Rent & Housing Policy: New York City’s Rent Guidelines Board voted not to raise rents on one- and two-year leases for nearly 1 million rent-stabilized units, a major win for residents and Mayor Zohran Mamdani. Tax & Local Budgets: Montana’s new property tax law is being criticized as “tax redistribution,” with residential cuts forcing higher mill levies that could hit farmers and ranchers hardest. Security & Property Risk: Bahrain says it intercepted and destroyed Iranian missile and drone attacks, with debris damaging homes but no deaths—raising the stakes for Gulf real estate tied to military-linked infrastructure. Global Capital & Leisure Real Estate: Mubadala Capital bid $1.1 billion for Pierre & Vacances-Center Parcs, signaling continued investor appetite for large-scale European vacation property portfolios. Luxury Retail & Mixed-Use: Savills says Middle East luxury retail is shifting toward hospitality, branded residences, and lifestyle districts, with Dubai and Riyadh leading. Infrastructure & Urban Growth: Ho Chi Minh City is pushing a services-hub strategy using new development space after its administrative merger. Market Pressure & Regulation: Napa Valley vineyard owners warn a new groundwater sustainability fee will add tens of thousands in annual costs, squeezing already strained operators.