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10 Must Reads for the CRE Industry Today (July 11, 2022)

The Real Deal analyzes donations from the real estate industry to New York Gov. Kathy Hochul. The National Association of Realtors' housing affordability index has reached its lowest level since 2006. These are among today’s must reads from around the commercial real estate industry.

  1. These real estate execs gave Kathy Hochul the most cash “Some of the most prominent real estate professionals in the city have contributed generously to Hochul’s war chest as she vies for her first four-year term as governor. Republican nominee Rep. Lee Zeldin’s haul from the industry has been comparatively modest.” (The Real Deal)
  2. Housing-Affordability Index Drops to Lowest Level Since 2006 “The National Association of Realtors’ housing-affordability index fell to 102.5 in May, the association said Friday, the lowest level since the index fell to 100.5 in July 2006. It was close to the lowest level since July 1990, when the index stood at 100.2. The affordability index incorporates median existing-home prices, median family incomes and average mortgage rates.” (The Wall Street Journal)
  3. Butler shows hundreds of employees the door after raising $50M for room service delivery “Butler’s downfall is a cautionary tale both of the opportunities and challenges that exist in the world of on-demand startups. There may be clear gaps in the market for services that appear in theory like easy sailing. Yet they can inevitably be buffeted by economic, social and, in recent times, extreme public health headwinds. And amidst all that, those working there are the first to go over.” (TechCrunch)
  4. Renters Face Fiercest Competition in Florida and the Northeast “As pandemic restrictions ease and remote work becomes a permanent fixture, Americans continue to seek homes in communities with more relaxed lifestyles — particularly in Florida and the Northeast, home to the country’s most competitive markets for renters, according to a new analysis of real estate data.” (The New York Times)
  5. New Office Tenants and New Development Balance Out Vacancy in Miami “While the economy has had a turbulent few years — with a global pandemic, record inflation and political drama — the vacancy rate in Miami’s office market has remained fairly static, as the horde of new-to-market tenants was balanced by new development, according to second-quarter research from Colliers.” (Commercial Observer)
  6. This Auto CEO Won’t Put Remote Work in Reverse “His plan for keeping workers engaged is a hybrid work model that allows roughly 75,000 employees who aren’t on the assembly line to operate remotely most of the time. He did the same at PSA, where roughly 18,000 had been working from home for years before the pandemic.” (The Wall Street Journal)
  7. Seritage Growth Properties looks to sell off all assets “The plan requires a two-thirds vote from shareholders, but it is already about halfway there. Eddie Lampert, the former chairman of Seritage, exchanged his equity in the company for shares and agreed to vote for the plan. Lampert now owns about 29 percent of the company’s outstanding Class A shares, according to the proxy filing.” (The Real Deal)
  8. Affordable housing in one of NYC’s most expensive neighborhoods becomes litmus test in competitive congressional race “So far, five of the leading Democratic contenders — former Mayor Bill de Blasio, ex-prosecutor Daniel Goldman, Congressman Mondaire Jones, and Assemblymembers Yuh-Line Niou and Jo Anne Simon — have all signed on in support of the affordable housing campaign run by a group of residents and 9/11 activists called the Coalition for a 100% Affordable 5WTC.” (Gothamist)
  9. A Real Estate CSO Discusses The Outlook For The Housing Market, Innovation, And The Magic Of Big Data “Today we talk with Eric Chesin, Chief Strategy Officer at Anywhere Real Estate (formerly known as Realogy), the Fortune 500 parent company of some of the world's leading real estate brokerage brands and service businesses. In this role, Chesin oversees the development and execution of the Company’s corporate strategy.” (Forbes)
  10. The Housing Market Has Fed Whiplash. It Doesn’t Have to Be This Way. “Now that the Fed is correcting its policy, the housing market has been jerked back down to earth. Builders didn’t even have a chance to sufficiently increase supply during the heights of demand in 2021 due to pandemic-related supply-chain shortages.” (Barron’s)
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