Opposition Forces in Syria, Crypto's Milestone Week, New York City's Housing Plan

Summary

Summary of NPR's "Up First" Podcast Episode
Release Date: December 6, 2024

NPR's "Up First" delivers the three biggest stories of the day with in-depth reporting and analysis. On December 6, 2024, hosts Michelle Martin and Leila Faulden break down major developments in Syria, the cryptocurrency market, and New York City's ambitious housing plan.

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1. Syrian Opposition Forces Advance Towards Damascus

The episode opens with a pressing update from Syria, where opposition forces are making significant strides against President Bashar al-Assad's regime. As the Syrian army withdraws from key areas, rebels are closing in on Damascus, signaling a possible shift in the long-standing conflict.

Key Developments:

• Capture of Hama: The Syrian opposition recently seized Hama, a strategic government stronghold en route to the capital. This move follows the dramatic fall of Aleppo, Syria's second-largest city, last week.

• Historical Significance of Hama: Hama has long been a focal point in Syria's turmoil. Under Hafez al-Assad's rule in 1982, the city witnessed a brutal massacre of thousands during an uprising led by the Muslim Brotherhood. A recent video, though unverified, showed demonstrators toppling a statue of Hafez al-Assad, symbolizing a rejection of the past regime (02:34).

Insights from NPR’s Hadil Al Shalti:

• Strategic Importance: "The city is a main supply route that Iran uses to move weapons to its Lebanese ally Hezbollah," explains Hadil Al Shalti. This highlights Hama's role not just locally but also in the broader regional dynamics involving Iran and Hezbollah.

• Rebel Leadership Evolution: The offensive is led by Hayet Tahrir al-Sham (HTS), formerly affiliated with Al-Qaeda but now attempting to present a more pragmatic front. HTS leader Mohammed Jelani stated, "The revolution has evolved from chaos and randomness into a state of order, both militarily and in civilian matters" (04:29). However, skepticism remains about whether this rebranding reflects genuine change or is merely a public relations strategy.

Public Sentiment:

• Cautious Optimism: Residents in Aleppo and Hama express cautious optimism as rebel forces restore order and release political prisoners. Celebrations erupted in captured areas, evidenced by videos of fighters driving through welcoming crowds.

• Fears and Exodus: Despite the victories, thousands are fleeing Hama, including vulnerable groups like Kurds and Alawites, who fear retribution from the Assad regime (04:36).

Looking Ahead:

• Next Targets: If the current momentum continues, the opposition forces are likely to target Homs next, another strategic city. Reports indicate ongoing skirmishes on Homs' outskirts and attempts by the regime to destroy key infrastructure like bridges to hinder rebel advances (05:17).

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2. Crypto's Milestone Week: Bitcoin Hits $100,000

In a landmark week for digital currencies, Bitcoin reached an all-time high of $100,000. This surge coincides with significant political developments, including President-elect Trump's appointment of a White House AI and crypto czar, signaling a potential shift in U.S. policy towards cryptocurrencies.

Key Highlights:

• Bitcoin's Surge: The value of a single Bitcoin hit the unprecedented $100,000 mark, igniting both excitement and concern within the financial sector (00:26).

• Government Involvement: Trump announced the appointment of David Sachs, a seasoned Silicon Valley venture capitalist and former PayPal executive, as the new crypto czar. Sachs is expected to foster a more crypto-friendly regulatory environment (05:44).

Analysis by Rafael Nam, Senior Business Editor:

• Shift in Policy: "Trump has promised to make the US the crypto capital of the planet," Rafael Nam explains, highlighting the administration's departure from previous regulatory stances under the Biden administration.

• Speculative Investment: While Bitcoin was initially created as a decentralized currency during the global financial crisis by the mysterious Satoshi Nakamoto, it has now become predominantly a speculative investment. "It's a way to make money, essentially," Nam notes, pointing out Bitcoin's volatility and the risks involved (07:02).

Critical Perspectives:

• Potential Financial Instability: Critics like Dennis Kelleher from Better Markets warn that the current boom might be unsustainable. Michelle Martin cites Kelleher, stating, "It's going to be a sugar high and the clock will start ticking on a coming catastrophic financial crash" (08:22).

• Illicit Uses: Rafael Nam acknowledges the darker side of cryptocurrencies, including their use in illegal activities such as ransomware attacks and drug trafficking. "Cryptocurrencies have become widely used by all kinds of illegal actors," he states (08:55).

Conclusion: The intersection of rising Bitcoin values and Trump's crypto-friendly appointments suggests a tumultuous yet potentially transformative period for digital currencies in the U.S. As the market grapples with these changes, experts remain divided on the long-term implications for both investors and the broader financial system.

