Baltimore City council advances bills to boost affordable housing

Good morning Baltimore and happy Thursday.

One week from now (give or take a few hours), we'll be chowing down on some turkey and pie — hopefully not in the same forkful.

Instead of thinking about the traffic and difficult relatives, let's take some time to appreciate what really matters: internet sensation Thanksgiving Grandma has a partnership with Airbnb, and you can dine with her and Thanksgiving Grandson.

If you haven't hear the story, here's a brief overview via the AP: A woman named Wanda Dench invited her grandson to Thanksgiving in 2016, but texted a wrong number. The invite went instead to Jamal Hinton (notable for the fact that he is not Dench's relative, nor had he ever met her), who decided to dine with Dench anyway. They've been celebrating the holiday together since.

Now you can share in their weird but beautiful viral tradition and register for a chance to eat a catered holiday meal with Dench and Hinton in Arizona on Nov. 20.

What could be better?

Now for the news.

Sign up for the Baltimore Business Journal's emails to get the latest news from Greater Baltimore in your inbox twice a day. Already signed up? Consider becoming a subscriber for less than $4 per week.

Turkey Day eases up on wallets this year, Farm Bureau says

After last year’s record-high prices, Thanksgiving dinners will cost a bit less on average this year, the Maryland Farm Bureau says. Based on survey data from the American Farm Bureau Federation, costs of the average 10-person feast are down to $61.17 from 2022’s average of $64.05. Unfortunately for us, the Northeast (which includes Maryland) notched the highest average price of $64.38, while the Midwest has the most affordable meal at $58.66. Part of the price decrease is thanks to a roughly 6% drop in the price of turkeys compared to 2022. Take some time today to thank the heroes of this season: Maryland’s 220 turkey farms, which produce 50,000 turkeys per year, according to the bureau.

Baltimore company remains nation’s largest producer of carbon-free energy

For the tenth year in a row, Baltimore-based Constellation Energy Corp. (NASDAQ: CEG) is America’s largest producer of clean energy. A new report from Ceres based on public emissions data shows the company has the lowest emissions rate among the 20 largest private, investor-owned producers in the country. Constellation’s nuclear, solar, wind and hydro plants account for 10% of U.S. carbon-free energy, according to a press release. The company recently raised its yearly outlook again and closed a $1.75 billion deal for a stake in a Texas nuclear plant.

Visit Baltimore releases latest figures on visitor count, spending

The number of tourists visiting Baltimore neared pre-pandemic levels last year, but the dollars spent by those visitors still lagged 2019 figures by more than $2 million, our Morgan Simpson reports. Visit Baltimore hailed the most recent visitor count at its annual meeting as proof that the city was starting to recover from pandemic shutdowns that kept tourists away from hotels, attractions, restaurants and conventions for much of 2020 and 2021. Read up on how hotels fared, why the Baltimore Convention Center is a focus for the agency and new tourism strategies for the coming years.

Three Md. counties partner to win federal tech grant worth up to $3M

Three rural Maryland counties earned the first phase of a federal grant program that could funnel up to roughly $3 million in federal funding to the region to boost the self-driving vehicle industry, my colleague Matt Hooke reports. The group will now outline a strategic plan for the region to build a tech economy, and if the government likes what it sees, there could be another $2.75 million coming their way. It's still early in the process, but learn more about the coalition's high hopes for autonomous transit networks and other innovations the grant could fund.

T. Rowe Price prepares for big shift in retirement industry

As retirees turn to spending rather than saving, financial managers and planners will need to make a pivot as well, our Garrett Dvorkin reports. Two-thirds of T. Rowe Price's $1.3 trillion in assets under management are tied to retirement funds, and with more employers looking for products to help retirees manage their spending, the company is adding to its offerings. Two new products will help determine when someone should go on Social Security, and what accounts to drain first. Read about the firm's strategy to offer retirement plan advice at different stages.

City council advances two inclusionary housing bills

A pair of bills that aim to boost affordable housing in the city passed a first vote Tuesday night, the Sun reports. The first would require buildings of 20-plus units to price 10% of them at affordable rates for residents making 60% or less of the local median income. The second would create a 30-year tax credit that is meant to offset the lost rent between affordable and market-rate rents. The bills will be voted on again, and if passed will head to Mayor Brandon Scott, who has voiced financial concerns about the bills.

Apple, other tech companies challenge Md. digital ad tax

The latest challenge to Maryland’s 2021 digital ad tax will be heard in court this week, the Banner reports. The Maryland Tax Court will hear Apple’s challenge to the law on Friday, but the iPhone maker is not the only giant to contest the law. Google, Amazon Advertising, Meta, Grubhub and others have also filed appeals. The tax ranges from 2.5% to 10% and is levied on companies that make $100 million yearly from digital advertising. It has earned the state $32 million so far this year, per the Banner, which will be put toward public education.

Ravens linebacker to launch nonprofit this week

Though Tyus Bowser has not touched the field for the Ravens this season, the linebacker has kept busy. Bowser is launching his foundation for disadvantaged city youth, appropriately named the Tyus Bowser Foundation, according to a press release. The organization will partner with the Boys & Girls Club, Baltimore City Public Schools and the YMCA for three programs: 1) STEM Station to renovate unused school spaces for math and science; 2) Teachers Scramble to shop with teachers to help them purchase supplies, and; 3) Draft Day to mentor high school students about the professional world. After the launch, the foundation’s first event will be in Q1 2024 after the Ravens’ season is over.

This newsletter was written by Joe Ilardi, digital producer for the Baltimore Business Journal. I can be reached at [email protected].