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A record number of New Yorkers are dishing out cash to nab a home in Manhattan, where the average digs run for $2 million.

Cash sales in the Big Apple made up a staggering 67.9% of transactions in the fourth quarter of 2023, according to the latest quarterly survey of Manhattan sales from appraisers Miller Samuel and brokerage giant Douglas Elliman.

The figure, which usually hovers around 50%, “exceeds two-thirds of all sales to reach a record-high market share,” according to the report.

It also represents a stark increase from the 55% of wealthy homebuyers who paid for their pad in cash in December 2022.

Tim Malone, a luxury real estate advisor on the Steven Cohen Team and Douglas Elliman, told The Post that he’s seen this cash trend “all year long.”

“The sky-high mortgage rates have had a direct impact on buying trends, especially in the luxury market,” added Malone, whose current listings go for between $650,000 and $20 million.

“More than half of my buy side deals were all cash last year,” he said.

As of Thursday, the average 30-year fixed home loan is 6.62%, according to mortgage buyer Freddie Mac — double what it was in January 2022, when rates started surging as the Federal Reserve began its aggressive tightening regime, which has lifted the benchmark federal funds rate to a 22-year high.

By paying cash, deep-pocketed homebuyers with ample liquid assets are skirting interest rates altogether.

The housing market has threatened to price out middle- and lower-class buyers over the past year as monthly mortgage rates have risen to cost more than monthly rent payments — so much so that the commercial real estate firm CBRE found that in October, the average monthly mortgage payment was a whopping 52% higher than the average monthly rent on a house or apartment.

Traditionally, monthly mortgage rates cost the same or less than monthly rent payments on an apartment which had been the case from 1996 to mid-2003 since owners tend to put more cash into their homes than tenants because of expenses like repairs and renovations.

In the lead up to the 08 market crash, the mortgage premiums peaked at 33% in the second quarter of 2006.

However, the script was flipped due to the increased cost of debt, high rates on a benchmark 30-year home loan — which peaked at 8% late last year — coupled with low housing supply.

These same factors give homeowners an incentive to stay put, as even downsizing to take advantage of lower sticker prices doesnt make sense given higher mortgage rates.

The higher rates also discourage homeowners who locked in low rates two years ago from selling.

In a bid to combat low housing stock, Wall Street firms are working to create so-called “build-to-rent communities.”

The new homes come equipped with modern flooring and furnishings that are designed to withstand years of wear and tear, thus saving the companies a hefty sum on maintenance costs while also being attractive to tenants.

There are some 900 neighborhoods nationwide with this build-to-rent model in mind, according to the National Association of Home Builders, each boasting an average of between 135 and 150 homes designed for institutional investors to own them and rent them out to single families.

Like most businesses, Wall Street real estate investors are looking at the economies of scale, Ted Jenkin, the founder and CEO of Atlanta-based oXYGen Financial, told The Post  earlier this week.

If you can buy one plot of land, build a similar style house with similar materials it becomes much cheaper and cost efficient for your outcomes.

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Kids ‘sleep with vapes under pillows’ – but will sales ban on disposables have any effect?

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Kids 'sleep with vapes under pillows' - but will sales ban on disposables have any effect?

As a ban on the sale of disposable vapes comes into force on Sunday, a doctor who set up the first-ever clinic to help children stop vaping has said she has seen patients so addicted they couldn’t sleep through the night without them.

Professor Rachel Isba established the clinic at Alder Hey Hospital in Liverpool in January and has now seen several patients as young as 11 years old who are nicotine dependent.

“Some of the young people vape before they get out of bed. They are sleeping with them under their pillow,” she told Sky News.

Professor Rachel Isba set up the first-ever stop vaping clinic for children
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Professor Rachel Isba set up the first-ever stop vaping clinic for children

“I’m hearing stories of some children waking up at three o’clock in the morning, thinking they can’t sleep, thinking the vape will help them get back to sleep. Whereas, actually, that’s the complete opposite of how nicotine works.”

Ms Isba said most of her patients use disposable vapes, and while some young people may use the chance to give up, others will simply move to refillable devices after the ban.

“To me, vaping feels quite a lot like the beginning of smoking. I’m not surprised, but disappointed on behalf of the children that history has repeated itself.”

A government ban on single-use vapes comes into effect from Sunday, prohibiting the sale of disposable vaping products across the UK, both online and in-store, whether or not they contain nicotine.

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The Department for Environment, Food and Rural Affairs (Defra) said usage among young vapers remained too high, and the ban would “put an end to their alarming rise in school playgrounds and the avalanche of rubbish flooding the nation’s streets”.