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3. New York City's Ambitious Housing Plan "City of Yes"

New York City faces a persistent housing crisis characterized by exorbitant prices and increasing homelessness. In response, city officials have unveiled the "City of Yes" plan, aiming to add 80,000 new homes over the next 15 years to alleviate the shortage.

Plan Overview:

• Zoning Reforms: The plan introduces zoning changes across diverse neighborhoods, allowing for more housing units in areas traditionally dominated by low-rise buildings. This includes permitting homeowners to add extra units and enabling developers to construct larger buildings near subway stations (09:53).

• Conversion Projects: Empty office spaces will be more easily converted into residential condos and apartments, addressing underutilized real estate in the city.

Insights from David Brand, WNYC Reporter:

• Scope and Limitations: While "City of Yes" marks a significant step, Brand emphasizes that it won't fully resolve the housing shortage, especially for the most vulnerable populations. "Zoning alone doesn't automatically create affordable housing," he relays from City Council Speaker Adrian Adams (10:37).

• Political Context: Mayor Eric Adams, currently facing federal corruption charges, is leveraging this housing initiative as a key achievement. Despite legal challenges, the plan serves as a strategic narrative to bolster his administration's reputation (11:27).

Comparative Analysis:

• Benchmarking Against Other Cities: Compared to more aggressive housing reforms in places like California, Columbus, Minneapolis, and Austin, New York's plan is more conservative. These cities have implemented measures allowing for greater flexibility and rapid development to address their housing crises (11:33).

Implementation Timeline:

• Long-term Vision: The 15-year horizon means that while some projects will commence soon, widespread construction and the full realization of the housing increase will take time. "We're not going to be seeing cranes going up on our blocks tomorrow," Brand notes, indicating that the impact will be gradual (12:22).

Future Expectations:

• Affordable Housing: The inclusion of rental assistance and commitments to low-income housing are critical components to ensure that the plan benefits all New Yorkers. However, the effectiveness of these measures will depend on sustained funding and political will (10:58).

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NPR's "Up First" provides a comprehensive look at some of the most pressing issues of the day, from geopolitical shifts and financial innovations to urban development challenges, equipping listeners with the essential news to start their day informed and engaged.

Transcript

[Leila Faulden]

Syrian opposition forces swept into another government stronghold as the Syrian army withdrew. This puts the fighters closer to their goal of taking Damascus.

[Michelle Martin]

Can they topple the Syrian regime?

[Leila Faulden]

I'm Leila Fauldel. That's Michelle Martin. And this is up first from NPR News. The value of a Single Bitcoin hit $100,000 for the first time ever this week.

[Michelle Martin]

This will create a short term boom over the next couple of years, but.

[Rafael Nam]

It'S going to be a sugar high.

[Leila Faulden]

Will the momentum behind crypto last?

[Michelle Martin]

And New York City has a new plan to address its housing crisis. The greatest city in the world has just passed the greatest housing legislation in our history. Will it be enough to address soaring costs and homelessness? Stay with us. We'll give you the news you need to start your day.

[Unknown]

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[Michelle Martin]

I D I.com Syrian opposition forces are storming ahead with their largest offensive in years against the government of Bashar al Assad.

[Leila Faulden]

The rebel push started last week when fierce fighting led to the stunning capture of Syria's second largest city, Aleppo. Then, as of yesterday, they swept into the city of Hama, a major government stronghold on the road south to Damascus.

[Michelle Martin]

NPR's Hadil Al Shalti is with us now with more. Good morning, Hadil.

[Hadil Al Shalti]

Good morning.

[Michelle Martin]

So where does this rebel advance stand now? They seem to be moving so fast.

[Hadil Al Shalti]

They really are. I mean, it's been a week of violent fighting between the rebel forces and pro government factions, which are backed by Russia and Iran. Army troops withdrew yesterday from the fringes of the city of Hama, and the opposition forces were seen celebrating in the city center. We do know that Syrian groups have said that more than 100 civilians have been killed in the fighting.

[Michelle Martin]

I understand that Hama has been been considered a key city since before the Syrian civil war that broke out in 2011. Could you just remind us of what makes it important?

[Hadil Al Shalti]

Yeah. So Hama has been a notorious city since President Bashar Al Assad's father, Hafez Al Assad, ruled the country in 1982. Government security forces massacred thousands of people in an uprising led by the Muslim Brotherhood at the time. And last night, a video online showed people toppling over a statue of Hafiz Al Assad. I mean, we couldn't verify the video independently. And Hama has regional significance. The city is a main supply route that Iran uses to move weapons to its Lebanese ally Hezbollah, who's fighting a war with Israel right now. The Israeli military said that it conducted strikes on what they are calling weapon smuggling routes used by Hezbollah at the Syrian Lebanese border last night.

[Michelle Martin]

Hadil, remind us who is leading this offensive?

