Record Home Prices Rev Up the Single-Family Rental Market “Steeper borrowing rates and high prices in the housing market are leading many buyers to give up. That is welcome news for owners of single-family rental homes. Prospective home buyers face affordability issues that are likely to get worse before they get better. Existing-home sale prices reached a record median of $407,600 in May, while sales slid for the fourth consecutive month. Mortgage rates have nearly doubled since January, helping to boost the median mortgage payment for new loans by $513 a month, according to the Mortgage Bankers Association.” (The Wall Street Journal)
New York City Apartment Buildings to sell for $1.75 Billion in Record Pandemic Deal “A venture of a New York investment firm and a U.S. residential developer has agreed to pay $1.75 billion for six Manhattan rental apartment buildings, according to people familiar with the matter, the highest price tag for a New York multifamily portfolio since the beginning of the pandemic. The planned purchase of the portfolio, which includes about 1,700 mostly market-rate units, by Black Spruce Management LLC and Orbach Affordable Housing Solutions LLC represents a big bet on New York.” (The Wall Street Journal)
Chip Makers Refuse to Build New Semiconductor Plants in the U.S. Unless Congress Unlocks $52 Billion in Funding “The world’s third-largest maker of semiconductor wafers, Taiwan’s GlobalWafers, announced plans to build a $5 billion factory in the U.S. on Monday—but only if the government helps pay for it. ‘This investment that they’re making is contingent upon Congress passing the CHIPS Act. The [GlobalWafers] CEO told me that herself, and they reiterated that today,’ U.S. Commerce Secretary Gina Raimondo told CNBC, the same day GlobalWafers announced its development plan.” (Fortune)
NYC Has the Most Heavily Taxed Office Buildings in America, Report Finds “The most heavily taxed office buildings in the country are in New York City, with 82 out of 100 properties with the highest tax bills located in Manhattan, according to an analysis compiled by PropertyShark. The real estate data company found that the most heavily taxed office tower in America was the 1968 General Motors Building at 767 Fifth Avenue, which has an annual tax bill of $75.3 million.” (Commercial Observer)
The Flight of New York City’s Wealthy Was Once-in-a-Century Shock“The sheer number of people who left in such a short period raises uncertainty about New York City’s competitiveness and economic stability. The top 1 percent of earners, who make more than $804,000 a year, contributed 41 percent of the city’s personal income taxes in 2019. About one-third of the people who left moved from Manhattan, and had an average income of $214,300. No other large American county had a similar exodus of wealth.” (The New York Times)
Blackstone Says It Will Not Target Single-Family Homes in its Canadian Expansion “After Blackstone announced plans in May to establish a Canadian office in Toronto, rumours abounded that the private equity firm would unleash its firepower, gobble up homes and increase competition for individuals and families looking to buy homes. The typical home price across the country has climbed 50 per cent over the past two years and real estate investors have come under scrutiny for their role in ramping up competition and driving up prices. But Blackstone’s head of real estate Americas, Nadeem Meghji, said that is not in the cards for the company’s Canadian expansion.” (The Globe and Mail)
Airbnb Makes Its Party Ban Permanent “Airbnb announced a global ban on parties on Tuesday. It follows a temporary restriction the company put in place two years ago. The company is permanently banning ‘disruptive parties and events,’ which include open-invite gatherings. ‘Party houses,’ which people book to throw a large event for just one night, will stay banned as well. Airbnb and other short-term rental platforms, such as Vrbo, have struggled with party houses and large-scale events.” (CNBC)
A Looming Recession Could Force More Employees to Come Back to the Office—or Never Return “The threat of recession amid a shrinking economy may force a return to the office for employees. Or the end to the office as we know it. Those are the two wildly differing opinions emerging on the future of the work-from-home movement, which has become a way of life for tens of millions of Americans during the pandemic. One thing both sides agree on: You literally can’t go home again to the classic 9-to-5 commuting job.” (MarketWatch)
Lawmaker Believes MSG Will Have to Relocate “A high-ranking state senator who has led oversight hearings into a Penn Station revitalization plan says a deal is close on the overhaul and should include the relocation of Madison Square Garden.” (Crain’s New York Business)
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