Jobless claims soaring again, national affordable housing initiative, opportunities in reverse logistics, and New York, New York.
In Today's News
Huge Step in the Wrong Direction: Jobless Claims Soar
The Labor Department reported today that another 965,000 Americans filed for first-time unemployment benefits last week, the most in several months as the pandemic worsens.
Why it matters: With the inauguration of President-elect Joe Biden less than a week away, CNN says Thursday's report again hammers home that the new administration's first priority has got to be more stimulus. Indeed, real estate investment of all kinds, perhaps the whole economy, depends on the results.
Enterprise Announces $3.5 Billion Initiative to Counter Housing Inequities
The national affordable housing nonprofit says its Equitable Path Forward initiative includes a mix of lending, grants, and tax incentives that leverage the New Markets Tax Credit and opportunity zones.
Why it matters: Enterprise is just one of a number of organizations -- some private, some public, some quasi -- involved in this kind of lending and development. It'll be interesting to see where investment opportunities emerge under a new administration with different priorities than the outgoing policymakers.
Reverse Logistics Facilities Increasingly Attractive As an Investment Option
What's good for the goose can be bad for the gander as a growing amount of product returns can be costly for e-commerce vendors but just add to the need for logistics warehouses to handle reverse flow.
Why it matters: This report from WealthManagement.com nicely rounds up what experts at some major commercial real estate brokers and other stakeholders see as real opportunity in that kind of industrial real estate.
Manhattan Bargain Hunters Drive a 94% Jump in Apartment Leases
Bloomberg [subscription required] reported today that Manhattan apartment leases almost doubled last month, calling it a sign that sliding rents and landlord freebies are drawing tenants to New York's costliest borough.
Why it matters: People moving back into the big city are going against the flow, it would seem, but this is one way to make that happen. And some rent is better than none.
Today on Millionacres
New York Gov Plans to Convert Empty CRE to Residential: Should Investors Cheer or Jeer?
Gov. Andrew Cuomo this week proposed legislation that would open a five-year window for the conversion of Manhattan office buildings and hotels into residential use.
Why it matters: Hotel and real estate trade groups are aboard, and backers say it could lead to encouraging work-live-play developments, especially of the 24/7 variety, in the heart of the Big Apple. A development that bears watching. After all, if they can make it there, guess they can make it anywhere.