As the U.S. continues to face challenges with its housing market, one real estate tycoon is pointing the finger at Fed Chair Jerome Powell for the industry’s downfall.
Grant Cardone, the CEO of Cardone Capital, argued that Federal Reserve Chairman Jerome Powell "caused" the country’s "housing crisis" during his appearance on "Mornings with Maria" on Monday.
"He [Jerome Powell] has done more damage to the middle class and to housing in this country than any other single Fed or any decision that has ever been made out of Washington, D.C.," Cardone stressed.
Cardone criticized the country’s high interest rates as the reason for "preventing" people from buying homes.
"That's why you have 500,000 more homes listed than buyers for those homes. When the rates come down, prices will also come down with it because you'll have more supply in the marketplace and supply is what controls prices," he said.
Following the Federal Open Market Committee’s May meeting, the central bank announced that it would leave the benchmark interest rate unchanged at a range of 4.25% to 4.5%.
The U.S. real estate market is about to see a shift in the coming months, according to an industry expert.
Cardone told FOX Business’ Jackie DeAngelis that "interest rates do not control prices."
He explained that lower rates could "stimulate" activity in the market and "activity is what makes the economy work."
"When you have a high supply but no demand because rates are too high, you don't have buyers coming in to reach those homes [so] the prices stay up," Cardone said.
The real estate expert’s criticism of Powell didn’t stop there. Cardone said that despite inflation dropping, the Fed chief has kept interest rates up.
"If you want homes to move in this country, we need investors back into the marketplace and we need buyers back in the marketplace able to get a low interest rate."
President Donald Trump answers a reporter's question about prices and addresses his feud with Federal Reserve Chairman Jerome Powell in the White House.
Cardone attributed the drop in inflation to President Donald Trump’s "enthusiasm, optimism and speculation of opening up the marketplace."
"'Too Late' at the Fed is a disaster!" Trump wrote in a post on Truth Social. "Europe has had 10 rate cuts, we have had none. Despite him, our Country is doing great. Go for a full point, Rocket Fuel!"
California Department of Corrections and Rehabilitation (CDCR) officials are investigating after a death row inmate was killed at Kern Valley State Prison in Delano on Friday.
Convicted murderer Mario Renteria, 36, allegedly started beating fellow inmate, Julian Mendez, 46, at about 10:30 a.m. Friday, prompting prison staff to respond.
Officers ordered them to get down, but the men failed to comply, according to a CDCR news release obtained by Fox News Digital.
Chemical agents initially stopped the attack, but more than 30 additional inmates rushed Renteria and began striking him.
Orders to stop were ignored, and staff used multiple blast grenades to quell the violence, according to CDCR.
Mendez suffered multiple wounds, and life-saving measures were immediately taken.
He was taken to the prison’s triage and treatment area, where a doctor pronounced him dead at 11:05 a.m.
Officials said an improvised weapon was found at the scene, though the type of weapon was unclear.
Renteria remains in restricted housing pending investigation, according to CDCR.
The brutal attack happened Friday at Kern Valley State Prison.AP
Officials limited population movement to facilitate the investigation by the prison’s Investigative Services Unit and the Kern County District Attorney’s Office.
The Office of the Inspector General was notified, and the Kern County Coroner will determine Mendez’s official cause of death.
Mendez was received from Riverside County on Dec. 2, 2004, according to CDCR.
Convicted murderer Mario Renteria allegedly confronted Mendez first.California Department of Corrections and Rehabilitation
He received a condemned sentence in 2002 for the first-degree murder of two teenagers.
CDCR said Renteria was received from Riverside County on April 27, 2022, and was sentenced to life with the possibility of parole for first-degree murder (a third-strike offense) and arson.
Kern Valley State Prison opened in 2005 and houses over 3,100 minimum- and high-security-custody inmates.
If you are jetting off for a European summer, there is one date to beware of: June 15.
Locals in tourist hotspots who feel foreigners are turning their cities into playgrounds while they are left behind with a housing crisis, rising rents and environmental impacts are planning to disrupt airports, tour buses and popular attractions with placards and water pistols to get their point across.
Following a meeting in Barcelona in April, a coalition of activists — the Southern Europe Network Against Touristification – revealed they were planning a day of protests on June 15.
“The goal is not to attack individuals but to draw attention to the social and environmental toll tourism is taking on our cities,” one unnamed organizer from Lisbon told EU Today. “We are being squeezed out of our homes, our public spaces, and our daily lives.”
“It’s not about hating tourists – it’s about saving our communities,” said another activist.
A tourist watches protesters during a demonstration calling for a change in the tourism model in the Canary Islands, in Las Palmas de Gran Canaria, Spain, May 18, 2025.REUTERS
The Spanish island of Majorca is expecting its biggest day of anti-tourist demonstrations yet, with 60 groups wanting to bring the streets to a standstill with the slogan, “For the right to a decent life; Stop touristification”.
It is certainly not the first time we have seen these kinds of protests.
One of the latest incidents to grab global headlines was in Barcelona in April when protesters congregated outside the city’s Sagrada Familia Basilica wielding water pistols and shouting “tourists go home” as a bus packed with visitors made its way through the streets.
