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New York says no to the OZ, the issues around vaccine passports, the effect of the CFPB foreclosure ban, restaurant sales rally, and a silver lining to rental delinquencies.
Today on Millionacres
New York lawmakers have removed that tax incentive from their state budget, citing criticism of the program as an unneeded giveaway to wealthy investors. The federal incentive remains, of course. Three stakeholders share their take on what this means there and across the country.
The Millionacres takeaway: There’s widespread support for the Opportunity Zone Program in Washington and from the pockets of investors in those census tracts. This just raises the bar for program advocates in the public and private sectors to show its worth.
Now that coronavirus vaccines are, thankfully, becoming more widely available, it opens up an interesting question: Will those vaccines become mandatory on the road to getting back to normal life?
The Millionacres takeaway: Our Maurie Backman tackles that issue here, looking at different reasons various industries might force the issue -- and whether they even can. Her bottom line: The jury isn’t even out on this one yet, but it’s worth paying attention to for a lot of real estate investing reasons.
The Millionacres takeaway: Laura’s take on this: Foreclosure bans mean some homeowners who would be better off taking advantage of a very hot market and selling now are instead staying put, artificially keeping houses off the market for close to two years at a time when inventory is severely limited. She argues that this effectively keeps many first-time homebuyers and investors out of the market.
In Today’s News
Americans have been eager to go out to eat and drink for more than a year, and it looks like they are finally doing so in greater numbers as states ease restrictions, more people are vaccinated, and stimulus checks hit bank accounts.
The Millionacres takeaway: Bisnow based this piece on Census Bureau data just out last week, and it’s some tasty news for many restaurateurs and the commercial real estate owners who depend on their success.
Billions of dollars in pent-up capital is waiting on the sidelines for assets, despite some issues with collections, according to an interesting blog in Multi-Housing News.
The Millionacres takeaway: This cup-is-half-full look at the delinquency issue provides some good strategic advice for any landlord in that situation, and the investment specialist who wrote it also shares why the market is willing to play along -- in case you have selling in mind, too.
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