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Seven Must Reads for the CRE Industry Today (May 9, 2020)

Some New Yorkers are permanently making the switch to the suburbs due to the coronavirus, reports The New York Times. More households paid their rent in the first week of May than expected, according to the Wall Street Journal. These are among today’s must reads from around the commercial real estate industry.

  1. Coronavirus Escape: To the Suburbs “The pandemic has convinced some New Yorkers that it’s time to finally give up on city living.” (The New York Times)
  2. More Tenants Paid Rent on Time in May, But Activists Press On With Strikes “More households paid their rent in the first week of May than were expected, a sign that expanded unemployment benefits and stimulus payments are helping some people make their bills.” (Wall Street Journal, subscription required)
  3. New York Eviction Moratorium Extended, New Tenant Protections Issued “Empire State renters hit hard by the coronavirus can rest easy for another few months, as Gov. Andrew Cuomo on Thursday extended a moratorium on non-payment evictions through August 20.” (New York Post)
  4. Leaked WeWork Document Reveals a Huge Reorg Under Way For People who Manage Its Buildings. Here's How the New Structure Works — And the Complex Process for Staff to Save Their Jobs. “WeWork already conducted hundreds of layoffs in the last week. Some staff now must reapply or also get cut. WeWork won't pay for relocation.” (Business Insider, subscription required)
  5. This Luxury Resort Is Open for Swanky Social Distancing Retreats—Take a Look Inside “While some states are beginning to reopen from lockdown as the Covid-19 pandemic marches on, the travel world has been slower to start back up. But some hotels are starting to open their doors with creative measures in place to attract guests while helping keep them safe.” (CNBC)
  6. IRS Provides Temporary Relief to Certain REITs and RICs with Revenue Procedure 2020-19 “The IRS issued Revenue Procedure 2020-19, which provides temporary relief to certain real estate investment trusts (REITs) and regulated investment companies (RICs) with respect to their annual distribution requirements by reducing the minimum amount of cash required to be offered to shareholders, in connection with elective distributions of cash and stock, to 10%.” (The National Law Review)
  7. Pandemic Pushes California Bookstores to Find Innovative Ways to Keep Customers “Peer past the sign declaring that Beers Books is closed due to coronavirus restrictions, and you can see boxes stacked high on pallets and bins waiting to be filled with orders, as the 85-year-old Sacramento institution prepares to reopen on Friday.” (Reuters)
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