Workforce Housing Is The Darling Of Multifamily Investors And The Foe Of The Uber-Wealthy
January 17, 2019

Workforce Housing Is The Darling Of Multifamily Investors And The Foe Of The Uber-Wealthy

Workforce housing is the best-performing sector of multifamily development, but it has a one-percenter problem: People in tony towns don't want it going next to their palatial estates. 

A combination of slow wage growth and limited supply has resulted in strong renter demand and investor interest in workforce housing, according to a recent CBRE report. Workforce housing has outperformed luxury multifamily product since 2014 and continues to see…

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Kaiser Permanente Tackles Housing-As-Healthcare Issue With 1st Affordable Housing Purchase

Citing the connection between housing security and healthcare outcomes, Kaiser Permanente plans to purchase an Oakland building to provide affordable housing.

The company, which has its national headquarters in Oakland, announced this week that it was launching several initiatives to address housing, including the purchase of the 41-unit Kensington Gardens Apartments in East Oakland for $5.2M. The healthcare giant also plans to create a $100M national loan fund for affordable housing and to end homelessness for more than 500 Oakland-area residents.

“Housing security is a crucial health issue for vulnerable populations,” Kaiser Chairman and CEO Bernard Tyson said in a statement. “Access to affordable housing is a key component to Kaiser Permanente's mission to improve the health of our members and…

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Whole Foods Discontinues Millennial-Targeting 365 Brand

Under the ownership of Amazon, Whole Foods no longer sees a need for its bargain-focused offshoot. The upscale grocer is discontinuing its Whole Foods 365 brand of "millennial-focused" stores, Fortune reports. CEO John Mackey said the offshoot was no longer needed…

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WeWork's CEO Has Earned Millions In Rent From Buildings He Owns That Lease To WeWork

The We Company CEO Adam Neumann is also a WeWork landlord in some cases, using money he has made as founder of one of the country's most valuable startups to buy buildings in which WeWork is a tenant.

The arrangement concerns a number of investors in WeWork as a potential conflict of interest, the Wall Street Journal reports. Since gaining effective control of WeWork about five years ago, Neumann has bought an interest in 88 University Place in…

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NYC's New Tech Giants Are Growing Fast, But Their Impact Will Hit Slowly

NEW YORK CITY — Amazon and Google's campuses, each announced in the last three months, are the biggest stories to hit New York City commercial real estate since the construction of Hudson Yards and the rebuilding of the World Trade Center.

Unlike the near-immediate impact of those developments, the rapid growth these tech giants have planned will impact the city slowly.

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Opportunity Zones Are The Talk Of The Town, But Few Are Ready To Walk The Walk

Short of Marie Kondo's new show about tidying up, few topics are dominating water cooler conversations, at least in the real estate business, like opportunity zones.

“It's definitely the hottest thing out there," PEBB Capital co-founder and managing partner Todd Rosenberg said. "Everyone is talking about it. Everyone is thinking about it.”

“It's like the gold rush right now,” Vagabond Group founder and CEO Avra Jain said.

Rosenberg said that when the program was first announced last year, he thought, "Wow, this is really amazing."

But like everyone in the commercial real estate business, once he got in the weeds and looked at the nuances of the new policy, he realized there were a lot of unknowns to work through, and he is still waiting for more specifics from the Treasury Department. With the longest-ever government shutdown ongoing, he and other investors will have to keep waiting.

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