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Seven Must Reads for the CRE Industry Today (Sept. 17, 2021)

A new Harvard University shows that small landlords and Black tenants suffered disproportionately compared to other groups during the pandemic. California CRE groups said with the recall over, they hope Gov. Newsom can refocus on housing issues, reports Bisnow. These are among today’s must reads from around the commercial real estate industry.

  1. Mom-and-pop landlords, Black tenants hit harder by pandemic: report “The authors surveyed nearly 3,000 landlords across 10 cities, including Los Angeles and San Jose, California, and Albany and Rochester, New York. They found that payments short of what was due grew significantly throughout the pandemic, hurting mom-and-pop owners disproportionately.” (The Real Deal)
  2. CRE Groups Hope Newsom Will Renew Focus On Housing Production After Failed Recall “California Building Industry Association President and CEO Dan Dunmoyer said that many of the same issues that dogged Newsom before the recall will remain at the forefront for the rest of his term. The price of housing has skyrocketed, the cost of delivering all types of construction continues to rise and the issue of homelessness remains a major concern for many Californians.” (Bisnow)
  3. How Two Real-Estate Outsiders Landed Jobs Inside Luxury Condo Buildings “When I walked in, the luxury of each inch of the building made me feel like déjà vu, back to Morocco, back to the palace, back to royalty. When you meet the people buying here, it’s not some budget person, it’s someone who wants to enjoy luxury service. It’s about creating a unique and memorable experience every time. I will greet you, I will escort you. I want you to feel you are a very important person.” (The Wall Street Journal)
  4. Does Your Property Tax Assessment Reflect COVID-19’s Long-Term Challenges? “Many of these taxpayers have been surprised to receive property tax bills that do not reflect the real and lingering economic challenges that the retail, hospitality, office and other industries have, are and will continue to face. These taxpayers — and even those in industries better suited to weather the storm — should give special attention to ensuring they receive fair and reasonable assessments.” (REBusinessOnline)
  5. How the Commercial Rent Stabilization Act will damage NYC’s economy “Local government must think through the consequences of adopting the bill and recognize that enacting Commercial Rent Stabilization will significantly damage New York City’s economy and impair the viability of conducting business in NYC.” (Real Estate Weekly)
  6. Brookfield, King Street Form $1.5B Partnership “The partnership intends to invest approximately $1.5 billion in equity capital toward King Street’s life sciences real estate pipeline. Further, Brookfield entered into an agreement to purchase an interest in King Street’s operating platform.” (Commercial Property Executive)
  7. If You Can’t Beat ’Em, Adapt With ’Em: Regional, Specialty Retailers Pivot Along With Big-Box Rivals “The company began overhauling itself even before the pandemic, a process that involved not only store closures but also a pivot to online sales, which has proved a winning strategy as consumers have become more comfortable with buying jewelry online.” (Bisnow)
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