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11 Must Reads for the CRE Industry Today (June 17, 2021)

While the federal evictions ban is coming to an end, CNBC analyzes how several states have enacted bans that last further into the year. Online payments firm Stripe is cutting salaries of employees that moved away from New York and San Francisco. These are among today’s must reads from around the commercial real estate industry.

  1. Eviction protections for renters will extend beyond June in these locations “In Vermont, for example, most evictions are barred until 30 days after its state of emergency concludes, which means that as of now, struggling renters are safe until at least the middle of July. New York, meanwhile, has extended its eviction ban until September. And renters in New Jersey can’t be kicked out of their homes until mid-August.” (CNBC)
  2. Stripe employees took 10 percent pay cuts to leave NYC, San Francisco “Stripe, an online payments company valued at $95 billion, said in September that workers who moved to work elsewhere permanently would get a one-time bonus of $20,000 but also a permanent salary cut.” (New York Post)
  3. 9 Key Trends Shaping Investor Strategies in 2021 & Beyond “CBRE’s 2021 Global Investor Intentions Survey shows improving investor sentiment amid the global economic recovery. Many occupiers are rethinking their occupancy strategy following widespread remote work adoption during the pandemic. Investors are responding by placing more emphasis on amenities, tenant safety, wellness and flex and collaborative space offerings.” (CBRE)
  4. Who Wants a Hotel With a Hallway Anyway? “The trend has accelerated in recent years, especially this past pandemic year. Weekends at the Stonewall Motor Lodge, a renovated 1964 property near Fredricksburg, Texas, with nice linens, live music and complimentary charcuterie, have been booked since last summer.” (The New York Times)
  5. U.S. Housing Market Needs 5.5 Million More Units, Says New Report “The 5.5 million-unit deficit includes about two million single-family homes, 1.1 million units in buildings with two to four units and 2.4 million units in buildings of at least five units, the report says.” (The Wall Street Journal)
  6. Amazon commits $300 million to affordable housing “The e-tail giant is following up on the January 2021 launch of its $2 billion Housing Equity Fund by pledging more than $300 million to create an estimated 3,000 new affordable housing units on land owned by transit agencies or privately-owned land in close proximity to public transit.” (Chain Store Age)
  7. WashREIT to Sell Office Portfolio for $766M “WashREIT is accelerating its transformation into a multifamily REIT focusing on the Southeast, as it continues to shed more of its office properties. The REIT has entered into a definitive agreement to sell 12 office assets in the Washington, D.C., metro area, including six in Northern Virginia, to a Brookfield Asset Management private real estate fund for $766 million.” (Commercial Property Executive)
  8. New SKW Funding, Bain Capital Joint Venture Focuses on Troubled Assets “The new platform was formed on the heels of SKW and Bain Capital’s first joint venture — created in July 2019 — which facilitated the origination of nine deals. The JV will pursue opportunities nationally with a targeted focus on acquisitions throughout the New York City metropolitan region. It will also target special situation loan originations, including mezzanine and preferred equity investments.” (Commercial Observer)
  9. Take a look inside Google’s first retail store ahead of its opening “It’s sort of like an Apple Store, but for people who want to buy and get support for Google products. Previously, Google has created temporary ‘pop-up’ shops, but this location is designed to be a permanent fixture in the company’s New York headquarters.” (CNBC)
  10. The U.S. Averted One Housing Crisis, but Another Is in the Wings “While one group of households is rushing to buy homes with savings built during the pandemic, another is being locked out of ownership as prices march upward — and those who bore the brunt of pandemic job losses remain saddled with debt and in danger of losing their homes.” (The New York Times)
  11. NYC real estate biz is fighting bevy of new taxes, regulations “The real estate industry is reeling in the face of new legislation, extended eviction moratoriums, environmental regulation and higher taxes. Now, trade organization and industry leaders vow to fight back.” (New York Post)
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