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Citylab July 2

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

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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

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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

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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

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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

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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

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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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