[Hadil Al Shalti]

Right, so the main group is called Hay et Tahrir Shem. It's also known as hts. HTS used to be affiliated with Al Qaeda, but broke off years ago. But the US and other Western countries still designate it a terrorist group. So, mich. For years, they've sort of moved away from a jihadist ideology. And while it's still a fundamentalist and not a democratic group by any stretch, they've become a bit more pragmatic, focusing on civilian rule, you know, setting up services, running a stronger economy in areas they control. HTS leader Mohammed Jelani told CNN in an interview today that, quote, the revolution has evolved from chaos and randomness into a state of order, both militarily and civilian matters. But there are questions whether this HTS branding is real or just a PR.

[Michelle Martin]

Campaign given their b. Do we have a sense of what civilians in Aleppo city and Hama have been saying?

[Hadil Al Shalti]

For sure. So the main sentiment has been cautious optimism. Syrians living under government control have long complained about severe oppression. Some people I spoke to in Aleppo said the rebel forces were able to restore order back to the city as soon as they took it over. Video circulating online showed fighters and civilians celebrating in the streets and Jelani driving through being greeted with joy. There's also been images of prisoners being released from Hamas jails where dozens of people were detained for anti government activities. But then there are also thousands of people fleeing Hama, afraid Kurds who hold their own rival territory in the northeast and many Alawites. They're the sect that Assad family comes from.

[Michelle Martin]

What are we going to be looking at next?

[Hadil Al Shalti]

Our sites are all on the next big city, Homs, where there are reports that there's fighting on the outskirts already. The regime has also tried to destroy strategic bridges leading to Homs. We're on the road to Damascus. And if the rebels keep up this momentum, they'll be inching closer to the Syrian government's seat of power.

[Michelle Martin]

That is NPR's Hadeel Abu Shelty Hadil. Thank you.

[Hadil Al Shalti]

You're welcome.

[Michelle Martin]

President Elect Trump has announced a White House AI and crypto czar.

[Leila Faulden]

Longtime Silicon Valley venture capitalist David Sachs will take up the role and is tasked with guiding the administration's policies towards the technologies. This comes after the value of a Single Bitcoin hit $100,000 this week for the first time in its young history.

[Michelle Martin]

On this milestone week for digital currency, we thought this would be a good time to call NPR senior business editor Rafael Nam. Rafael, good morning.

[Rafael Nam]

Good morning, Michelle.

[Michelle Martin]

So, so much momentum behind crypto this week. What's going on?

[Rafael Nam]

It's really this excitement of what Trump could mean for cryptocurrencies. He has promised to make the US the crypto capital of the planet, and he's promised to nominate regulators who are friendly to the industry. So a very different approach from the Biden administration. David Sachs, like you just mentioned, Michelle, for example, he was a top executive at PayPal and is known to be close with Elon Musk. And now he's expected to be part of that friendlier approach to crypto. And earlier this week, Trump nominated a former financial regulator, Paul Atkins, as the new chair of the securities and Exchange Commission. Atkins is also a public advocate of cryptocurrencies, and he's in line now to become the next Wall street cop.

[Michelle Martin]

So it seems as though the US Government is going to become a big support of crypto now.

[Rafael Nam]

Well, that's certainly the hope for crypto investors. And it's kind of incredible because let's remember here the history of bitcoin and what it actually is. It's only over 15 years old, and it's basically a digital currency made up of computer coding. It was created by somebody or maybe a group of people going by the name of Satoshi Nakamoto. And to this day, we don't know who Satoshi is. Bitcoin was created around the global financial crisis. And Satoshi's idea was to create a currency, the people, a currency that's not controlled by one country or one central bank. That's not how it's turned out. You can't really use bitcoin today to go buy a cup of coffee, for example.

[Michelle Martin]

So what do people use it for?

[Rafael Nam]

Well, bitcoin may have been intended as a currency, and yes, there are some businesses and even some cities like Detroit that are starting to accept cryptocurrencies, but really it's become a speculative investment for people on Wall street and for average people, too, a way to make money, essentially. The thing is cryptocurrencies are incredibly volatile and they've created a lot of financial pain. So critics like Dennis Kelleher from advocacy group Better Markets are concerned that this latest rally could end really badly.

[Michelle Martin]

This will create a short term boom over the next couple of years, but it's going to be a sugar high and the clock will start ticking on a coming catastrophic financial crash. That, in my view, will be much worse than 2008, and it's only a.

[Rafael Nam]

Matter of time worse than the global financial crisis. And if that prediction does come true, it would be ironic given that bitcoin was created in part as a response to the crisis.

[Michelle Martin]

And isn't bitcoin associated with all kinds of shady activities?

[Rafael Nam]

Indeed, cryptocurrencies have become widely used by all kinds of illegal actors, from hackers looking for ransomware to drug dealers. So, yes, there is a lot of excitement about bitcoin, but there's also a lot of people who are alarmed.

