Two years after Hurricanes Irma and Maria devastated Puerto Rico, residents were still struggling to rebuild. Then, just days into 2020, earthquakes began to rattle the island, leaving even more damage behind. Now one of the U.S. territory’s top architects is making the case for short-term assistance combined with long-term vision.
“Remember, two years ago, we went through two hurricanes, not one,” said Ricardo Álvarez-Díaz, chairman of the architectural firm Álvarez-Díaz & Villalón and a member of the Construction Council of Puerto Rico. “There is a lot of PTSD, trust me, after everything we’ve been through in the last couple of years.”
In the aftermath of the latest quakes, about $16 billion in federal funds was allocated to help the U.S. territory with disaster relief and prevention, pulled from the $20 billion approved by Congress a year ago to help with hurricane recovery. However, the Trump administration has decided to impose strict restrictions on the money, citing corruption and financial mismanagement.
Álvarez-Díaz said these concerns were largely overblown, but he’s glad the money is on its way.
“We hope that by next week the grant agreement will be signed, and hopefully you’ll see those funds start to trickle in and help with the recovery,” Álvarez-Díaz said.
In the long-term, though, Puerto Rico must invest in better infrastructure and building standards, Álvarez-Díaz told Cheddar.
“A lot of construction was done before 1987, and the codes were not amended to include seismic until 1987,” he said.
Puerto Rico, he added, is in a unique geographic position: It has to consider both horizontal (wind) and vertical (earthquakes) pressures on its structures, meaning durability is key.
Outside of retrofits and reinforcements, Álvarez-Díaz touts his own recent mixed-use development, Renaissance Square in San Juan, as an example of what the future may hold for the territory. The mixed-income development used higher quality materials with an eye toward sustainability.
“It has become a case study for what you can do,” he said.
President Donald Trump said he has decided to lower his combined tariff rates on imports of Chinese goods to 47% after talks with Chinese leader Xi Jinping on curbing fentanyl trafficking.
The Federal Reserve cut its key interest rate Wednesday for a second time this year as it seeks to shore up economic growth and hiring even as inflation stays elevated. The move comes amid a fraught time for the central bank, with hiring sluggish and yet inflation stuck above the Fed’s 2% target. Compounding its challenges, the central bank is navigating without much of the economic data it typically relies on from the government. The Fed has signaled it may reduce its key rate again in December but the data drought raises the uncertainty around its next moves. Fed Chair Jerome Powell told reporters that there were “strongly differing views” at the central bank's policy meeting about to proceed going forward.
U.S. and Chinese officials say a trade deal between the world’s two largest economies is drawing closer. The sides have reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to aim to finalize during their high-stakes meeting Thursday in South Korea. Any agreement would be a relief to international markets. Trump's treasury secretary says discussions with China yielded preliminary agreements to stop the precursor chemicals for fentanyl from coming into the United States. Scott Bessent also says Beijing would make “substantial” purchases of soybean and other agricultural products while putting off export controls on rare earth elements needed for advanced technologies.
A new poll finds most U.S. adults are worried about health care becoming more expensive.
The White House budget office says mass firings of federal workers have started in an attempt to exert more pressure on Democratic lawmakers as the government shutdown continues.
President Donald Trump says “there seems to be no reason” to meet with Chinese leader Xi Jinping as part of an upcoming trip to South Korea after China restricted exports of rare earths needed for American industry. The Republican president suggested Friday he was looking at a “massive increase” of import taxes on Chinese products in response to Xi’s moves. Trump says one of the policies the U.S. is calculating is "a massive increase of Tariffs on Chinese products coming into the United States." A monthslong calm on Wall Street was shattered, with U.S. stocks falling on the news. The Chinese Embassy in Washington hasn't responded to an Associated Press request for comment.
Load More