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Florida landlords are turning away immigrants on temporary legal status as deportation worries loom

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Doral Landings East, a gated Miami suburb consisting mainly of single-family homes, is experiencing an immigrant exodus.

Many Venezuelans lived and worked there under temporary programs that expanded during the Biden administration, The Wall Street Journal reported

But the community of 80,000 people, about 40% of whom are Venezuelan, is experiencing greater vacancy rates than surrounding communities. In Doral, vacancy rates have increased from 5.6% late last year to 6.5%, above vacancies in surrounding communities where rates are 4.3%.

Real estate agents are pointing to Venezuelan immigrants fleeing in fear of their temporary status expiring under a Trump administration that’s tried to fast-track deportations, according to the Journal.

Venezuelans are one of the largest groups on temporary status in the U.S. today, but the Trump administration ended deportation protection for 350,000 Venezuelans in April, and another 350,000 will see their protection expire in February 2026.

At the same time, Doral apartment building owners are reportedly turning away families under temporary permission as worries mount that Trump could suddenly make them illegal residents in the U.S.

Experts say this could violate federal and state fair housing laws by discriminating against one’s nation of origin, regardless of their immigration status.

If a landlord turns a potential tenant away for suspecting they’re not a citizen, that would be a violation of the civil rights law, Gregory Vincent, founder of Gregory Vincent Law based in Columbus, Ohio, told Fortune.

The Fair Housing Act was enacted as Title VIII of the Civil Rights Act of 1968 and is designed to prohibit discrimination in housing based on race, color, religion, national origin, sex, familial status, and disability.

Tenants rejected on the basis of their immigration status could be entitled to punitive damages, Vincent said.

Vincent, who’s also a former regional legal affairs director for the Ohio Civil Rights Commission, said asking for someone’s immigration status is outside the regular information needed by renters for landlords to make sure they can pay, which includes things like a Social Security number, employment status, and credit history.

“All of those things are legitimate, but the idea that you’re gonna ask someone’s immigration status, in my opinion, that’s a step too far,” Vincent said.

Yet, Raul Gastesi, commercial litigation and transaction attorney and partner at Gastesi Lopez Mestre & Cobiella, told Fortune immigration status has become a problem and financial risk that landlords have to consider as the Trump administration works to revoke temporary protected status of millions of immigrants.

First designed in 1990 for El Salvador nationals fleeing from their civil war at the time, then later designated for Venezuelans in 2021 and then expanded thereafter, temporary protected status (TPS) allows for nationals from a list of countries experiencing armed conflict, environmental disaster, or other extraordinary conditions, to work and live in the U.S. Residents under the program are given a Social Security number and a work permit.

Trump has ended TPS for about 500,000 Haitians and for over 70,000 Hondurans, along with people from other countries like Afghanistan and Nicaragua.

If temporary status is revoked, the affected individuals can’t work, cutting off the income they would’ve used to pay rent, said Gastesi, who represents landlords for single- and multi-family housing. 

It can be a months-long process to evict someone, and landlords are losing income during that time, he added.

Still, landlords can’t make blanket statements like they’re not going to rent to any immigrants or to anyone on a temporary status, Gastesi acknowledged. 

“I see the immigrant’s position, but I also see the landlord’s position. None of it is easy.”

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Khosla-backed Formulary raises oversubscribed $4.6 million seed round for its AI-powered private fund manager software

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Alfia Ilicheva came from the world of public markets, including four years at one of the world’s largest hedge funds, Bridgewater. But when she transitioned over to the private side, including serving as the CEO of an Apollo-backed investment platform, she realized the difficulty of fund administration for operations like private equity and venture capital. Instead of having access to real-time and accurate data like at Bridgewater, which can rely on publicly available information, this new world was filled with manually compiled and fragmented data subject to human error and inconsistent metrics.  “How could it be that hedge funds are so into the future and private capital markets are so backward,” she remembers thinking. 

