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10 Must Reads for the CRE Industry Today (July 30, 2021)

President Biden has called on Congress to extend the eviction moratorium. The Durst Organization has announced it will fire any non-union workers that are not vaccinated against COVID-19 by Labor Day, one of a growing number of businesses making vaccination mandatory, reports Insider. These are among today’s must reads from around the commercial real estate industry.

  1. Biden Calls on Congress to Extend Eviction Moratorium “The Biden administration on Thursday called on Congress to extend an eviction moratorium that expires Saturday. The White House said in a statement that the Centers for Disease Control and Prevention can't unilaterally extend the moratorium, following a related Supreme Court decision.” (MarketWatch)
  2. Vacation Rental Company Vacasa to Go Public This Fall via SPAC Merger with TPG Pace Solutions “The Covid delta variant is not stopping travel company Vacasa from going public. Riding the vacation rental boom, Vacasa is set to go public this fall through a merger with TPG Pace Solutions, a special purpose acquisition company. The $400 million transaction would give the Portland, Oregon based company a $4.5 billion valuation. Vacasa CEO Matt Roberts tells CNBC no existing investors will sell shares.” (CNBC)
  3. Here’s How Companies Are Responding to the Rise in Coronavirus Cases “Companies are rushing to revisit their coronavirus precautions, with some mandating vaccines and pushing back targets for when employees are expected to return to the office, as cases rise across the United States, fueled by the Delta variant and slower pace of vaccinations.” (The New York Times)
  4. New York Real Estate Giant The Durst Organization Says It Will Fire Non-Union Workers Who Fail to Get a COVID Shot by Labor Day “The Durst Organization said the mandate for corporate staff, which has some exemptions, was driven by employees who want ‘a safer environment.’” (Insider)
  5. Unibail-Rodamco-Westfield Looks to Offload Regional U.S. Portfolio “Unibail-Rodamco-Westfield is planning to sell some of its regional malls in the U.S., as the firm tries to recover from the pandemic’s brutal impact on its bottom line.” (The Real Deal)
  6. San Diego City Council Reviews Audit of Troubled Real Estate Deals “The audit was prompted by the city's disastrous attempt to lease, and later purchase, the high-rise office building at 101 Ash Street. The city had hoped to move in hundreds of employees to consolidate its downtown workforce. But the move-in date was repeatedly delayed as the city discovered more and more problems with asbestos and the building's HVAC and electrical systems. The latest cost estimate for necessary repairs and improvements is $115 million.” (KPBS)
  7. Surfside Condo Collapse Lawsuits Are a Fight Over Just $50 Million “Plaintiffs’ lawyers have filed some two dozen lawsuits following the collapse of the Champlain Towers South condo tower last month, seeking payouts for the 98 deaths and destruction of 136 apartments it caused. The lawyers say it would take $1 billion to compensate everyone fairly. But the pool of money currently available for the Miami-area disaster is far smaller—some $50 million from insurance policies in place for the condo association, according to attorneys and court filings.” (The Wall Street Journal)
  8. Caruso for Mayor? Developer Hints at Possible LA Run “Eric Garcetti is on his way out as mayor of Los Angeles and billionaire developer Rick Caruso says he’s considering a run to replace him. Caruso, who pioneered open-air shopping malls through his eponymous real estate firm, told KTLA he’s ‘being encouraged to do it, asked to do it. I’m having conversations about it and I’m thinking about it,’ he said. (The Real Deal)
  9. Union Square Hospitality Group Joins a Long List of Restaurants Mandating Vaccination “NYC dining heavyweight Union Square Hospitality Group has joined a growing number of restaurants now requiring vaccinations among customers and staffers. CEO Danny Meyer told CNBC on Thursday that all of the company’s full-service restaurants, including Union Square Cafe and Gramercy Tavern, will require employees to be vaccinated and indoor diners to show proof of vaccination starting September 7. ‘We know right now that the vaccine works and it’s time to make sure that this economy continues to move forward,’ Meyer said. ‘There’s just no going back.’” (Eater New York)
  10. DoorDash’s New Full-Service Ghost Kitchen Outsources Staffing, Operations and Supply Chain “DoorDash announced Thursday that the third-party delivery company is expanding its DoorDash Kitchens ghost kitchen network to a second city — San Jose — and is now offering full-service operations capabilities for partner restaurants through a new ghost kitchen revenue sharing program. DoorDash Kitchens Full Service will expand outside of delivery/takeout capabilities to equip operators with DoorDash-facilitated operations and front of house staff, kitchen staff training, supply chain ingredients, and day to day operations.” (Nation’s Restaurant News)
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