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10 Must Reads for the CRE Industry Today (Jan. 15, 2021)

New York City apartment renters now owe more than $1 billion in missed rent payments, reports the Wall Street Journal. The Real Deal looks at what appraisal reductions mean for CMBS loans. These are among today’s must reads from around the commercial real estate industry.

  1. New York City Renters Owe More Than $1 Billion in Unpaid Rent, Survey Finds “New York City apartment tenants are more than $1 billion in debt from missed rent payments during the coronavirus pandemic, according to a new survey measuring the depth of the rent crisis brought on by Covid-19. The debt figure is the most recent indicator that unemployment benefits and federal stimulus packages have so far been inadequate to alleviate the growing financial burden of missed rent payments across thousands of city households. Both landlord and tenant advocacy groups have lobbied heavily for more government rental assistance during the pandemic.” (Wall Street Journal)
  2. CRE and Washington’s New Agenda “The upset wins of two Democrats in the Jan. 5 runoff elections for Georgia’s U.S. Senate seats carries far-reaching implications, not least for economic policy and the commercial real estate sector. Though slim, the new Democratic majorities in both houses of Congress considerably boost the chances that President-elect Joe Biden can enact at least part of his ambitious agenda.” (Commercial Property Executive)
  3. IRS Issues Final Regulations on Taxation of Carried Interest Under Section 1061 “The Final Regulations generally retain the framework of the proposed regulations published on August 14, 2020 (the “Proposed Regulations,” which were covered in our earlier alert). However, the Final Regulations include a number of important revisions and clarifications. Fund sponsors should consider the possible implications of the Final Regulations to their funds including whether existing fund agreements should be revised.” (The National Law Review)
  4. Hotels: Occupancy Rate Declined 28.3% Year-over-Year “The previous week’s occupancy was lifted by New Year’s travel. As that holiday travel dissipated, TSA checkpoint counts and hotel room demand each declined by roughly 1.3 million in a week-over-week comparison.” (Calculated Risk Blog)
  5. What Appraisal Reductions Mean for Future Losses on CMBS Loans “The number of CMBS loans with appraisal reductions more than tripled in 2020. Here’s what that could mean for future losses.” (The Real Deal)
  6. Americans Say Financial Stability Depends on Economic Impact Payments “About 54% of people who received first-round stimulus checks believe that the money helped them make ends meet this spring, as millions felt the financial crunch of the surging coronavirus pandemic and the historic job losses that followed. And 55% of those surveyed feel that their financial stability depended on receiving a second check, according to a new Credit Karma/Qualtrics survey.” (USA Today)
  7. Corporate America Takes Away Trump’s Toys “In the wake of the Capitol Hill riots on January 6 — riots incited, in part, by the president of the United States and some members of the Republican Party — there has been a broad-based backlash against Trump and some factions of the GOP. The political reaction has been swift, and Trump became the first American president to be impeached twice by the House of Representatives, with a growing chorus within his own party turning against him. But the corporate and cultural response has also been influential, as institutions that enabled or, at the very least, put up with Trump for years finally turn against him.” (Vox)
  8. They Can’t Leave the Bay Area Fast Enough “The Bay Area struck a hard bargain with its tech workers. Rent was astronomical. Taxes were high. Your neighbors didn’t like you. If you lived in San Francisco, you might have commuted an hour south to your job at Apple or Google or Facebook. Or if your office was in the city, maybe it was in a neighborhood with too much street crime, open drug use and $5 coffees.” (The New York Times)
  9. Noodles & Company, Fat Brands Plan Ghost Kitchen Openings in 2021 “Noodles & Company plans to open a ghost kitchen operation during Q1 2021 in addition to new units that would be company-owned and just offering off-premise, Dave Boennighausen, CEO at Noodles & Company, said during an ICR presentation on Monday. Fat Brands President and CEO Andy Wiederhorn said during an ICR presentation Tuesday that the company plans to open a couple dozen ghost kitchens in 2021.” (Restaurant Dive)
  10. CRE Navigates California’s Ambitious Green Building Standards “California Energy Code keeps getting more stringent, aimed at reducing greenhouse gas emissions linked to climate change.” (Bisnow)
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