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News Digest 25, September 10th, 2020

November 21, 2020
News Digest
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Repvblik

Hotels are closing as tourism plummets. This company is turning them into affordable housing

A former Days Inn in Branson, Missouri, sat vacant for eight years. Now it’s affordable housing. Repvblik, the Los Angeles-based development company that completed the conversion thinks that this type of adaptive reuse could help quickly begin to address the housing shortage. The project combined hotel rooms to create studio and one-bedroom apartments with rent starting at $495, targets struggling renters making between 60% to 120% of the area median income.

Fast Company • September 2, 2020

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Stock investors stay bearish on apartments

Some apartment owners have been regularly reporting rent collections of more than 90% of tenants. They seem to be doing better than landlords of malls and hotels. But Wall Street isn’t buying it.

Although the Sun Belt may be more resilient, rents in coastal cities like San Francisco and New York City have been falling dramatically. As a result, stock prices of publicly traded apartment landlords are down more than 21% YTD.

Wall Street Journal • September 8, 2020

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Building bans and affordable housing: A construction conundrum

The pandemic has severely curtailed many industries and left millions unemployed, but there is still plenty of construction going on in America's largest cities. Some even say there’s too much construction, particularly in lower-income neighborhoods that are drawing new attention, thanks to massive public projects and renewed interest from young professionals.

Seeking to curtail gentrification and displacement, Atlanta and Chicago put year-long construction and demolition moratoriums in place early this year to slow investor activity.

Washington Post • September 3, 2020

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Manhattan is a buyer’s market at last. Brooklyn looks to be next.

New York City is one of the most expensive housing markets in the world. But now the coronavirus has prompted many renters in Manhattan and the wealthier parts of Brooklyn to leave town, and with vacancies up, rents are falling.

Curbed • September 4, 2020

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Bay Area housing to get $1 billion investment from union pension fund as financing gets harder to find

A union pension fund is set to inject $1 billion into Bay Area housing construction, an initiative the group says will help finance more than 4,000 new residential units by 2025.The AFL-CIO Housing Investment Trust, one of the nation’s largest pension investment programs focused on housing, said the investment would result in 4,000 union construction jobs and 12,000 jobs altogether.

SF Chronicle • September 7, 2020

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