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Nine Must Reads for the CRE Industry (Jan. 16, 2021)

The Real Deal breaks down the provisions in President-elect Biden’s proposed COVID-19 relief package that would most directly affect the commercial real estate industry. Vaccinations of nursing home residents have faced delays, reports Reuters. These are among today’s must reads from around the commercial real estate industry.

  1. Biden’s $1.9T package would extend eviction ban, boost rent relief “The proposal would extend a national moratorium on evictions and foreclosures to Sept. 30. The moratorium is set to expire Jan. 31, according to MarketWatch. Biden is also calling on Congress to come up with $30 billion for emergency rental, energy and water assistance for hard-hit families, as well as $5 billion in assistance for those experiencing homelessness.” (The Real Deal)
  2. Some U.S. nursing home residents face delays for COVID-19 vaccines despite extreme risk “Federal health officials in recent days have urged broadening vaccine eligibility to tens of millions of Americans to speed the national inoculation program rollout. Meanwhile, seniors at some long-term care facilities - who account for about 1% of the U.S. population but 40% of COVID-19 deaths and were supposed to be at the front of the line - continue to wait.” (Reuters)
  3. Fannie, Freddie Taxpayer Stake Won’t Be Restructured Under Trump “Advisers close to President-elect Joe Biden have said he would be in no hurry to privatize the companies, which guarantee roughly half of the $11 trillion U.S. mortgage market. Instead, Mr. Biden would focus on ways to use the companies to boost housing affordability and promote homeownership, the advisers said.” (The Wall Street Journal)
  4. Disneyland as a Vaccination Site? Airports as Test Centers? The Travel Industry Pitches In “More than a dozen U.S. airports now double as virus testing sites, including Chicago O’Hare and Chicago Midway, Los Angeles International, Tampa, Newark and Minneapolis-St. Paul. Inside many terminals, XpresSpa has pivoted from offering airport massages and manicures to rapid coronavirus tests.” (The New York Times)
  5. KKR to invest $1.7bn in Asia's data centers, warehouses and offices “U.S. private equity firm KKR sees a treasure-trove of investment opportunities in a ‘transformed’ Asia-Pacific real estate sector, as consumers increase e-commerce shopping and work from home amid the pandemic. On Thursday, the company announced the closing of its first pan-Asia-Pacific real estate fund that has raised $1.7 billion from investors.” (Nikkei Asia)
  6. Cuomo's $306 Billion Infrastructure Plan: Remake Midtown “Quoting Shakespeare, Mark Twain, and Franklin Delano Roosevelt, Governor Andrew Cuomo on Thursday unveiled a wide-ranging infrastructure vision that he argued would not only improve rail, air, and bus travel but also save New York from economic depression and prepare it for the next century.” (Gothamist)
  7. How Covid accelerated the rise of ghost kitchens “It’s leading to the accelerated growth of ghost kitchens, or cooking facilities that produce food only for delivery and takeout with no dine-in areas. According to Euromonitor, ghost kitchens could create a $1 trillion global market by 2030. Top brands such as The Halal Guys, Dog Haus, and Wow Bao are seeing success with the ghost kitchen model. It allows restaurants to cut costs and make profits during a global pandemic.” (CNBC)
  8. Hounded by Wildfires, Californians Rethink Their Willingness to Rebuild “For decades in this chaparral-covered ecosystem, it’s been a ritual: after the burn comes the rebuild. But as the nation’s most populous state stares down a seething climate crisis, one that cranked temperatures into triple digits last fall and set off a series of infernos that exploded, into bone dry air, the rebuilding process is beginning to look different.” (The New York Times)
  9. Walmart’s e-commerce chief is leaving to build “a city of the future” “The entrepreneur and executive said he also plans to spend more time on philanthropy, advising startups, and serving on public company boards, while also writing a book and working on developing a TV show. He said he has ideas for new startups he wanted to pursue as well, but made clear he had no intention of running them as CEO.” (Recode)
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