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December 16, 2020

NYC's Housing Crisis Worsens As Legislators Consider Band-Aid Solutions

As local politicians gnash their teeth over the outbound migration of New York City’s wealthiest residents, the city’s hundreds of thousands of lower-income renters are still at risk of mass eviction with little concrete relief in sight.

Many of their landlords could be forced to sell their properties to large corporate buyers if help doesn’t come soon, which tenant and landlord advocates alike fear would make the city less affordable.

With rent debt on the rise, landlords struggling to pay their mortgages and thousands of eviction notices already filed, an extension of the statewide moratorium will only buy the city time to see if Congress steps in with comprehensive relief, including back pay for the months that renters went without support. Without direct rental assistance, the city will be left with irreparable wounds in its rental market that only a painful correction could cure, housing experts say. 

NYC's Housing Crisis Worsens As Legislators Consider Band-Aid Solutions

“It’s scary anytime there is only one shot [at fixing the crisis] and you’re waiting on this one thing to happen that could not happen,” said Jay Martin, the executive director of the Community Housing Improvement Program. “It gets scary…

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Developer Who Almost Landed Amazon HQ2 Planning Scores Of Apartments In Its Place

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TF Cornerstone, the developer tapped to build Amazon’s campus in Long Island City before the deal went south, is now planning to build two big apartment buildings in the neighborhood.The firm filed plans with the Department of Buildings for two buildings that will span a total of 1.43M SF,

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With JP Morgan and Goldman Sachs, Miami Could Become 'Wall Street South'

Elon Musk just moved to Texas, but guess who's (reportedly) moving to South Florida? Jared Kushner, Ivanka Trump, Tom Brady, Gisele Bundchen and the asset management division of Goldman Sachs. Those are the boldface names announced in news reports last week alone. 

Today, the New York Post reported that JP Morgan CEO Jamie Dimon is open to moving his bank to Florida, too, a move he formerly resisted because he said the schools weren't good enough. 

With JP Morgan and Goldman Sachs, Miami Could Become 'Wall Street South'

Miami has been dubbed "Wall Street South" since at least 1990.In the past year or three, the migration of high-profile business to Miami, and to Florida more broadly, has gained steam. There's no income tax and the politics are perceived as business-friendly. But the state struggles to fund education, environmental protections and mass…

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7 Smaller Towns With Unusual Growth Strategies

It has been a grim year in many ways, but according to community revitalization expert Quint Studer, some small and midsized communities are showing remarkable resourcefulness in the face not only of the coronavirus pandemic but also longer-term economic forces.

The Studer Community Institute, a Pensacola-based organization that Studer founded and heads, recently recognized seven such places with Community Resiliency Awards. 

"Over the years, small and midsized cities have lost their talent to larger metros," Studer said. "Capital follows talent and talent follows place. Talent wants to be in a vibrant, healthy place. Creating healthier communities isn't something that takes a year or two. It's 10 years or more, and we were looking for communities that just got started and are trying to get some traction when it comes to their own improvement."

It has been too easy for smaller communities to simply think of themselves as victims when talent leaves, Studer said. In giving out the awards, the organization wants to recognize places trying to take control of their own destinies. Some workers, and the companies who employ them, are more open than before to locating away from larger, more expensive metros and working remotely. Resourceful communities might be able to capture some of that exodus.

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Origin Stories: Cohesion CEO Thru Shivakumar's Journey In CRE, Where The Product Is Easy But The Processes Are Not

 

This series delves into the myriad ways people enter the commercial real estate industry and what contributes to their success.

Thru Shivakumar spent about 13 years working on the capital side of real estate. Figuring out the processes and personalities of real estate was a challenge, as was often being the only female in the room when she worked for or with funds — at one point, she even left the industry.

But good mentors brought her back, though now with a whole new focus: Two years ago, she founded proptech company Cohesion, which provides an app owners and managers can use to do everything from manage smart building technologies to offer tenant experiences and perks like calling an elevator from your phone.

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