- The Biden Administration Sets a Jan. 4 Vaccination Guideline for Private Sector Workers. “The Biden administration said on Thursday that large companies have until Jan. 4 to ensure that their workforces are fully vaccinated under a sweeping new coronavirus health measure that will cover 84 million private sector workers. The plan was first announced in September by President Biden, who directed the Labor Department to invoke its emergency powers over the safety of workplaces to require businesses with 100 or more employees to mandate vaccinations for all employees.” (The New York Times)
- Which Cities Are Growing Most at the Expense of Others? “Metros with warmer climates dominate the list. Phoenix came out on top with an average net population gain of nearly 50,000 a year, with the largest group arriving from Los Angeles. The City of Angels was also the biggest source of growth for Las Vegas, which finished fifth, and the second-biggest source for Dallas-Fort Worth, in third.” (The New York Times)
- Zillow’s $1.2 Billion in Mortgage Bonds in Focus after Company Abruptly Exits Home-Buying Business “Zillow Group Inc.’s roughly $1.15 billion pile of mortgage bonds tied to its home-buying business has been thrust into the spotlight, after the real-estate giant on Tuesday called it quits on its iBuying home-flipping business. Zillow blamed a faulty algorithmic model for its overpaying of homes purchased in the second half of this year. As a result, the company said it would lay off about a quarter of its staff and anticipates taking a more than $550 million loss on homes it bought.” (MarketWatch)
- Secretive Real Estate Purchases Driving Inequality “The Pandora Papers hint at the ripple effect created by offshore purchases, from property values to tax evasion.” (The Real Deal)
- The Pandemic Was Hard for Everyone, Except Maybe Landlords “The researchers write that ‘since expenses fell more than rental revenues, and rental revenues recovered more than expenses did in June, overall balances were higher during the pandemic.’ Expenses include things like deferring mortgage payments under widely available forbearance programs and putting off maintenance costs. To put some more numbers on it: In May 2020, landlord balances were 11 percent higher than what was observed in May 2019. In June 2020, landlord balances were 25-30 percent higher than in June 2019, and that trend persisted through May 2021 where “revenues are down 3.6 percent and expenses are down about 5.5 percent.’” (Vox)
- CRE Talent Crunch Has Meant Higher Pay and Better Benefits “The shifting labor market is impacting CRE salaries and benefits, pushing firms to make better offers to new hires due to increased competition.” (Bisnow)
- Kroger Is Taking On Publix in Florida Without Opening a Single Grocery Store—and Building a Blueprint for its Future “Kroger wants to attract tens of thousands of new customers in Florida — and it plans to do that without opening a single grocery store. Instead, the supermarket operator is relying on a giant warehouse of robots that help retrieve such products as bananas, milk and meat, and a fleet of delivery drivers that drop off online grocery orders at people’s doors.” (CNBC)
- Regal Capital’s Harlem Building Becomes First NYC Property to IPO “A building in Harlem — formerly the site of iconic jazz club Lenox Lounge — went public on Wednesday. Yes, you’re reading that right. Regal Capital Acquisitions‘ commercial office and retail property 286 Lenox Avenue started trading on the commercial real estate securities market LEX, where investors can buy and trade shares of the four-story building starting at $250 a pop, according to LEX. The goal? Regal Capital hopes to raise $2.2 million by selling a 49 percent minority stake in the building.” (Commercial Observer)
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