A sign for customers at a Tesco store in Gerrards Cross, Buckinghamshire, advising customers that the sale of disposable vapes will end on 30 May 2025. Picture date: Wednesday May 14, 2025. Pic: PA
Image:
Pic: PA

Circular economy minister Mary Creagh said: “For too long, single-use vapes have blighted our streets as litter and hooked our children on nicotine. That ends today. The government calls time on these nasty devices.”

At nearby Shrewsbury House Youth Club in Everton, a group of 11 and 12-year-old girls said vape addiction is already rife among their friends.

Yasmin Dumbell said: “Every day we go out, and at least someone has a vape. I know people who started in year five. It’s constantly in their hand.”

Yasmin Dumbell says she knows students who started vaping in year five
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Yasmin Dumbell says she knows students who started vaping in year five

Her friend Una Quayle said metal detectors were installed at her school to try to stop pupils bringing in vapes, and they are having special assemblies about the dangers of the devices.

But, she said, students “find ways to get around the scanners though – they hide them in their shorts and go to the bathroom and do it”.

Una Quayle says metal detectors installed at her school won't stop students using vapes
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Una Quayle says metal detectors installed at her school won’t stop students using vapes

The girls said the ban on disposables is unlikely to make a difference for their friends who are already addicted.

According to Una, they’ll “find a way to get nicotine into their system”.

As well as trying to address the rise in young people vaping, the government hopes banning single-use vapes will reduce some of the environmental impact the devices have.

Read more:
Disposable vape ban explained
Why vapes are environmentally bad
School support worker struck off over vapes boasts

Although all vapes can be recycled, only a tiny proportion are – with around eight million a week ending up in the bin or on the floor.

Pulled apart by hand

Even those that are recycled have to be pulled apart by hand, as there is currently no way to automate the process.

Scott Butler, executive director of Material Focus, a recycling non-profit group, said vapes were “some of the most environmentally wasteful, damaging, dangerous consumer products ever sold”.

His organisation worries that with new, legal models being designed to almost exactly mimic disposables in look and feel – and being sold for a similar price – people will just keep throwing them away.

He said the behaviour “is too ingrained. The general public have been told ‘vapes are disposable’. They’ve even been marketed this way. But they never were disposable”.

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Why stockpiling vapes could be dangerous – as ban on disposables nears

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Why stockpiling vapes could be dangerous - as ban on disposables nears

A ban on disposable vapes comes into force on Sunday, with a warning issued about the “life-threatening dangers” of stockpiling.

From Sunday it will be illegal for any business to sell or supply, or have in their possession for sale, all single-use or disposable vapes.

Online nicotine retailer Haypp said 82% of the 369 customers they surveyed plan to bulk purchase the vapes before they are no longer available.

But the vapes contain lithium batteries and could catch fire if not stored correctly.

A sign for customers at a Tesco store in Gerrards Cross, Buckinghamshire, advising customers that the sale of disposable vapes will end on 30 May 2025. Picture date: Wednesday May 14, 2025. Pic: PA
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A sign for customers at a Tesco store in Gerrards Cross, Buckinghamshire. Pic: PA

While more than a third (34%) of people surveyed by Haypp said they would consider buying an illegal vape after the ban, the overall number of people using disposable products has fallen from 30% to to 24% of vapers, according to Action on Smoking and Health.

Shops selling vapes are required to offer a “take back” service, where they accept vapes and vape parts that customers return for recycling – including single use products.

Read more: Everything you need to know about the ban

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The Local Government Association (LGA) led the call for a ban two years ago, due to environmental and wellbeing concerns, and is warning people not to stockpile.

Cllr David Fothergill, chairman of the LGA’s Community Wellbeing Board, said: “Failing to store disposable vapes correctly could cost lives, given the significant fire risk they pose.”

How disposable vapes catch fire – or even explode

Figures obtained by the Electric Tobacconist, via Freedom of Information requests, found an increase in vape related fires – from 89 in 2020 to 399 in 2024.

Many disposable vapes use cheap, or even unregulated lithium-ion batteries, to keep the costs down. These batteries often lack proper safety features, like thermal cut offs, making them more prone to overheating and catching fire.

If the battery is damaged, or overheats in any way it can cause thermal runaway – a chain reaction where the battery’s temperature rapidly increases, causing it to overheat uncontrollably.

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2019: Vape product starts fire on US passenger plane

Read more:
Ban may not curb e-cig use
Toddler filmed vaping
Illegal vapes found in WW2 bunker

Then, once these fires start start, they are very hard to stop. Water alone can make things worse if the battery is still generating heat, so they require specialised fire suppressants to put them out.

Batteries can then re-ignite hours, or even days later, making them a persistent hazard.

Disposable vapes are a hazard for waste and litter collection and cause fires in bin lorries, even though customers have been warned not to throw them away in household waste. They are almost impossible to recycle because they are designed as one unit so the batteries cannot be separated from plastic.

