- Why Shares of Homebuilders Just Plunged “Looming interest rate hikes are slamming US tech stocks, which dropped sharply last week as investors reassessed how higher borrowing costs could hit their portfolios. But it's not the only sector to take a beating. What's happening: Shares of US homebuilders including Toll Brothers (TOL), Lennar (LEN) and PulteGroup (PHM) were among the biggest losers on Friday. The iShares US Home Construction exchange-traded fund fell 4.5% and finished the week 9% lower.” (CNN Business)
- ‘Magic’ Multigenerational Housing Seeks to Aims to Alleviate Social Isolation “Magic is the brainchild of geriatrician William Thomas, who spent decades working to improve long-term care. Spurred by a belief that segregating older adults, as well as people with special needs, negatively impacts their well-being, Dr. Thomas co-founded Kallimos Communities to develop neighborhoods based on Magic principles. Groundbreaking is expected to begin in the second half of 2022 on two neighboring 7.5-acre communities in Colorado—the first of what he hopes will be many across the country. Others in the caregiving field are reimagining the way people live and care for each other and coming up with similar solutions.” (The Wall Street Journal)
- Is Multifamily a Bubble? “Hershberg noted that for multifamily builders and developers, the race is on to get their projects underway and out of the ground, in an effort to refinance before interest rates go up. In New York City, too, there’s the added rush to beat the June expiration of the 421a incentive, a tax exemption that makes multifamily development less expensive. Moreover, the race has been increasingly challenging due to labor shortages, fluctuations in material pricing, and overall supply chain issues across the board, he said.” (Commercial Observer)
- Why SL Green, NYC’s Largest Office Owner, Is Selling Lots of Buildings “As of Sept. 30, 2021, SL Green is said to have held interests in 76 buildings totaling 35.3 million square feet, 27.2 million square feet of which was in Manhattan. And where the REIT has generally held 50 to 100 percent equity in its investments, it plans to stay ‘nimble’ in the future with about 15 to 30 percent ownership in individual buildings, Marc Holliday, CEO of SL Green, said during the company’s recent year-end conference with its investors.” (Commercial Observer)
- Worker Sick with Omicron Add to Manufacturing Woes. ‘The Hope Was That 2022 Would Get Better.’ “The Covid-19 Omicron variant’s spread among U.S. factory workers is slowing operations and stretching staff for manufacturers, leading some to consider unconventional, and sometimes expensive, solutions to keep operating. Mounting absences among Covid-infected workers are bringing masks back to some factory floors, executives said, while manufacturers shuttle available workers to jobs and plants where they are most needed. Companies are also redoubling recruiting efforts to fortify workforces already worn thin by high turnover in a tight job market.” (The Wall Street Journal)
- U.S. Expected to Be Investors’ Focus for Real Estate Opportunities “Real asset investors and managers are expected to favor investing in the U.S. in 2022.” (Pensions & Investments)
- NYC Mayor Adams Joins Elected Officials Across the Country in Call to Revive Federal Aid for Restaurants “New York City mayor Eric Adams has joined a group of elected officials across the country calling on the federal government to replenish the national Restaurant Revitalization Fund, an emergency fund providing financial support to restaurants and bars hard-hit by the pandemic. The Real Deal reports that the mayor signed a letter to Congress — alongside 27 other mayors, including from Chicago, San Francisco, and Boston — pushing federal lawmakers to refill the fund as restaurants contend with temporary shutdowns and business disruptions in light of more surges of COVID-19 in their communities.” (Eater New York)
- San Francisco ADUs Are Being Built Mostly in the Richest Parts of the City “California’s uphill battle against its housing crisis has increasingly called upon a small but powerful actor: the accessory dwelling unit, or ADU. Often referred to as in-law units or granny flats, traditional ADUs are small dwellings that are located on the same lot as an existing home, and typically have their own kitchens and bathrooms. ADUs can also refer to converted garages, boiler rooms and other sections of apartment buildings turned into housing.” (San Francisco Chronicle)
- Robert Durst, Real Estate Heir Convicted of Murder, Dies at 78 “Robert Durst, the wealthy New York real estate heir and failed fugitive who was dogged for decades with suspicion in the disappearance and deaths of those around him before he was convicted of killing his best friend and sentenced to life in prison, has died. He was 78. Durst died in a state prison hospital facility in Stockton, his attorney Chip Lewis said. He said it was from natural causes due to a number of health issues.” (CNBC)
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