Is Your Rent Through the Roof? Oregon Wants to Fix That “In an effort to halt runaway housing costs and curtail evictions, Oregon is expected this week to become the first state in the nation to cap how much landlords can raise rents. As early as Monday, the State House of Representatives is likely to pass rent control legislation that has already been approved by the State Senate. Gov. Kate Brown, a Democrat, has said she would sign it. The legislation comes as states and cities around the nation search desperately for answers to a growing crisis in which rising rents have outstripped wages.” (The New York Times)
Governors Grapple with Housing Woes Felt Throughout Nation “From Vermont to California, governors and housing associations agree Americans in rural and urban areas are facing a housing affordability crisis. While governors did not hold a formal discussion on housing challenges during the National Governors Association annual winter meeting, they agreed residents are feeling the sting of rising rent and housing costs because the country is not building enough homes. Democratic Gov. Tim Walz of Minnesota said his residents are having issues at all price levels and it’s affecting young families.” (MarketWatch)
U.S. Housing Starts End 2018 on a Soft Note “U.S. housing starts tumbled in December, capping a weak year for construction of new single-family homes due to factors such as rising construction material and labor costs. Housing starts dropped 11.2% in December from the prior month to a seasonally adjusted annual rate of 1.078 million, the lowest level in more than two years, the Commerce Department said Tuesday. Residential building permits, which can signal how much construction is in the pipeline, edged up 0.3% from November to an annual pace of 1.326 million.” (Wall Street Journal, subscription required)
Why More Women Should Invest in Real Estate “The first time I attended a real estate investing conference, I was shocked and pleasantly surprised to find absolutely no line for the women’s restroom during break time. As I washed my hands in peace in the mostly empty restroom, I started to wonder why this was. Where were all the women? It turns out that, while there are many female real estate agents, there are relatively few female real estate investors, which mirrors the gender disparity in stock market investing.” (Forbes)
AECOM, Canyon Partners JV Will Spend $4B to Develop Properties Nationwide “AECOM Capital and Canyon Partners will invest $4 billion into a joint venture for developing “large-scale, institutional quality” commercial real estate projects across the country. AECOM Capital — the investment arm of AECOM — and asset management firm Canyon will focus on developing core assets in the top 25 U.S. markets, according to a joint release. That includes in the Los Angeles area, where both companies are headquartered.” (The Real Deal)
Chicago, Seeking a New Mayer, Sees Many Black Residents Voting with Their Feet “Downtown Chicago is booming, its skyline dotted with construction cranes. Yet residents only a few miles to the south and west still wrestle with entrenched gang violence, miserable job prospects and shuttered schools — some of the still-being-identified forces, experts say, that are pushing black Chicagoans to pack up and get out. Of the nation’s largest five cities, only Chicago saw its population decline in 2017, the third year in a row.” (The New York Times)
The Biggest Misconceptions About Investing in a Real Estate Syndication “Many passive investors turn to real estate syndications when investing in multifamily properties. The reasons may vary, but they all come down to the fact that passive investors don’t have the experience, time and necessary funds to purchase multifamily properties on their own. The syndicator, or sponsor, has the knowledge and experience to locate and purchase a multifamily property with excellent investment potential.” (Forbes)
As California Loses People, a Las Vegas Suburb Grows “California has been losing more residents than it gains from other states for years, even though its population of 40 million keeps growing from births and foreign immigration. But the outflow has accelerated lately. Net migration to other parts of the U.S. from the nation’s largest state was more than 100,000 in 2015, 2016 and 2017, according to the Census Bureau. Total emigration from California to other states between 2006 and 2017 was 1.24 million, according to the Census Bureau, third highest in the nation behind only New York and Illinois.” (Wall Street Journal, subscription required)
West Coast Real Estate Is Now So Expensive That Married Couples Are Moving In with Multiple Roommates “Married couples are making room for roommates. Sometimes, multiple roommates. Just ask Kelsey Riley Dixon. The 29-year-old business owner and her husband, a semi-pro kayaker, share a four-bedroom home with three male roommates ‘to reduce costs in the very expensive city of Seattle,’ she says. ‘It allows us to have a home in a really expensive city with a deck, a backyard, a basement — and we are able to pay half the rate that we would living on our own.’” (MarketWatch)
Office Towers Compete to Win Over a Handful of Elite Tenants “Five major new office towers are in frenzied competition for a handful of big tenants prowling for new Manhattan digs. Where the chips fall will have a big impact on the towers’ profitability and their developers’ fortunes. Prominent among companies being wooed and pursued is law firm Cravath Swaine & Moore, which has 600,000 square feet at Worldwide Plaza (825 Eighth Ave.). It’s been there since 1989 and its lease is up in 2024.” (New York Post)