[Michelle Martin]

That is NPR's Rafael Nam. Rafael, thank you.

[Rafael Nam]

Thank you, Michelle.

[Michelle Martin]

New York City has more than three and a half million homes, but finding one to rent or buy, well, that's a challenge.

[Leila Faulden]

Yeah, most are occupied and prices outpace nearly every other place in the country. Officials have taken a step toward addressing the city's housing crisis by approving a housing plan that could pave the way for 80,000 new homes over the next 15 years.

[Michelle Martin]

Here to tell us more about it is reporter David Brand from member station wnyc. Good morning, David.

[David Brand]

Good morning.

[Michelle Martin]

So first, walk us through the plan.

[David Brand]

The plan is called City of Yes, and it would increase the amount of housing that could be built in every part of the city. Now, when people think of New York City, they may picture the skyscrapers of Manhattan, but the landscape here is really diverse. Big sections look more like suburbs, and many neighborhoods are made up of three to four story Apartment buildings. This plan has tweaks that will permit more housing in pretty much all of them. Some homeowners will be able to add extra units on their properties. Developers can build bigger buildings near subway stations. And the rules will make it easier to convert empty offices into condos and apartments.

[Michelle Martin]

I think one of the things that's really become clear is that a lot of places around the country have a housing shortage. David but is the feeling that this will solve the problem in New York City?

[David Brand]

No. This is significant, but it's not going to solve New York City's housing shortage, especially for the lowest income New Yorkers. That's been a big concern for the lot of the council members who voted on this plan. City Council Speaker Adrian Adams says zoning alone doesn't automatically create affordable housing. So she got the mayor to commit more funding for rental assistance and low income housing.

[Michelle Martin]

People needed to know that they would have places that they could afford, not just market rate, anything. We have that already. We had to go farther than zoning.

[David Brand]

Rents and home prices are soaring and homelessness here is at a record high.

[Michelle Martin]

And David, I think people might remember that New York City's mayor, Eric Adams was indicted in September on federal corruption charges. He is running for reelection. What does this mean for him? Does this change the narrative for him?

[David Brand]

Yeah, he's touting it as a signature achievement.

[Michelle Martin]

The greatest city in the world has just passed the greatest housing legislation in our history.

[David Brand]

You're right that this has been a perilous political time for Adams. He's facing criminal charges for allegedly accepting illegal campaign contributions and doing favors for foreign benefactors. Many of his top aides and even top police officials have been tied up in a series of separate state and federal investigations. So this is definitely a win and like you said, a chance to change the narrative. But New York City is not exactly a national leader on bold moves to address housing shortages. California already permits property owners to add an extra unit on their lots. Columbus, Ohio, Minneapolis and Austin have all approved major changes to fuel more development. And those are far more ambitious plans than the one that New York City just passed.

[Michelle Martin]

Even having said that, though, when will New Yorkers start to see construction on all these new units?

[David Brand]

Well, housing takes a long time to build and this is a 15 year plan. So, you know, developers and property owners need to submit plans, they need to get permits, and construction takes years to complete. So I don't think we're going to be seeing cranes going up on our blocks tomorrow, but in the near future, that is.

[Michelle Martin]

David Brand of member station wnyc. David, thank you.

[David Brand]

Thanks for having me.

[Michelle Martin]

And that's up first for Friday, December 6th. I'm Michelle Martin.

[Leila Faulden]

And I'm Leila Faulden. And don't forget, up first airs on the weekend, too. Ayesha Roscoe and Scott Simon have the news. It'll be here in this feed or wherever you get your podcast.

[Michelle Martin]

Today's episode of up first was edited by James Hyder, Pallavi Gagoy, Andrea De Leon, Lisa Thompson and Alice Wolfley. It was produced by Ziad Butch, Nia Dumas and Ben Abrams. We get engineering support from Arthur Laurent and our technical directors, Carly Strange. And we're saying goodbye today to our executive producer, Erica Aguilar. We're sad.

[Leila Faulden]

Yeah, very sad. We're going to miss your leadership, your tirelessness, your passion. And we're excited for your next chapter. But we're sad for us.

[Michelle Martin]

But we hope you will join us again on Monday.

[Unknown]

Want to hear this podcast without sponsor breaks? Amazon prime members can listen to up first sponsor free through Amazon Music, or you can also support NPR's vital journalism and get up first [e-mail] that's plus.NPR.org this message comes from Warby Parker. Prescription eyewear that's expertly crafted and unexpectedly affordable. Glasses designed in house from premium materials starting at just $95, including prescription lenses. Stop by a Warby Parker store near you. This message comes from Bombas. Their slippers are designed with cushioning so every step feels marshmallowy soft. Plus, for every item purchased, Bombas donates to someone in need. Go to bombas.com NPR and use code NPR for 20% off your first order.