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12 Must Reads for the CRE Industry Today (Sept. 25, 2020)

Retailers have started paying rent again, but negotiations between tenants and landlords continue, reports CNBC. San Francisco Chronicle looks at how things might be different when California votes on rent control this fall. These are among today’s must reads from around the commercial real estate industry.

  1. California Will Vote Again on Rent Control. What Makes Proposition 21 Different? “Two years after California voters soundly rejected an initiative to roll back state limits on rent control, supporters are trying again with a scaled-back approach that they hope will resonate in a new political environment.” (San Francisco Chronicle)
  2. A Foreclosure Crisis Is Looming — but Here’s What’s Different from 2008 “Though a foreclosure crisis is on the horizon, experts say recent fiscal policy will prevent a full collapse of the financial system.” (The Real Deal)
  3. Retailers Have Started Paying Rent Again but Are Still Fighting With Their Landlords “Month by month, retailers are starting to pay more rent as states lift shutdown orders and consumers become more comfortable venturing out to shop during the coronavirus pandemic. But negotiations, sometimes heated, continue between tenants and landlords.” (CNBC)
  4. Is JCPenney Actually Worth More Than $10 Billion? Why A Group of Shareholders Thinks So “A group of J. C. Penney Company Inc. shareholders are arguing that the retailer could be worth much more than it valued itself in bankruptcy court.” (Footwear News)
  5. Home Sales Surge in Brooklyn “Six months into the pandemic, inventory is up in Manhattan while buyers are heading to Brooklyn for more space and lower prices.” (The New York Times)
  6. PGIM Real Estate Adds $700M Industrial Portfolio “Acquired through a recapitalization with the existing ownership, the national portfolio includes 30 buildings totaling 5.4 million square feet across five key markets.” (Commercial Property Executive)
  7. NYC Restaurateurs Secure Temporary Landlord Protections Until April 2021 “City Council votes to extend a measure that protects restaurant owners who violate their leases.” (Eater New York)
  8. Padres, Tishman Speyer JV Tapped for $1.4B San Diego Redevelopment “The development team could break ground on the 2 million-square-foot project as early as 2023.” (Commercial Property Executive)
  9. Split Roll Initiative in California Threatens Property Tax Limitations on Commercial Real Estate “On Election Day this year, California voters will vote on Proposition 15, a ballot measure that would create a “split roll” property tax system in the Golden State, increasing taxes on just commercial property by $8 billion to $12.5 billion.” (Tax Foundation)
  10. From Subway Tiles to Central Park, Architects Planned Ahead for More Pandemics Long Ago “Architects have responded to public health for centuries.” (Spectrum News)
  11. 100 N.Y.C. School Buildings Have Already Reported a Positive Case “Nearly all the buildings remained open, though six were closed temporarily, in accordance with city guidelines that only those schools that report at least two cases in different classrooms will be shut.” (The New York Times)
  12. Housing Providers Use Data To Increase Asset Value Amid Falling Revenues “Six months of paused evictions, lulls in rent hikes and waived fees have helped countless renters better weather the pandemic, but have left many housing providers feeling the pain of lost revenue. How are savvy providers responding?” (Forbes)
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