Good morning readers. Some of you may have noticed we didn’t send out two editions last week. That was because we lost an important supporter of the Pulse team and everything we do here. With a fresh week upon us, we’re kicking things back up in full swing and in high spirits.

We want to thank you all for being so supportive and patient with us.

Let’s jump into today’s storylines.

In today’s digest:

• Owning a home has become impossible in certain cities

• Headline Hustle: Tesla’s board re-approves Elon Musk’s $48.3 billion compensation package, Alex Jones will continue running InfoWars but have his personal assets liquidated, Supreme Court wants to significantly change Second Amendment rights

• The price of EV used cars has taken a serious dive

• The Week Ahead: What to Expect

• Pulse Points: What’s Trending

REAL ESTATE

Owning a home in these cities has become impossible

Navigating the housing market lately feels more like playing Monopoly with a cheater: endlessly circling, never landing on 'Go'. A new report casts a harsh light on this, branding some of the world's major cities as “impossibly unaffordable” and leaving would-be homeowners wondering if they'll ever throw a housewarming party of their own.

Sky-high prices in sought-after spots

From the tech-heavy streets of San Jose to the sunny shores of Honolulu, the West Coast of the U.S. dominates the list of the most expensive places to own a home. California alone claims four spots in the top 10, with Los Angeles, San Francisco, and San Diego joining San Jose as cities where the cost of living is as steep as the city streets.

Meanwhile, down under in Australia, cities like Sydney, Melbourne, and Adelaide show that exorbitant housing costs aren’t just an American trend. But the crown for the least affordable city goes to Hong Kong, where tiny apartments command colossal prices, dwarfing the housing markets of nearly every other global city.

Why are prices so high?

The Demographic International Housing Affordability report links spiraling costs to a perfect storm of factors: pandemic-driven demand for homes with more space, strict land use policies that limit development, and investors hungry for profits. These elements combine to create a housing market that is less a ladder to climb and more a wall to scale.

But not all is bleak.

• The report suggests looking to New Zealand, where proactive housing policies have encouraged development and may offer a blueprint for other countries struggling with housing affordability.

• Cities like Toronto and Vancouver, also featured on the “impossibly unaffordable” list, might find solace—and solutions—in New Zealand’s approach.

Where dreams are still attainable: For those feeling priced out, the report offers a glimmer of hope by naming the most affordable cities. Places like Pittsburgh and St. Louis in the U.S., along with Edmonton and Calgary in Canada, show that affordable living isn’t extinct—it’s just a matter of geography.

IN THE KNOW

Headline Hustle

🤑 Tesla’s board approves Elon Musk’s $48.3 billion compensation package. Tesla shareholders have re-approved a pay package for CEO Elon Musk worth billions, which was previously voided by a Delaware judge. The approval came at Tesla's annual meeting, alongside a decision to move the company's incorporation to Texas. The compensation package, originally from 2018, includes 303 million stock options and was valued at $48.3 billion as of Thursday. The reapproval aims to keep Musk focused on Tesla amid challenges, including competition in the EV market and Musk's involvement in other ventures.

📺️ Alex Jones will continue running InfoWars…on one condition. A Texas bankruptcy judge rejected the proposed liquidation of Alex Jones' company, Free Speech Systems, the parent of Infowars, but approved the liquidation of Jones' personal assets. Judge Chris Lopez said this move is in the best interest of creditors and will allow Sandy Hook families to claim damages through state courts. The families are owed approximately $1.5 billion in damages. Jones' personal assets will be liquidated under Chapter 7, while Free Speech Systems faces creditors outside of bankruptcy.

🔫 Supreme Court wants to ‘significantly change’ the Second Amendment after bump stock ruling. Democratic Sen. Chris Murphy warned Sunday that the Supreme Court is poised to significantly alter the Second Amendment after striking down a federal ban on bump stocks. Murphy told CNN that the court appears ready to hinder Congress from implementing gun regulations like background checks and bans on weapons such as AR-15s. The court's ruling overturned a ban initiated by former President Trump after the 2017 Las Vegas shooting. Gun control advocates fear the decision will exacerbate gun violence, while many Republicans support the ruling as a protection of Second Amendment rights.

AUTO

The surprising decline of used EV prices

Remember when owning an electric vehicle (EV) felt like a VIP pass to the future? Well, the allure is fading faster than cheap cologne, as used EV prices plummet, challenging the once-irresistible appeal of going electric.

For the first time ever this February, grabbing a used electric car became cheaper than picking up its gasoline-powered counterpart. According to data from iSeeCars, which analyzed over 2 million cars, used EV prices have tumbled 30-39% over the past year, starkly contrasting the mere 3-7% dip in gas vehicle prices.

Luxury lost

The fall from grace is steepest among luxury brands.

• The gap between used Tesla models and comparable BMWs, for instance, has widened dramatically.

• Last May, a Tesla Model 3 commanded a higher price than a BMW 3 Series; this year, it’s trailing by over $4,800.

The driving force behind this downturn? None other than Tesla's Elon Musk, whose price cuts have sparked an industry-wide price war, dragging down used EV prices across the board. Meanwhile, Hertz's decision to offload a third of its EV fleet at bargain prices further flooded the market, diluting the exclusivity that once propped up EV values.

Hybrids are making their mark: Amidst these electric shake-ups, hybrids are having a moment. With automakers like General Motors scaling back on EV production forecasts and boosting hybrid promotions, it seems the market is recalibrating its electric dreams.

WEEK AHEAD

What to expect

• This week will be shortened for US investors: Markets will be closed on Wednesday in observance of Juneteenth National Independence Day.

• French Parliamentary election campaigns officially start on Monday: Election propaganda will be distributed, posters put up, and final candidate lists published by different parties. President Emmanuel Macron is said to be falling behind in preliminary polling by as much as half, with his party at barely 15% in the polls on the opposition party, RN, at 31%.

• The Bank of England and Swiss National Bank both announce their monetary policy decisions: The Bank of England is expected to keep its key short-term interest rate unchanged at 5.25%. There is a 75% chance that the Swiss National Bank will cut its main policy rate by a quarter-point to 1.25%, following a similar cut in March.

What else is happening…

• The Boston Celtics and Florida Panthers could be crowned champions tonight if they both win game 5 at home. The Florida Panthers and Edmonton Oilers start at 8PM EST while the Boston Celtics and Dallas Mavericks start at 8:30PM EST.

SNIPPETS

Pulse Points

• Catherine, Princess of Wales, made her first public appearance at King Charles's birthday parade on Saturday since announcing in March that she was being treated for cancer.

• Charles Barkley, a key member of the award-winning "Inside the NBA" studio, will retire from television next year.

• Disney and Pixar's "Inside Out 2" debuted with an estimated $155 million domestically, marking the second-highest opening for an animated film and the first to top $100 million since Warner Bros.' "Barbie."

• Hollywood stars including George Clooney, Julia Roberts, and Barbra Streisand headlined a record-breaking fundraiser for President Joe Biden, raising over $30 million for a Democratic candidate.

• Bryson DeChambeau beats Rory McIlroy to win the U.S. Open, and his second major, over the weekend.

• Remote workers using ‘mouse-mover’ technology are getting caught and fired.

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