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The forces that will reshape American cities
The pandemic will likely accelerate the pull of the suburbs for families while pushing young people and businesses into more affordable urban areas.
Source: Bloomberg City Lab
Date: July 2, 2020
Millions of Americans could face eviction in July—and it could ‘destabilize communities for years to come’
As many as 6.7 million rent-burdened households could face eviction once enhanced federal unemployment insurance expires at the end of July and eviction bans across the country lift, according to a new analysis from UrbanFootprint.
Source: CNBC
Date: July 1, 2020
Approved NYC budget includes big cuts to City's affordable housing agency
The New York City Council approved an $88.2B budget with a 40% cut to affordable housing funding for Fiscal Year 2021, just under the wire late Tuesday night for its July 1 deadline.
Source: Bisnow
Date: July 1, 2020
Cuomo signs bill extending eviction relief for tenants
The Tenant Safe Harbor Act, a crucial step forward in addressing the looming tidal wave of evictions has been signed into law, protecting New Yorkers most financially impacted by the pandemic from eviction.
Source: Gothamist
Date: June 30, 2020
De Blasio delays land use reboot, leaving development and affordable housing in question
Even though the construction industry restarted several weeks ago, for-profit development, affordable housing projects, and neighborhood re-zonings are at a standstill because Mayor de Blasio is refusing to let the city’s land use review process restart.
Source: New York Post
Date: June 29, 2020
Multifamily hiring remains strong through pandemic
Investment companies have been increasing staffing in preparation to handle an increase in investment opportunities during the recovery.
Source: Globe Street
Date: July 1, 2020
All Year and David Werner renegotiate deal for $300M Brooklyn portfolio sale
Not all coronavirus-impacted real estate deals need to go to court. The pandemic stalled All Year Management’s sale of a 74-building, $346 M multifamily portfolio to investor David Werner in May. The parties negotiated for nearly two months. The new transaction is smaller, and more complex.
Source: The Real Deal
Date: July 1, 2020
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