- Real-Estate Industry Blasts ‘Pied-à-Terre’ Tax on High-Value Second Homes “The proposal for a so-called pied-à-terre tax on homes worth $5 million or more on nonresidents has been lingering in Albany since 2014. The plan gained traction in the last few days as Gov. Andrew Cuomo and the legislative leaders, all Democrats for the first time in years, grasped for new revenue to close a large budget gap. At one point last week, Mr. Cuomo said it was the only tax proposal they were able to agree on.” (The Wall Street Journal)
- Real Estate Developers Are Now Designing With Instagram in Mind “Using bold colors and ‘wow moments’ such as a massive dome made of gold leaf for the Madison Avenue Aquazzura boutique, he lured lookie-loos and the design-curious off the street just to take photos to post to their feeds. ‘No one wants to design a store that people just walk past,’ he says.” (Fortune)
- Backing China’s Big Bet on Smart Cities “China has one-third of the world’s cities with a population over 1 million, and an additional 350 million people are set to move into cities over the next decade, said Wei, so improving the nation’s urban areas is crucial. Across China, 300 cities have failed to meet required standards for clean air, public health, and traffic.” (Urban Land)
- Climate change-related flooding threatens $150B in California real estate: report “Previous studies looked at single risks, like storms and beach erosion. The USGS study showed that three times as many people are at risk when sea level rise and other threats are modeled together than when only sea level rise was considered.” (The Real Deal)
- Luxury Brands Using Launch Parties to Power Their Image “Some are in-store events which have involved completely dressing an outlet to look like a stage-set, with flowers and greenery and elaborate displays of the products, and VIP clients being invited for cocktails to view the new wares. Others have been events with a beautiful film of the story of the company, creating an emotional connection with the audience.” (Commercialrealestate.com.au)
Five Must Reads for the CRE Industry Today (March 18, 2019)
The Wall Street Journal reported on backlash from the real estate community to a proposed New York tax on expensive second homes for non-residents. Fortune recapped a panel discussion of how developers are taking Instagram into account when designing new properties. These are among today’s must reads from around the commercial real estate industry.