in 2022. While prices have eased slightly, they remain far above pre-pandemic levels.

According to experts, this migration, driven by high-net-worth individuals, has reshaped the market. By 2023, nearly 20% of Palm Beach property views came from New York. The result? A dramatic decrease in available homes and a surge in multi-million-dollar sales, especially along the exclusive “Billionaire’s Row.”

Palm Beach’s appeal continues to grow among the ultra-wealthy, with mega-deals already setting records. It’s clear: Palm Beach is quickly becoming a playground for the rich and famous.

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