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Seven Must Reads for the CRE Industry Today (Sept. 3, 2021)

New York City Mayor Bill DeBlasio directed the city’s municipal workers to come back to the office full-time on Sept. 13, reports The New York Times. Multifamily managers have to prepare to deal with more hurricanes and flooding, according to Bisnow. These are among today’s must reads from around the commercial real estate industry.

  1. NYC’s Mayor Directs City Workers to Return to the Office Full-Time “In a Wednesday email to agency heads that was acquired by The New York Times, the mayor’s reopening task force said the roughly 80,000 office workers employed at city agencies would ‘resume pre-March 2020 work schedules in the office beginning September 13.’ There are more than 300,000 city workers overall, but many of them are essential employees who have already been reporting to job sites.” (The New York Times)
  2. Don’t Mind the Gap in Intergenerational Housing “Intergenerational housing — development that goes out of its way to mix older and younger people — is increasingly regarded as healthier, physically and psychologically. While we’ve heard a lot lately about huge, leisure-oriented communities, like the Villages in Florida, inhabited exclusively by those 55 and older, the largest proportion of American seniors lives in the most intergenerational places: cities like New York, Los Angeles and Chicago.” (The New York Times)
  3. New York Lawmakers Extend Eviction Moratorium Again Through January 15, 2022 “The new moratorium will potentially protect hundreds of thousands of tenants from eviction, while granting landlords broader power to challenge tenants who they doubt are suffering financial hardship. Landlords now have a right to request a hearing in housing court to contest any tenant’s claim of financial hardship that protected them from eviction. The Supreme Court had found the previous policy, which allowed tenants to self-attest on a form that they faced financial hardship, was a potential violation of the landlord’s right to due process.” (Gothamist)
  4. More Hurricanes, More Fires: Multifamily Managers Cope with Heightened Risk “Increasing natural disasters mean apartment owners need to be prepared more than ever.” (Bisnow)
  5. New York Multifamily Damage in the ‘Billions’ from Historic Flooding “ The remnants of Hurricane Ida blew through New York City, resulting in a citywide rampage that left billions of dollars in damage.” (Commercial Observer)
  6. Parking Garages Are Bouncing Back from the Pandemic, But the Old Ways of Doing Business May Need to Change “People are skipping public transit to drive, but parking garages will have to update their technology to hang onto those coming in just a few days per week.” (Bisnow)
  7. PGIM Real Estate Appoints New Global CIO “Raimondo Amabile was named global CIO at PGIM Real Estate.” (Pensions & Investments)
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