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NYTIMES (Conor Dougherty) - The Return for These Investors Isn’t Money, It’s More Affordable Housing

Local governments are trying to create housing that is permanently affordable by investing directly in construction. They are rewriting how housing programs have traditionally operated.

NPR (The Associated Press) - The UAE says Iran resumes attacks as the U.S. moves to reopen the Strait of Hormuz

The U.S. military said it helped two merchant ships transit the Strait of Hormuz, and the United Arab Emirates said it was fending off Iranian missiles and drones.

AXIOS (Dan Primack) - Spirit Airlines blame game is going strong

Spirit Airlines is dead , but the finger-pointing is very much alive. - Trump administration officials spent the weekend blaming former President Biden, whose Justice Department successfully blocked JetBlue from buying Spirit for $3.8 billion. - Spirit told the White House to look in the mirror, saying its insolvency was sparked by an Iran war that's caused jet fuel prices to spike. Why it matters: Around 17,000 people just lost their jobs, and thousands of passengers found themselves stranded. - It's also hard to guard against a future airline failure without a consensus diagnosis for the current one. Zoom in: Trump and Spirit both have legitimate arguments. It's just that they aren't mutually exclusive. - Yes, DOJ's antitrust…

AXIOS (Sami Sparber) - Where new grads are finding jobs

Fast-growing Southern metros offer the best job opportunities for college graduates , according to a new study. The big picture: Birmingham, Alabama, and Tampa Bay, Florida, top the list, based on payroll processor ADP's ranking of 20-something hiring rates, wages and affordability. The rest of the top 10 metros are: - San Jose, California - Columbus, Ohio - Raleigh, North Carolina - Tulsa, Oklahoma - San Francisco - Nashville, Tennessee - Charlotte, North Carolina - New York At the bottom of the rankings are: - Salt Lake City - Riverside, California - San Diego - Portland, Oregon What they're saying: "Even graduates who do land jobs in these metros face a tough financial tradeoff in the form of high cost of living," ADP's Sam…

AXIOS (Neil Irwin) - What is, and isn't, worrying about 100% debt to GDP

Data: Bureau of Economic Analysis and Treasury Department; Chart: Neil Irwin/Axios The United States has crossed a symbolic milestone: The national debt is now larger than its gross domestic product. But it's not the level of that ratio that is alarming — it's the trajectory. The big picture: There's nothing inherently unsustainable about a 100% debt-to-GDP level. What matters is why it got that high, the prospects for future borrowing, and the forecast for growth and borrowing costs. - Across those dimensions, the U.S. fiscal outlook is exceptionally gloomy, in ways not reflected in much of the day-to-day political discourse. Catch up quick: The Commerce Department last week reported $31.9 trillion annualized GDP in Q1 . That surpasses…