Brett Mitchell, the Australian managing director of Melbourne-born global company Intrepid Travel, said he understood the frustrations of people living in these tourist hotspots and getting the balance right was a real issue that needed to be dealt with.
He said it was on everyone, including government, tour operators, cruise lines and airlines, to get around the table and work on solutions for responsible destination management.
“The reality is tourism is not going to slow down, it’s a mega trend and it’s only going to become bigger and bigger, and if the issue is not addressed it’s going to get worse and worse every year,” Mitchell said.
While tourism is vital to the local economies of these destinations — and more generally, in bringing the world together — Mitchell said at peak times locals were being “pushed out” or having their “whole lifestyle completely turned on its head”.
Acitivists against tourism stop a tourist bus in front of La Sagrada Familia Basilica, to protest against overtourism in the city, in Barcelona, Spain, April 27, 2025.REUTERS
“As a traveler, I think there’s a lot of things we can do,” he said.
“Traveling in smaller groups; we always believe there’s always a much better experience for locals and also you as a traveller.
“Look at the off seasons or shoulder seasons; it’s another really good way to try and avoid crowds.
“Getting off the beaten track; yes go and see these amazing iconic tourist spots but get there early and then move on and go and see other alternative areas and destinations.
“And then we really believe in trying to spend locally, so really try and do your research and make sure the money on the ground when you’re spending it in these countries is going to locally owned businesses and supply chains.”
Sarah Orr, from travel insurance comparison site Compare the Market, described the day of protests as “terrible timing for the tens of thousands of Aussies” who head to Europe this time of year.
She said some comprehensive travel insurance policies cover expenses for additional accommodation and travel expenses as a result of riots, strikes and civil commotion.
“However, most policies will not cover you for cancellation fees and lost deposits, if the unrest escalates, continues for some time and/or the commencement of the unrest predates the purchase of your insurance,” she warned.
“While these protests are unlikely to cause major disruptions, it’s a good idea to read up on when and where they are happening, so you can plan your itinerary accordingly and avoid them if possible.
“The protests will target tourist hotspots, major landmarks and high foot traffic areas. It may be a great opportunity to visit some less “touristy” parts of the city, to take in the culture conscientiously.”
A man displays a sign during a demonstration calling for a change in the tourism model in the Canary Islands, in Las Palmas de Gran Canaria, Spain, May 18, 2025.REUTERS
Popular destinations across the world have been desperately trying to find new ways to cope with a massive boom in tourism post-Covid and avoid the trend dubbed “overtourism”.
New taxes and fees have been introduced, caps have been put on visitor numbers, and new hotels and short-term rentals have been banned.
Japan has urged Australians to explore the country beyond the typical tourist hotspots as visitor numbers reach record highs. About 920,000 Australians visited Japan in 2024, setting a new record. This year we’re expected to break the one million mark for the first time.
And Japan’s advice echoed that of Indonesia in 2023, which pleaded with Aussies to explore more of the country beyond Bali.
Foreigner crackdowns across the globe
Countries across the world are continuing to crack down on foreigners.
Donald Trump’s “enhanced vetting” for arrivals at US airports appears to be getting the most attention, but there is plenty more happening elsewhere.
Italy has changed its citizenship laws, making it significantly harder for Australians (and other foreigners) to get a passport by descent. You can no longer get citizenship if your great-grandparents were born there, it has to be a parent or grandparent.
Venice is doubling its entry free for day-trippers this season and expanding the days it applies to. The fee, first introduced a year ago, was 5 euros ($9) and is now 10 euros ($18) for any visitors who don’t book more than four days in advance.
Spain has ended its “golden visa” that allowed non-EU citizens to get residency by buying property worth more than 500,000 euros, which closes off a pathway to Spanish citizenship.
Meanwhile, the city of Malaga has prohibited new holiday rental properties in 43 neighbourhoods for three years and a court has backed Barcelona’s ban on short-term holiday rentals from 2028.
The UK began requiring Australians, and a bunch of other countries who were previously exempt, to complete an application and pay a fee to enter. The EU will do the same but has delayed implementing the Electronic Travel Authorization (ETA) system for 30 European countries multiple times, with the latest timeline indicating late 2026.
Scotland’s capital Edinburgh has revealed next year it will join a number of cities now charging a tourist tax on overnight accommodation. A 5 percent charge will be added.
In Japan, the latest plan for hotspot Kyoto is to raise the historical city’s accommodation tax tenfold — from 200-1000 yen ($2 to $11) per night, depending on the price of the lodging, to between 2000 and 10,000 yen ($22 to $115) per night.
Meanwhile, the mandatory fee for hiking Mount Fuji has doubled to 4000 yen ($46) per person for the peak season this year. A fee and requirement to book a limited spot was first introduced last year.
Nepal has also hiked the permit fee to summit Mount Everest during peak season by 36 percent. It will now cost $$25,150, up from $18,450.
Last year, notable changes in holiday hotspots included Bali introducing a $15 fee to enter the wildly popular Indonesian island, Greece introducing a cap on visitor numbers to the famed Acropolis in Athens, and Amsterdam in the Netherlands banning new hotels from being built.
