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11 Must Reads for the CRE Industry Today (Sept. 14, 2020)

NMHC President Doug Bibby, who had been scheduled to step down in January, has decided to delay his departure for a year, reports Multi-Housing News. California Governor Gavin Newsom threw his support behind a controversial proposition that would raise property taxes on commercial properties. These are among today’s must reads from around the commercial real estate industry.

  1. NMHC President Doug Bibby Postpones Exit “Doug Bibby, the longtime president of the National Multifamily Housing Council (NMHC), who previously announced that he would step down in January 2021, has decided to postpone his departure for another year to help the trillion-dollar apartment industry navigate a period of extraordinary challenges and flux.” (Multi-Housing News)
  2. Gov. Newsom Backs Prop. 15 ‘Split Roll’ Property Tax Increase on Business “On Friday, Governor Gavin Newsom threw his support behind Proposition 15, which would change how both commercial and industrial properties are taxed, leading to immediate outcry from businesses, industry leaders, and tax groups across the state. Prop 15 would amend the constitution and change the current tax law, which has been in place since 1978. Prop 15 would have commercial and industrial properties be taxed based on market value rather than the current method of taxing the purchased price with annual increases of 2% or the rate of inflation, whichever is lower.” (California Globe)
  3. New Naperville grocery store confirmed as Amazon Fresh, will offer way to skip checkout line “An Amazon spokesperson declined to offer many details but did indicate via email that the store will be similar to the company’s first bricks-and-mortar grocery store, which opened in California in August.” (Chicago Tribune)
  4. Trump’s Businesses Raked In $1.9 Billion Of Revenue During His First Three Years In Office “The president held onto ownership of his assets after taking office, ensuring that he would continue to generate money while serving in the White House. From 2017 to 2019, the president’s businesses raked in an estimated $1.9 billion of revenue.” (Forbes)
  5. Berkshire Property Holdings's CEO is hot on DFW’s job, population and rent growth “Fresh off a $300 million fund raise, Florida-based real estate investment firm Berkshire Property Holdings is scouring the country for apartment communities that need a little extra love, and is finding its share in Dallas-Fort Worth.” (Dallas Business Journal)
  6. Billionaire brothers raise US property bet with LA project “British billionaire brothers David and Simon Reuben are continuing their run of big investments in US real estate, financing a US$275 million loan for a major construction project in Los Angeles.... They previously acquired a stake in another loan for the project, which includes two residential towers, retail space and a luxury hotel.” (The Business Times)
  7. COVID stresses downtown Minneapolis commercial property owners “Tenants are renegotiating their leases downward to reflect reduced revenue. Banks and other financial institutions are preparing to take write-downs on mortgages, thanks to property owners who can’t make full payments.” (Star Tribune)
  8. Could North America's Industrial Property Market Be Recession Proof? “The industrial property market in North America was going strong before the novel coronavirus COVID-19 pandemic disrupted the global economy—and the sector is still chugging along with no signs of slowing.” (GlobeSt.com)
  9. Why Real Assets Will Soar In The Recovery “Most investors invest the majority of their capital into regular stocks and bonds. I prefer to invest most of my capital into real assets investments, which include REITs, MLPs, YieldCos, and other Infrastructure companies.” (Seeking Alpha)
  10. Asia-Pacific’s Commercial Properties Battered as Investors Flee “Global investors have disproportionately reduced spending on commercial real estate in Asia Pacific compared with other regions amid the pandemic and the outlook remains challenging, according to a report.” (Bloomberg)
  11. California CRE Ramps Up Alternatives To State's Unreliable Grid “As power blackouts become an increasingly apparent normal to Californians, the state's commercial real estate industry is hastening its adoption of alternative energy sources.” (Bisnow)
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