“What did the happy real estate agent put on her sign? I have lots to be thankful for.” (Feel free to use that gem at your next presentation at Sotheby’s.) In response to yesterday’s opening paragraph comments about housing supply, from Maryland Ken Sonner sent an article about how New Zealand managed to shift its zoning to help alleviate the supply issues and lower rents. People like lists for some reason, and here is the “The 15 most in-demand ZIP codes for U.S. homebuyers, and #1 is in Ohio.” But heading back to inventory, affordable housing, and such, the topic is certainly percolating up to Capitol Hill. A bipartisan duo in the U.S. Senate introduced a bill that would address a shortage of affordable housing in rural communities by easing the process for non-profits to acquire properties with USDA rural housing loans. It would also decouple the related rental assistance so that the assistance doesn’t end when the mortgages mature. (
Jordan Peele met his famous comedy partner Keegan-Michael Key around 2002 at Second City in Chicago, and eventually performed this classic routine that every air traveler should see. This morning I head to Chicago, and from there to the MMLA event in Mt. Pleasant, Michigan. Given my time with originators last week, the email traffic over the weekend, lenders are very concerned about overcapacity and therefore overhead. On a micro level, staff that may have been held onto “just in case” volume picked up are being reviewed. On a bigger scale, owners of lenders and vendors have seen their values decline and mergers and acquisitions are definitely a topic. The latest example of this is Denver’s Proprietary Capital announcing plans to buy 100 percent of New Jersey’s American Financial Resources (AFR); employees and counterparties were told Friday. And on a macro level, this week the economic calendar features fresh updates on inflation, with both the July Consume
“Yesterday I completed a chore I’ve been putting off for four months. It took me 20 minutes. I will learn nothing from this.” That sums up a lot of my tasks. But that was then, and today I head to Austin, the capital of Texas and where they just voted to approve a wide-ranging property tax reduction bill. Which is good, as Texas residents will need the money for air conditioning in the 106-degree heat forecast for today. What if you’re the owner of an office building with few tenants, absorbing that AC cost yourself? Say what you will about slow times in residential lending, commercial lenders are very anxious. Rumor has it there is 1 billion (with a “b”) square feet of empty space. That’s 4.44 million 15x15 square foot offices. Word has it that landlords are very concerned about when the leases are due in commercial real estate around the nation, and world, as some percentage of people have shifted from office to WFH (working from home)
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