Bernie Sanders Alexandria Ocasio-Cortez Chip Somodevilla/Getty Images
Sen. Bernie Sanders (I-VT) (L) and Rep. Alexandria Ocasio-Cortez (D-NY)

Seven Must Reads for the CRE Industry Today (Apr. 20, 2021)

Liberal lawmakers proposed $100 billion investment into modernizing the nation’s public housing system, reports The New York Times. Baby boomers are moving closer to their children after COVID-19, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Progressives Propose Tripling Housing Commitment in Infrastructure Plan “Top liberal lawmakers unveiled legislation on Monday that would pour more than $100 billion over a decade into modernizing the public housing system and starting a transition to renewable energy, as progressives seek to prod President Biden to expand his far-reaching infrastructure plan.” (The New York Times)
  2. How the Pandemic Made Lumber America’s Hottest Commodity “Demand for lumber has skyrocketed during the pandemic, sending prices to all-time highs. This video explains what is driving the lumber boom, who is profiting, and why those growing the trees aren’t reaping the benefits.” (Wall Street Journal)
  3. New York Spent $1.5 Billion on its Convention Center. Will Anyone Come? “New York has just spent $1.5 billion to entice very large groups of people to gather under the same roof. When will that seem like a good idea again? Construction crews are putting the finishing touches on a major expansion of New York City’s main convention hall, the Javits Center. By early summer, it should be ready again to host trade shows, corporate meetings and public events.” (The New York Times)
  4. Baby Boomers, Isolated During COVID, Rushed to Move Close to Their Kids “Dan Karp, a senior adviser in information technology at the Social Security Administration, used to live closer to his work than to his adult children. His apartment in Columbia, Md., was a 20-minute drive to his office in Baltimore. Then came the Covid-19 pandemic. Mr. Karp, 67 and single, adjusted easily to working remotely, but not to being alone at home all the time. He didn’t see friends and couldn’t travel even occasionally, as he had before the pandemic, to visit his children and grandchildren.” (Wall Street Journal)
  5. Convention Center Hotels Face Long Road Back to Pre-Pandemic Volumes “Hotels reliant on convention center business face a larger uphill climb returning to pre-pandemic levels than other business hotels, as businesses and other organizations slowly work their way back toward embracing traveling to large gatherings. Conventions and in-person conferences have been largely sidelined since the onset of the COVID-19 pandemic in March 2020 due to health concerns.” (Commercial Observer)
  6. Eric Adams Gets More Than $300K from Real Estate Developers “A new report linked $300,000 in donations to Eric Adams’ nonprofit to developers and lobbyists with business in Brooklyn.” (The Real Deal)
  7. Leveraging Uncertainty to Craft Creative Leasing Strategies “Commercial landlords and tenants are no strangers to changing economic cycles. Adjusting lease agreements to different circumstances is one of the main factors in negotiating favorable terms for both parties. But the pandemic has thrown a wrench into the status quo, prompting industry players to realign their strategies and think up creative solutions.” (Commercial Property Executive)
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