- Issuance of Bundles of Risky Loans Jumps to 16-Year High “Sales of securities backed by bundles of risky corporate loans are hitting records, lifted by a recovering economy and demand from yield-starved investors. Issuance of new collateralized loan obligations, which buy up loans to companies with junk credit ratings and package them into securities, totaled over $59 billion as of May 20, according to data from S&P Global Market Intelligence’s’ LCD. That is the highest ever figure for that period in data going back to 2005.” (The Wall Street Journal)
- What Happened to the $45 Billion in Rent Relief? “Everyone agreed that rent relief was the only way to stop a wave of millions of Americans from being evicted. The logic was simple: Give people who were struggling during the pandemic the money to pay their rent, and landlords would have no reason to evict for nonpayment. That simplicity, and the remarkable unity from the landlord lobby and tenant advocates alike in calling for this type of relief, led Congress to allocate $25 billion in rental assistance in December.” (Vox)
- Multifamily Built-for-Rent Share: 96% of Starts “According to NAHB analysis of quarterly Census data, the market share of rental units of multifamily construction starts remained elevated at 96% during the first quarter of 2021. In contrast, the historical low share of 47% was set during the third quarter of 2005, during the condo building boom. An average share of 80% was registered during the 1980-2002 period. As demand shifted to suburban markets in 2020, condominium or for-sale multifamily starts declined significantly.” (NAHB)
- Airbnb Announced a Big New Updated Focused on Flexibility—Here’s What’s New “Airbnb announced more than 100 new changes and updates to its platform Monday with a focus on flexibility, ahead of a widely anticipated boost in travel as the Covid-19 pandemic continues to subside in some parts of the world. The stock was up about 1% in the early afternoon. The changes come on the tail of Airbnb’s first-quarter earnings.” (CNBC)
- Multifamily Hotel Hybrids New Option for Hoteliers “As the occupancy rates around the country have dropped due to the pandemic, hotel owners and operators are taking a look at new ways that they can fill their rooms. Many of them are beginning to look at adding multifamily residential units to their properties to guarantee that they always have spaces occupied. With many condominiums and luxury apartments adding more hotel-style amenities, it just makes sense for hospitality properties to extend their offerings to the renters who want them.” (Hotel Business)
- What’s Really Going On with New York City Retail? “Even with foot traffic picking up and retailers pulling out every stop, though, there is still a long road ahead for New York City’s retail market: empty storefronts abound, office workers are just beginning to trickle back in, and tourism is expected to take years to recover. The retail vacancy rate in Soho was 22.4 percent in the first quarter of 2021, according to data from the commercial real estate firm Newmark.” (Footwear News)
- Mall Redevelopment Can Achieve Sustainable, Equitable Diversity in American Suburbs “And even as malls falter, the retail sector has reflected massive prosperity for over a century, now with over 8.5 billion square feet (790 million sq m) of space dedicated to sales and storage, circulation, and services for moving manufactured goods. But while this growth mirrors the social and political rise of cities, to the benefit of affluent White families, it has largely left a void for racial minorities and less-affluent White people. In too many cases, mall growth resulted in fewer resources, less opportunity, and a landscape in need of healing, both ecologically and spiritually.” (Urban Land Magazine)
- NYC Schools Will Reopen for In-Person Learning in September, DeBlasio Says “New York City public schools will fully reopen for in-person learning in September — with no remote option for students, Mayor Bill de Blasio said Monday. ‘It’s good news: [In] New York City public schools, 1 million kids will be back in their classroom in September, all in person, no remote,’ Hizzoner said on MSNBC’s ‘Morning Joe.’” (New York Post)
- Disneyland and Other California Theme Parks Will Return to Full Capacity in June—Here’s What Is Changing “Disneyland and Universal Studios Hollywood will return to full capacity on June 15. Here's what you need to know about the new vaccination policies.” (Insider)
- How Food Trucks Endured and Succeed During the Pandemic “Food trucks — kitchens on wheels, essentially — are flexible by design and quickly became a substitute during the pandemic for customers who couldn’t dine indoors and coveted something different than their mainstream carryout options. That, in turn, has delivered a new client base to add on to an existing cadre of loyal followers. In a very real sense, food trucks are vehicles for equality in the post-pandemic world.” (The New York Times)
- Gorillas, the Ultra-Fast Delivery Operator from Germany, Plans to Make its U.S. Debut in New York City This Month “The year-old startup delivers goods to consumers in under 10 minutes from micro warehouses. Delivery by its cycling fleet will cost less than $2.” (Insider)
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