Eviction ban warnings and rulings; some tips on SBA's EIDL pandemic relief; Zillow goes zoom; a big splat for SPACs.
In Today's News
Biden Administration Warns Big Landlords to Comply With Evictions Freezes
The New York Times reports that the Biden administration is stepping up pressure on the nation's biggest residential landlords following reports that apartment building owners were seeking to evict tens of thousands of renters despite federal freezes on evictions implemented during the coronavirus pandemic.
The Millionacres takeaway: The FTC and CFPB have targeted dozens of debt collectors and major landlords who together are landlords to more than 2 million people, demanding they comply with two eviction moratoriums and other tenant protections or face regulatory action.
Also Today on Millionacres
CDC Eviction Ban Lifted as Federal Judge Weighs In
A federal judge today struck down the CDC's national ban on evictions, agreeing with a group of Alabama and Georgia Realtors and other plaintiffs that the ban exceeds the agency's authority.
The Millionacres takeaway: Our Aly Yale looks at the implications of this ruling, which both contradicts and agrees with earlier decisions on the same ban, which many landlords say has made it tough for them to meet their own obligations during the pandemic.
How Commercial Property Owners Can Appeal EIDL Denial
If you're among those hard-hit commercial business owners denied an Economic Injury Disaster Loan (EIDL) from the SBA, here's help.
The Millionacres takeaway: Our Lea Uradu provides details on how to appeal the denial and get the funds that many other businesses have used to survive and recover from the economic pounding of the pandemic.
Hot Home Sales Sends Zillow Earnings Zooming
Our Deidre Woollard hits the highlights on the new quarterly report from Zillow (NASDAQ: Z/ZG) and says that as this current market continues to boom, Zillow fully expects to profit from multiple revenue streams connected to real estate transactions.
The Millionacres takeaway: There are plenty of contenders coming for Zillow's crown, including Redfin (NASDAQ: RDFIN) and CoStar Group (NASDAQ: CSGP), but unseating Zillow's place as the real estate search leader will be a challenge.
Is the Real Estate SPAC Trend Simmering Down?
The Securities and Exchange Commission (SEC) just dropped a bomb on special purpose acquisition companies (SPACs), and investors just don't seem as interested. What does this mean for the real estate industry that's been heavily involved with the SPAC trend?
The Millionacres takeaway: Our Jeff Piltch says proposed changes from the SEC could slam the brakes on this stocks-go-public trend and points out that investors already seem to have moved on, anyway. It was good while it lasted for the companies that got in and took advantage of the short-lived interest.