Did You Know?

* Instagram Reels is now making $50 billion a year. By comparison, the entire US TV ad industry makes $65 billion. So give it a couple years, and Instagram Reels is going to be bigger than the entire ad industry in the US for television. 

* How do you connect high and low tax states seamlessly? A new airline! Florida-based Magnifica Air is aiming to launch scheduled flights between key U.S. destinations in 2027 (New York, Houston, Dallas, Los Angeles, etc) using Airbus planes that will be a unique hybrid experience — a cross between first-class commercial travel and a private jet experience. Instagram influencers are frothing.....

* Nantucket - where roughly 11% of the housing stock is used for short-term rentals - has two measures to decide today on Election Day: one would put tight limits on rental housing, which boosters say would preserve more real estate for islanders. A competing measure ensures Nantucket stays open to both long- and short-term renters, who some property owners and small businesses say are vital for the local economy. Article 2 would limit home rentals to no less than 7 days, crimping weekend visits. The proposal also includes a provision that says a home rented for a 49-day maximum during the peak summer season could be booked for only 3 weeks during the rest of the year. Nantucket could lose at least $2.5 million in annual tax revenue from less short-term rental tax collections. (WSJ)

* China’s economy, measured by the real quantity of goods and services it produces, is bigger than America’s and much bigger than any other nation’s.

* Robotics may bring down the costs of operating government: already robots are being used to perform more menial tasks. The upfront cost is large, but over time it pays for itself many times over: Sanford NC has deployed 10 autonomous quiet battery-operated lawn-mowing robots across roughly 6 acres at City Hall and nearby water towers that run up to 23 hours daily, cutting grass continuously, improving safety by removing workers from potentially hazardous slopes where traditional riding mowers once operated, reducing thatch buildup that creates healthier, thicker grass, while minimizing the use of pesticides.  Detroit deployed a remotely controlled beach-cleaning robot on Belle Isle to remove debris from sand and waterways while showcasing emerging technology to residents. It can clean up to 32,000sf of sand an hour, digs up the top layer and shakes it like a prospector panning for gold, collecting cigarette butts, food wrappers and broken glass.  Detroit also has a water-based drone that filters up to 200 pounds of debris daily from the island’s streams and marina.  (WSJ)

* Charleston SC has broken a record for the most expensive home sale in its history....$21.028 million! There have been 9 sales above $10 million so far, this year up from 3 in 2023. (WSJ)