- $25B Assistance Program Launches as Renters Continue to Struggle “The rental assistance program requires that nearly all (90%) of awarded funds must be used for direct financial assistance including rent, rental arrears, utilities and home energy costs, utilities and home energy costs arrears, and other housing expenses.” (GlobeSt.com)
- U.S. Government Urges Data Center Efficiency Programs “In addition to the certification program, the federal bill calls for new research on data center energy usage, accounting for ”the impact of the combination of cloud platforms, mobile devices, social media, and big data on data center energy usage.” It also establishes an open data initiative whereby the federal government will track and share energy use statistics on its own data centers.” (Bisnow)
- Trump Organization’s Brokers Ditch D.C. Hotel Sale “The severed business relationship is the latest in a week where numerous Trump associates, Cabinet members, and even social media platforms distanced themselves or severed his access due to the role he played inspiring Wednesday’s attack of the U.S. Capitol.” (Skift)
- REITs have tumbled to tremendous discount “Executives of public real estate companies have griped for years that shareholders have undervalued their companies’ property holdings. The pandemic has heightened the tension by sending REIT stocks tumbling even further, especially those with portfolios like BPY’s that are concentrated in troubled segments of the property market, such as office and retail, Business Insider noted.” (Daily Beat)
- Senate flip: 5 real estate takeaways “Biden has said that he wants to increase high earners’ taxes on payroll, capital gains and income. He has also proposed increasing the corporate tax rate to 28 percent from 21 percent, after Republicans lowered it from 35 percent in 2017. While that would cost some real estate businesses more, it could benefit affordable housing developers.” (The Real Deal)
- Land Subsidence Threatens the Global Real Estate Sector “While subsidence is not a new phenomenon, it is increasing at an alarming rate. Drought, rising seas and global heating combined with the lack of pumping regulations and increasing populations will create problems worldwide: To that end, the study looked at 200 locations in 34 countries.” (Triple Pundit)
- IRG, Gannett Co. Ink Multi-Property Sale-Leaseback Deal “The five buildings total 799,233 square feet, and Gannett will lease portions of each one for varying terms. IRG plans to redevelop the remaining square footage and market it as warehouse and distribution space, which continues to be in high demand.” (Commercial Property Executive)
- Restoration Hardware invests $105M in Aspen real estate ‘ecosystem,’ 2022 plans include retail, restaurants, suites, spa, etc. “In an unprecedented move, the luxury home furnishings company RH (formerly known as Restoration Hardware) this week quietly shared plans to invest $105 million in Aspen real estate — including the addition of a two-story downtown storefront, two restaurants, multiple residences and a boutique hotel, bath house and spa at the site of the now-defunct Crystal Palace.” (Aspen Daily News)
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