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Seoul-based proptech Dongnae acquires co-living platform Dears on August 8, 2023 at 6:13 am

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Proptech startup Dongnae said Tuesday it plans to acquire Stevens, a South Korean company that operates co-living business Dears.

The two companies did not disclose the acquisition price, but Dongnae said it will purchase Stevens with a mix of cash and equity. The Seoul-based proptech outfit previously raised a total of $34 million, including a $21 million Series A round it announced last year. Dongnae expects to close the transaction by the end of September. The company’s investors include the likes of NFX, Daol Investment, Hana Financial, MetaProp, Maple VC and WeWork co-founder Miguel McKelvey.

Dongnae’s primary product, Dongnae FLEX, offers a furnished apartment rental on its platform with flexible lease terms for as short a period as four weeks and lower rental deposits.

The addition of Dears will allow the company to upgrade the Dongnae FLEX service, manage properties “with a collective AUM of over $400 million,” and span 90 apartment complexes across Seoul and Pangyo, where a host of tech firms, including Kakao and Naver, are located. Dears Pangyo has more than 520 studio flat units in Pangyo.

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The outfit also will co-manage the Dears Myeongdong building in Seoul alongside Xi S&D. Dongnae will manage commercial spaces of Dears Myeongdong, consisting of B1, 14F and the rooftop, co-founder and CEO Matthew Shampine said, adding that Xi S&D will operate Dears Myungdong’s 112 units that offer both short- and long-term stays.

Dongnae says this is its first acquisition. The current leadership team at Stevens will join Dongnae to support expansion and continue to build on their progress to date, Shampine told TechCrunch.

“We are in active discussions with a number of landlords and land developers to open more buildings to be operated as and through Dongnae,” Shampine said.

Former WeWork executives Shampine and Insong Kim co-founded Dongnae in 2020 to digitize South Korea’s fragmented real estate market. In South Korea, people have to work with dozens of brokers to find a new home, and there are two options to pay rent in the country: paying a monthly fee (just like in many parts of the world) and paying everything in advance, called Jeonse.

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By providing Dongnae’s signature lower rental deposits on a flexible, short-term basis, the co-founders want to tackle Jeonse, the country’s unique residential rental system. This system allows tenants to rent an apartment with a large lump sum deposit, which is about 70% of the house valuation, without paying monthly rental fees.

“Since our Series A in March of 2022, we have been focused on growing our real estate portfolio, getting customer feedback, and building the necessary front- and back-end technology to truly create a better way to rent homes in Korea,” Shampine said.

The company has invested “heavily” in enhancing the customer experience since last year. The outfit says it has digitized the entire procedure instead of the typical long, paper-filed leasing process and launched its own digital real estate consultant Suzie by integrating artificial intelligence into its platform. Like a chatbot, Suzie answers prospective residents’ questions about housing or Dongnae’s units in any spoken language.

“From Adam Neumann’s Flow and companies such as Mint House, Zeus Living, and Blueground in America to Asian and European startups like Cove and Habyt — there has been great innovation in the residential rental market around the world over the past few years,” Shampine said in a statement. “Our team is committed to bringing about a better way to rent here in Korea.”

Dongnae’s application is now available for download on Android and iOS.

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​ Proptech startup Dongnae said Tuesday it plans to acquire Stevens, a South Korean company that operates co-living business Dears. The two companies did not disclose the acquisition price, but Dongnae said it will purchase Stevens with a mix of cash and equity. The Seoul-based proptech outfit previously raised a total of $34 million, including a $21 million 

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US May Completely Cut Income Tax Due to Tariff Revenue

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President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.

What Trump Is Saying

Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.

How Taxes Work Now

Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.

Questions From Experts

Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.

What Congress Must Do

The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.

What It Means Right Now

For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.

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Epstein Files to Be Declassified After Trump Order

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Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.

The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.

“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”

U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.

Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.

The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.

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Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.

Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.

As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.

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Politics

Netanyahu’s UN Speech Triggers Diplomatic Walkouts and Mass Protests

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What Happened at the United Nations

On Friday, Israeli Prime Minister Benjamin Netanyahu addressed the United Nations General Assembly in New York City, defending Israel’s ongoing military operations in Gaza. As he spoke, more than 100 delegates from over 50 countries stood up and left the chamber—a rare and significant diplomatic walkout. Outside the UN, thousands of protesters gathered to voice opposition to Netanyahu’s policies and call for accountability, including some who labeled him a war criminal. The protest included activists from Palestinian and Jewish groups, along with international allies.

Why Did Delegates and Protesters Walk Out?

The walkouts and protests were a response to Israel’s continued offensive in Gaza, which has resulted in widespread destruction and a significant humanitarian crisis. Many countries and individuals have accused Israel of excessive use of force, and some international prosecutors have suggested Netanyahu should face investigation by the International Criminal Court for war crimes, including claims that starvation was used as a weapon against civilians. At the same time, a record number of nations—over 150—recently recognized the State of Palestine, leaving the United States as the only permanent UN Security Council member not to join them.

International Reaction and Significance

The diplomatic walkouts and street protests demonstrate increasing global concern over the situation in Gaza and growing support for Palestinian statehood. Several world leaders, including Colombia’s President Gustavo Petro, showed visible solidarity with protesters. Petro called for international intervention and, controversially, for US troops not to follow orders he viewed as supporting ongoing conflict. The US later revoked Petro’s visa over his role in the protests, which he argued was evidence of a declining respect for international law.

BILATERAL MEETING WITH THE PRIME MINISTER OF ISRAEL Photo credit: Matty STERN/U.S. Embassy Jerusalem

Why Is This News Important?

The Gaza conflict is one of the world’s most contentious and closely-watched issues. It has drawn strong feelings and differing opinions from governments, activists, and ordinary people worldwide. The United Nations, as an international organization focused on peace and human rights, is a key arena for these debates. The events surrounding Netanyahu’s speech show that many nations and voices are urging new action—from recognition of Palestinian rights to calls for sanctions against Israel—while discussion and disagreement over the best path forward continue.

This episode at the UN highlights how international diplomacy, public protests, and official policy are all intersecting in real time as the search for solutions to the Israeli-Palestinian conflict remains urgent and unresolved.

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