Kyle city is too hot, short on water, and booming

👋 Good morning. It’s Tuesday! Here’s what’s fresh in Texas real estate.

Today's newsletter is 660 words — a 2.5-minute read.

1. Texas federal court strikes down FTC non-compete rule

A federal judge in Texas blocked the Federal Trade Commission’s (FTC) rule that would ban noncompete clauses, preventing the rule from taking effect on 4th September 2024.

The FTC argues noncompete agreements limit workers' freedom and suppress wages, impacting about 30 million employees.

Companies oppose the ban, saying noncompetes protect business interests, and the FTC is considering appealing the ruling, which could eventually reach the Supreme Court.

2. Property damage in Harris after the derecho? Apply for lower taxes

The Harris Central Appraisal District (HCAD) is reminding property owners affected by the recent derecho that the deadline to apply for the temporary disaster exemption is on Tuesday, September 3.

This exemption could lower 2024 property taxes by reducing a portion of the appraised value of damaged structures and business personal property used for income production.

However, it’s important to note that damage to trees or shrubbery does not qualify for this exemption. LINK

A MESSAGE FROM DAVE YOUR MORTGAGE GUY

3. Catch up quick

🏘️ This Texas city is too hot, short on water, and booming. (DailyMail)

📈 Fort Worth evictions rise as Dallas holds steady. (EvictionLab)

📺 Development planned at Southfork Ranch, home of the ‘Dallas’ TV show. (WFAA)

⚖️ Realtors file suit against Move, NAR over 'fake leads' scheme. (BAM)

👯‍♀️ Fun read: Two Midland friends reunite after roughly 70 years apart. (NewsWest9)

4. Velocis responds as Austin suburbs sue to stop its industrial project

Velocis, a Dallas-based developer, is defending its plans for a 270,000-square-foot industrial project, the West Austin Business Park after the cities of Bee Cave and Lakeway filed a lawsuit to stop the development.

The lawsuit alleges that the project violates a 2015 development agreement permitting only commercial or office development at the site. Bee Cave officials said the industrial project is “inappropriate” for the area because it would generate noise and pollution.

The city council is set to discuss the litigation in an executive session at its next meeting today August 27.

5. Hines buys initial 90-acre land for the 1,000-acre Denton County community

Hines along with partners Trez Capital and the Furst family announced Thursday that it acquired the initial 90 acres for Furst Ranch.

The project, located at U.S. Highway 377 and Cross Timbers Road between Flower Mound, Bartonville, and Argyle, is expected to span over 1,000 acres.

Development is already underway and prices of the homes start from $800,000 to over $2.5 million.

6. DOJ accuses RealPage of helping landlords raise rents

RealPage faces an antitrust lawsuit accusing the company of helping the country's biggest landlords to artificially inflate prices for renters.

Justice Department officials allege that RealPage is another reason for the high rents since the algorithm allows landlords to align their prices and avoid competition that would otherwise keep rents down.

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