As private markets explode and AI makes automation increasingly possible, Ilicheva saw an opportunity to build the next generation of fund administration software for everyone from venture capital outfits to PE giants like Apollo. After initially planning to bootstrap the project, which she named Formulary, Ilicheva was introduced to Hari Arul, a partner at Khosla Ventures, who immediately saw the appeal of the idea. Khosla is leading Formulary’s $4.6 million seed round, which Ilicheva says is three times oversubscribed, with participation from Human Ventures, Serena Williams’s venture firm, and others. 

In the red-hot field of private investments, buoyed by the rise of private credit and massively valued companies like SpaceX and OpenAI, fund administration may not be the most alluring area for innovation. But the ability to track investments, returns, and performance—and accurately convey the information to investors, or limited partners—is a necessary foundation. 

The existing options fall into two camps: the service side, or high-touch accounting companies, like SS&C and Citco, or the software side, like Carta. As Ilicheva interviewed general partners and former clients in her user research, she realized that nearly everyone was dissatisfied with the existing options to the point that most turned to shadow fund administration, where they would hire outside firms but keep their own books at the same time. “When you raise a fund, your dream is to generate alpha by investing capital, not redoing someone’s work,” Ilicheva said. 

Ilicheva planned to find a happy medium between the two models by leveraging AI to massively scale up the service approach, creating software for their own in-house accountants, which Ilicheva playfully calls bionic accountants. “They’re really focused on having a grip on the numbers and delivering service, but they’re not manually entering things in an Excel spreadsheet, which has been the industry’s burden for the past decades,” she said.  

The challenge in creating a tech-enabled services company, of course, is scale, with a pure SaaS model able to grow at a much faster clip. When I asked Khosla’s Arul how he thought about the approach, he said the key is to deliver the vast majority of the product through technology: “It’s important for any entrepreneur or any investor to look at an AI-enabled services business and say, the margin of how this business runs looks more like a technology company than a services company.” 

Arul said that while Khosla is not yet using Formulary, which is just now coming out of stealth, he’s optimistic for a future where tedious processes like ensuring data accuracy for LPs can be fully, reliably automated. Ilicheva mentioned one possible future use case for Formulary as drafting LP letters, which Arul wholeheartedly endorsed, along with a portal where investors could communicate directly with the system to understand the value of positions, fund deployment, and future capital calls. “[That] sounds pie in the sky relative to what the reality is today,” Arul said, “But it doesn’t feel out of reach.” 

Leo Schwartz
X:
 @leomschwartz
Email: leo.schwartz@fortune.com

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Leaders at Davos are obsessing over how to use AI at scale

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  • In today’s CEO Daily: Fortune‘s AI editor Jeremy Kahn reports on the AI buzz at Davos
  • The big story: SCOTUS could upend Trump’s leverage to acquire Greenland.
  • The markets: Jolted by Trump’s renewed tariff threats.
  • Plus: All the news and watercooler chat from Fortune.

Good morning. I’m on the ground in Davos, Switzerland, for this year’s World Economic Forum. As Diane wrote yesterday, U.S. President Donald Trump’s arrival later this week along with a large delegation of U.S. officials eclipses pretty much every other discussion at Davos this year. But, when people here aren’t talking about Trump, they are talking about AI.

At Davos last year, the hype around AI agents was pierced by the shock of DeepSeek’s R1 model, which was released during the conference. We’ll see if a similar bit of news upends the AI narrative again this year. (There are rumors that DeepSeek is planning to drop another model.) But, barring that, business leaders seem to be less wowed by the hype around AI this year and more concerned with the nitty-gritty of how to implement the technology successfully at scale.

On Monday, Srini Tallapragada, Salesforce’s chief engineering and customer success officer, told me the company is using ‘forward deployed engineers’ to tighten feedback loops between customers and product teams. Salesforce is also offering pre-built agents, workflows, and playbooks to help customers re-engineer their businesses—and avoid getting stuck in “pilot purgatory.”

