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July 24, 2020

An Extended Eviction Moratorium Could Deter Investment In Affordable Housing

Discussions are underway in Washington, D.C., among lawmakers to create a new federal stimulus package that will offer continued financial support for Americans still reeling from the economic disruption of the coronavirus pandemic.

The Coronavirus Aid, Relief and Economic Security Act is poised to expire on July 31, ending a variety of stimulus initiatives, including higher unemployment pay and a moratorium on evictions at properties with a federally backed mortgage.

Among the possible features of a new stimulus package is a proposal to extend the eviction moratorium for 12 months, a prospect that has developers concerned about the ability to finance and deliver future affordable housing at a time of pressing need.

“If investors lose money and get burned, they're not going to come back,” Slate Property Group principal David Schwartz told Bisnow.

An Extended Eviction Moratorium Could Deter Investment In Affordable Housing

The CARES Act eviction moratorium is due to expire on July 24, with an additional 30-day notice period requirement for tenants to vacate. The Health and Economic Recovery Omnibus Emergency Solutions, or HEROES, Act and the Emergency Housing Protections and Relief Act of 2020 were passed…

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Neiman Marcus Is Officially Closing Its Massive New Hudson Yards Store

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Luxury department store Neiman Marcus is officially shutting its Hudson Yards location, a little over a year after its flashy opening. The luxury department store is also closing stores in Fort Lauderdale and Palm Beach, Florida, and Bellevue, Washington, CNBC reports. Neiman filed for Chapter 11 bankruptcy reorganization in May, and…

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Impact Investor Bobby Turner On Keeping Rents Down While Driving Yield

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In this series, Make Yourself At Home, we are hearing from members of the commercial real estate industry about how they are managing this new reality and gaining insight into their day-to-day approaches. You can subscribe on iTunes and Spotify.

In this episode, we hear from Bobby Turner, the CEO of Turner Impact Capital. The social impact firm has more than $3B in investment potential, which it is aiming to use to address some of the country's biggest problems through real estate.  Turner is speaking here about how the company has…

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The Clock Is Ticking On The Census, And Chicago Has A Lot To Lose

 

CHICAGO — Census takers will soon hit the streets across Chicago, going from door to door, trying to get an accurate count of the city’s population. The count will impact more than how many congressional representatives the city sends to Washington. Census data informs many commercial real estate decisions, like where to locate stores or new multifamily developments, and tells the federal government where to spend money on critical infrastructure or grant housing tax credits.

After losing population for several decades, especially in neighborhoods home to low- to moderate-income Black people, Chicago already faced the threat of demographic decline, even as the downtown saw spectacular growth. But this year it also faces the threat of a census undercount that could further starve the city of needed resources, real estate experts say.

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