Some 8.2 million units were thrown away, or recycled incorrectly, every week prior to the ban.

The Department for Environment, Food and Rural Affairs (Defra) said usage among young vapers remained too high, and the ban would “put an end to their alarming rise in school playgrounds and the avalanche of rubbish flooding the nation’s streets”.

Circular economy minister Mary Creagh said: “For too long, single-use vapes have blighted our streets as litter and hooked our children on nicotine. That ends today.

“The government calls time on these nasty devices.”

‘One in five say they will return to cigarettes’

Separate research by life insurance experts at Confused.com found two in five people (37%) planned to stop vaping when the ban starts.

Nearly one in five (19%) said they would return to cigarettes once the ban comes into force.

The research was based on the answers of 500 UK adults who currently vape.

Vaping and smoking also appears to be on the rise, with Confused.com saying there was a 44% increase in the number of people declaring they smoke or vape on their life insurance policy since 2019.

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L.A.’s Betts day-to-day after stubbing toe in mishap

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L.A.'s Betts day-to-day after stubbing toe in mishap

LOS ANGELES — Mookie Betts stubbed a toe on his left foot during an off-the-field incident and was out of the Los Angeles Dodgers‘ lineup Friday night for the opener of a highly anticipated weekend series against the New York Yankees.

Betts was scheduled to undergo X-rays at Dodger Stadium before first pitch. Until then, the team will hope for the best.

“It’s day-to-day right now,” Dodgers manager Dave Roberts said. “So, that’s where we’re at.”

The incident — affecting Betts’ second toe — was believed to occur late Wednesday night, after the Dodgers returned from a six-game road trip through New York and Cleveland. Roberts didn’t find out until Betts called him Friday morning. He was vague on the details.

“I really don’t know,” Roberts said when asked how the injury occurred. “I think it was at home. It’s probably a dresser, nightstand, something like that. It’s just kind of an accident. I think that Mookie will be able to give more context, but that’s kind of from the training staff what I heard. So hopefully, it’s benign, it’s negative. Not sure, but I feel confident saying it’s day-to-day … but putting on a shoe today was difficult for him.”

Betts’ injury isn’t the Dodgers’ most serious at the moment. Late-inning reliever Evan Phillips, who was rehabbing a forearm injury, didn’t feel right playing catch earlier this week and will undergo Tommy John surgery next week, knocking him out for all of 2025 and most of 2026.

Phillips, 30, was released by the Baltimore Orioles in August 2021 and designated for assignment by the Tampa Bay Rays less than two weeks later. The Dodgers picked him up and turned him into a valuable late-game option. From 2022 to 2024, Phillips posted a 2.21 ERA and 0.92 WHIP, saved 44 games and struck out 206 batters in 179 regular-season innings.

But Phillips dealt with arm issues during last year’s postseason run and was left off the team’s World Series roster. He then went on the IL because of a rotator cuff strain in the middle of March, returned a month later, notched seven scoreless appearances, then went back on the IL on May 7 because of what the team called forearm discomfort. Platelet-rich-plasma injections did not take. Phillips never got better.

“As we started getting into it, it wasn’t really responding,” Dodgers general manager Brandon Gomes said. “We felt like this could be a possibility, so as he got deeper into the process and it wasn’t really getting better, the decision to do it was pretty much evident with our information.”

The loss of Phillips is coupled with the Dodgers having four other high-leverage relievers on the IL — Brusdar Graterol, Blake Treinen, Kirby Yates and Michael Kopech, all of whom are right-handed.

The Dodgers tried to backfill some of that depth by trading for former All-Star closer Alexis Diaz on Thursday. But Diaz, who struggled so badly this season that the Cincinnati Reds optioned him to Triple-A, will initially work out of the Dodgers’ spring training complex in Glendale, Ariz.

The Dodgers also have three starting pitchers — Blake Snell, Tyler Glasnow and Roki Sasaki — recovering from shoulder injuries, with Shohei Ohtani not expected to join the rotation until sometime after the All-Star break.

The lineup, at least, had been healthy. Until now.

Betts, 32, got off to a slow start but was still slashing .254/.338/.405 with 8 home runs and 5 stolen bases while slotting between the hot-hitting Ohtani and Freddie Freeman in the No. 2 spot. More notably, Betts had proven to be a capable major league shortstop after working during the offseason at the position.

But the toe injury could set him back, in much the same way a broken left hand robbed him of nearly two months in 2024.

At this point, Roberts said, “I don’t see it being long term.” But the Dodgers can’t say that definitively yet.

“We need to see the doctors and kind of get a better sense of it,” Gomes said. “It happened pretty recently, so it’ll take some time before we have a better understanding.”

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