DAILY READS: March 18, 2020

New York City owners make a pledge. Affordable housing comes first in California. Here's a batch of other critical content for you to read, listen to or watch.

Don’t Fret Just Yet About Commercial Real Estate Debt Threat

“Local experts believe banks and other lending institutions will work with landlords to avoid what could be a recipe for a wave of foreclosures on commercial real estate debt in light of the two-week mandated shutdowns of restaurants, bars and other businesses to combat the spread of coronavirus in Michigan, which has infected 65 people as of Tuesday.” Read more
Crain’s Detroit Business

Court Decision Means California Cities Must Prioritize Affordable Housing On Surplus Land

“California’s Surplus Land Act directs local agencies to prioritize low-income housing with their surplus land, either by selling or leasing it to builders who will develop a certain amount of affordable housing. The law dictates that California agencies must first offer available land to a developer that will turn it into a community of 25% affordable units.” Read more
Bisnow

Coronavirus Outbreak Threatens Industrial Real Estate Returns

“While hotels have been the hard hit by the coronavirus, the industry recently is beginning to see ‘chinks in the armor’ in industrial properties, especially those in the port market, Taylor Mammen, a Los Angeles-based senior managing director based in at consulting firm RCLCO, told the CalSTRS’ investment committee on March 4.” Read more
Pensions & Investments

REBNY Members Make Promise to New Yorkers

“Owners representing more than 150,000 rental units in the City, and the Real Estate Board of New York (REBNY), the City’s leading real estate trade association, pledged in an open letter to be published in several newspapers not to execute any warrant of eviction for the next 90 days in response to the ongoing Coronavirus (COVID-19) crisis.” Read more
Real Estate Weekly

Commercial Real Estate Tips of the Week: Practical Answers from Sheppard Mullin’s Coronavirus Task Force

“Building owners and managers must take into consideration their duty to safeguard tenants and occupants of the project, health-related confidentiality obligations (such as the ADA, OSHA and HIPAA), and their obligation to keep the building up and running so that tenants can continue business operations. Here is a compilation of best practices:” Read more
National Law Journal

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