- Nearly 20% of Renters in America Are Behind on Their Payments “About 18% renters in America, or around 10 million people, were behind in their rent payments as of the beginning of the month. It is far more than the approximately 7 million homeowners who lost their properties to foreclosure during the subprime mortgage crisis and the ensuing Great Recession. And that happened over a five-year period.” (CNBC)
- Fed Set to Look Beyond Possible Post-Pandemic Inflation Shock “Fed policymakers have little doubt that costs for many goods and services will jump this year, a bitter pill for consumers if gasoline, travel and other prices start to rebound from sharp declines last year. But, Fed officials argue, that’s part of getting back to normal, not the start of a more persistent inflation problem.” (Reuters)
- Bipartisan Group of Senators Pushes Back on Biden COVID Plan “The senators told the White House officials they support spending more on vaccine distribution but some balked at the stimulus payments, urging the White House to make them targeted toward those in greater need, according to sources on the call. Sen. Susan Collins (R-Maine) pressed the Biden officials on why families making $300,000 would be eligible and urged a focus on lower-income workers.” (Politico)
- AMC Entertainment Says Bankruptcy Is Off the Table After Raising More Than $900 Million Since December “Shares of AMC skyrocketed Monday after the company disclosed that it had secured enough financing to remain open and operational deep into 2021. ‘This means that any talk of an imminent bankruptcy for AMC is completely off the table,’ said CEO Adam Aron. Since Dec. 14, the largest movie theater chain in the world has raised $917 million of new equity and debt capital, the company revealed Monday in an SEC filing.” (CNBC)
- Cuomo Proposes Airbnb Collect Sales Tax on New York Stays “People booking vacation rentals in New York on sites like Airbnb Inc. could soon start paying sales taxes that home-sharing companies would collect under a proposal included in Gov. Andrew Cuomo’s $193 billion budget. Aides to the Democratic governor say the proposal could generate an additional $10 million for the state in the fiscal year that starts April 1, and $18 million in subsequent years. Roughly the same amount of money would also flow to local governments around the state, which also levy their own surcharges on top of the state’s 4% sales tax.” (Wall Street Journal)
- Latch to Go Public via Tishman Speyer SPAC “The New York real estate giant announced that its blank-check company, TS Innovation Acquisitions Corp., will merge with smart-lock maker Latch, the Wall Street Journal reported. The deal would take Latch public with an expected valuation of $1.56 billion. When the deal closes — likely in the second quarter — the company expects to trade on Nasdaq under the symbol LTCH.” (The Real Deal)
- California State Officials Lift Stay-at-Home Orders for All Regions “California health officials have lifted the regional stay-at-home order for all areas statewide on Monday morning, including the San Joaquin Valley, Southern California and the Bay Area, where ICU capacities still remain under 15%. In a press release, health officials said the four-week projection for ICU capacity in the three regions were expected to reach above 15%.” (ABC7)
- Future-Proofing REBNY “REBNY was ready. REBNY is ready. That’s the message that the Real Estate Board of New York wants to put out there in the wake of how it has handled the coronavirus pandemic, both for its thousands of members as well as for its own internal workings.” (Commercial Observer)
- CVS Completes First Round of COVID-19 Vaccination at 8,000 U.S. Nursing Homes “Drugstore chain CVS Health Corp said on Monday it has completed administering the first round of COVID-19 vaccination at about 8,000 U.S. nursing facilities. Administration of second doses was underway and expected to be completed within four weeks, the company said.” (Reuters)
- Godiva to Close or Sell All its Stores in North America “Godiva is planning to exit the brick-and-mortar retail business. The luxury chocolatier announced it will close or sell its 128 locations in North America amid weak in-store visits during the pandemic. It expects to complete the closures and sales by the end of March. Godiva owns and operates more than 600 namesake stores in the United States, Canada, Europe, and Asia.” (Chain Store Age)
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