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November 19, 2020

Despite Vows To Do Better, 90% Of Major Brokerage Leadership Is White

This is the second in a series of articles examining the racial diversity of the boards and executive leadership of the biggest companies in commercial real estate. To read the introductory editor’s note for this series, click here. To read Part 1, on REITs, click here. Stay tuned for the next installment on the CRE finance industry.

When George Floyd died May 25, it kicked off a violent and discomforting reckoning on race that roiled the nation.

Americans were once again forced to look into an unpleasant mirror — and the multitrillion-dollar commercial real estate industry was no exception.

U.S. brokerage firms — the grease in the wheels of commercial real estate, employing hundreds of thousands of people and generating tens of billions in annual revenue —issued public statements of support for Black Lives Matter, committing to do more and better and increasing donations to diversity groups within the industry.

Many said little and committed to nothing. Despite these firms’ reach, considerable capital and massive employee rosters, the vast majority of their most powerful decision-makers are White men.

Now, the pressure to diversify at every level of these companies has intensified, as commercial real estate grapples with the residue of discriminatory policies that have kept women and people of color from advancing up the ranks — if they could get in the front door in the first place.

“When you think of the brokerage industry, it really taps into our economy and a range of areas that should represent the general population,” said Jane Stevenson, who is the vice chairman of the board and CEO of services at management consulting firm Korn Ferry.

“It’s definitely a problem that it is a White male-oriented [industry], because it doesn't represent the economy in the way that it needs to,” Stevenson said.

Read the full story here.

 
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Scores Of Kushner Cos. Tenants Get Green Light For Class-Action Suit

Scores Of Kushner Cos. Tenants Get Green Light For Class-Action Suit

Tenants accusing Kushner Cos. of illegally deregulating a building in Brooklyn are now able to go after the Manhattan-based landlord for damages as a group.A judge awarded class-action status to the complainants in a ruling, meaning the company could have to pay rent back to six named plaintiffs, 46 additional tenants…

Read the full story here.

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Huge Flushing Waterfront Development Vote Delayed Until December

Huge Flushing Waterfront Development Vote Delayed Until December

The Flushing waterfront in Queens is the site of New York City's latest land use clash. The New York City Council postponed a vote on a development proposal in the area until next month after a group of 12 council members signed a letter dissenting with local Council Member 

Read the full story here.

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Eviction Moratoriums Are Fine, As Long As They Come With Aid, CRE Says In Bisnow Survey

 

Commercial real estate professionals don’t necessarily oppose eviction moratoriums, so long as they come with some kind of financial aid for landlords, according to a Bisnow survey.

Bisnow surveyed 1,042 commercial real estate professionals between Nov. 10 and Nov. 13 to find out how the industry views the results of the election. Among the questions, participants were asked what they thought about federal and state eviction moratoriums, and they had the ability to select multiple answers.

Half of all survey respondents said eviction moratoriums should be balanced with financial support for landlords, while only 7% said eviction moratoriums should be immediately eliminated.

Read the full story here.

 
 
       
 
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