Seven Must Reads for the CRE Industry Today (March 30, 2021)

#Lifestyle Wealth

  1. Biden Extends Federal Moratorium on Evictions “The Biden administration is extending a federal moratorium on evictions of tenants who have fallen behind on rent during the coronavirus pandemic. The Centers for Disease Control and Prevention moved to continue the pandemic-related protection, which had been scheduled to expire on Wednesday. The moratorium is now extended through the end of June.” (Associated Press)
  2. Adam Neumann’s Final WeWork Act: Helping SoftBank’s SPAC Deal “An unlikely figure helped set the spark for SoftBank’s $9 billion deal to take WeWork public. Adam Neumann, WeWork’s co-founder and ousted chief executive, met in November with the head of the special purpose acquisition company (SPAC) that would go on to clinch a deal with WeWork, according to people familiar with the matter.” (CNBC)
  3. Looking In on the Legislature: What CRE Needs to Watch in the 2021 Session “Nearly two years after their last meeting, Texas state lawmakers are gathering in Austin for the 87th Legislature’s regular session. For 140 days, they will debate, discuss and ultimately decide on measures of importance to Texans. ‘The saying goes ‘No man’s life, liberty or property are safe while the Legislature is in session,’ and it’s true,’ said Reid Wilson.” (Real Estate Journals)
  4. Some Landlords Sell Properties as CDC Extends Eviction Ban “A federal ban on evictions is putting the squeeze on smaller landlords, who are unable to directly access Covid rental relief funds, and some are starting to sell properties to recoup losses. This will likely reduce the much-needed, affordable rental stock in an already unaffordable housing market. Covid relief bills out of Congress have earmarked over $50 billion to go toward rent relief.” (CNBC)
  5. Commercial Real Estate Diversity Problem Is a Data Problem “Commercial real estate has a diversity problem. It’s hard to miss it. You see it in the boardrooms, where the head of just about every firm is a man. You see it at conferences, where the participants are overwhelmingly white. You see it on panels and Zoom calls, and even award lists, where a woman of color is a rarity. You see it in Commercial Observer’s own annual Power 100 list, where only 14 percent last year were either female or minorities.” (Commercial Observer)
  6. Hackman Capital Plans $1.3B Redevelopment at Historic Television City Studios “Hackman Capital Partners (HCP) has announced major plans for a $1.25 billion redevelopment of one of the most iconic production facilities in the nation. The proposed Television City 2050 Specific Plan (TVC 2050) would generate more than 1.13 million square feet of studio, office, and support space at the massive Television City property at 7800-7860 West Beverly Boulevard in Los Angeles.” (Commercial Observer)
  7. Testing, One, Two. Fans Flock to Experimental Indoor Rock Concert “A hospital team helped test the concertgoers for Covid-19 before the event, using as their model a smaller concert last December in another Barcelona venue, the Sala Apolo. At the Apolo, the audience of 500 people was tested before the show, as well as another 500 people who acted as a control group, and everybody got tested again eight days later.” (The New York Times)


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