Must Read Money Stories For Wednesday, Oct. 14

by October 14, 2015

MRMSLayoffs at Twitter. Twitter plans to lay off up to 336 employees, as CEO Jack Dorsey takes charge of the company once more, Forbes reported. In a letter to employees, Twitter said, “We are moving forward with a restructuring of our workforce so we can put our company on a stronger path to grow.” The letter said cuts will come “from across the company.” Rumors of cuts at Twitter began to circulate last week.

Living in DTLA. Los Angeles, once a city of swimming pools and sprawling lawns, is now enjoying a booming condo market. KPCC’s Ben Bergman says residents are clamoring to live downtown, even though one-fifth of the city’s office space is vacant. In 2000, only 27,000 people lived in DTLA. Now, the population will soon be triple that. Angelenos are craving the urban lifestyle in vogue in other places, even as they head to offices elsewhere.

London prices soar. Meanwhile, across the pond, soaring home prices in London are drawing cash out of the economy, according to The Guardian.  Residents are spending so much on homes that they have little left over for dining out, shopping and entertainment. The cost of a London home has risen 46 percent from the early 2000s, to an average of $877,000. The property spending is preventing job creation, according to the report.

No more Taxi TV? That annoying feature of riding in taxis may soon be a thing of the past, at least in New York City. Mashable says there is a proposal to eliminate the mini-broadcasts, a feature of cabs since 2006. The screens were a backdoor way to allow passengers to use credit cards. But many cabs have since added separate machines allowing customers to swipe or tap, and lots of passengers mute the screens anyway.