Meanwhile, at a side event in Davos called A Compass for Europe, that focused on how to restore the continent’s flagging competitiveness, AI was front-and-center. Christina Kosmowski, the CEO of LogicMonitor, told the assembled CEOs that to achieve AI success at scale, companies should take a “top down” approach, with the CEO and leadership identifying the highest value use cases and driving the whole organization to align around achieving them. Neeti Mehta Shukla, the cofounder and chief impact officer at Automation Anywhere, said it was critical to move beyond measuring automation’s impact only through the lens of labor savings. She gave specific customer examples where uplifting data quality, improving customer satisfaction, or moving more workers to new tasks, were better metrics than simply looking at cost per unit output. Finally, Lila Tretikov, head of AI strategy at NEA, said Europe has enough talent and funding to build world-beating AI companies—what it lacks is ambition and willingness to take big bets.

Later, I met with Bastian Nominacher, co-founder and co-CEO of process analytics software platform Celonis. He echoed some of these points, telling me that to achieve ROI with AI generally required three things: strong leadership commitment, the establishment of a center of excellence within the business (this led to an 8x higher return than for companies that didn’t do this!), and finally having enough live data connected to the AI platform.

For further AI insights from Davos, check out Fortune’s Eye on AI newsletter. Meanwhile, Fortune is hosting a number of events in Davos throughout the week. View that lineup here. And my colleagues will be providing more reporting from Davos to CEO Daily and fortune.com throughout the week.—Jeremy Kahn

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up to get it delivered free to your inbox.



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Stock market today: Dow futures tumble 400 points on Trump’s tariffs over Greenland, Nobel prize

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U.S. stock futures dropped late Monday after global equities sold off as President Donald Trump launches a trade war against NATO allies over his Greenland ambitions.

Futures tied to the Dow Jones industrial average sank 401 points, or 0.81%. S&P 500 futures were down 0.91%, and Nasdaq futures sank 1.13%. 

Markets in the U.S. were closed in observance of the Martin Luther King Jr. Day holiday. Earlier, the dollar dropped as the safe haven status of U.S. assets was in doubt, while stocks in Europe and Asia largely retreated.

On Saturday, Trump said Denmark, Norway, Sweden, France, Germany, the United Kingdom, the Netherlands, and Finland will be hit with a 10% tariff starting on Feb. 1 that will rise to 25% on June 1, until a “Deal is reached for the Complete and Total purchase of Greenland.”

The announcement came after those countries sent troops to Greenland last week, ostensibly for training purposes, at the request of Denmark. But late Sunday, a message from Trump to European officials emerged that linked his insistence on taking over Greenland to his failure to be award the Nobel Peace Prize.

The geopolitical impact of Trump’s new tariffs against Europe could jeopardize the trans-Atlantic alliance and threaten Ukraine’s defense against Russia.

But Wall Street analysts were more optimistic on the near-term risk to financial markets, seeing Trump’s move as a negotiating tactic meant to extract concessions.

Michael Brown, senior research strategist at Pepperstone, described the gambit as “escalate to de-escalate” and pointed out that the timing of his tariff announcement ahead of his appearance at the Davos World Economic Forum this week is likely not a coincidence.

“I’ll leave others to question the merits of that approach, and potential longer-run geopolitical fallout from it, but for markets such a scenario likely means some near-term choppiness as headline noise becomes deafening, before a relief rally in due course when another ‘TACO’ moment arrives,” he said in a note on Monday, referring to the “Trump always chickens out” trade.

Similarly, Jonas Goltermann, deputy chief markets economist at Capital Economics, also said “cooler heads will prevail” and downplayed the odds that markets are headed for a repeat of last year’s tariff chaos.

In a note Monday, he said investors have learned to be skeptical about all of Trump’s threats, adding that the U.S. economy remains healthy and markets retain key risk buffers.

“Given their deep economic and financial ties, both the US and Europe have the ability to impose significant pain on each other, but only at great cost to themselves,” Goltermann added. “As such, the more likely outcome, in our view, is that both sides recognize that a major escalation would be a lose-lose proposition, and that compromise eventually prevails. That would be in line with the pattern around most previous Trump-driven diplomatic dramas.”



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