CDC and mask guidance and real estate investing, SL Green and the NYC market, Fannie and Freddie speak up as eviction moratorium expires, Hyatt shows confidence, apartment builds boom.
Today on Millionacres
How Will the CDC's Shift on Mask Guidance Impact RE Investors?
Because of the delta variant, the CDC announced this week that it's reversing course on its May guidance and recommending the fully vaccinated should now, in fact, prepare to mask up when going out in public in areas of the country with high or substantial transmission rates. And that's most places.
The Millionacres takeaway: Our Maurie Backman lay out why this could be bad news for a lot of real estate segments, including retail (reluctance to go back into stores could return), hospitality (same with restaurants and hotels, especially those that depend on travel), and office (workers may not be swarming back soon, after all).
What SL Green's Earnings Tell Investors About the NYC Office Market
As Manhattan's largest landlord, real estate investment trust (REIT) SL Green (NYSE: SLG) knows a thing or two about the New York City office market. Our Matthew DiLallo notes the company's latest earnings report shows improving performance and exudes confidence about a return to the workplace expected to surge this fall.
The Millionacres takeaway: But what about the delta variant? See above.
Also in Today's News
As Moratorium Expires, FHFA Announces Multifamily Tenant Protections
As the Friday expiration of the CDC eviction moratorium arrives, the Federal Housing Finance Agency (FHFA) announced today that tenants of multifamily properties with mortgages backed by Fannie Mae or Freddie Mac must get 30 days' notice to vacate a unit for nonpayment of rent.
The Millionacres takeaway: There are still a lot of unused public dollars committed to helping tenants and landlords. The National Association of Home Builders (NAHB), for its part, offers a sample script that landlords can use to reach out to affected tenants to help them apply for help or ask if the landlords can do it for them.
Hyatt Expands Lifestyle and Luxury Brands
Hyatt Hotels (NYSE: H) announced this week the growth of several of its luxury and lifestyle brands, with more than 35 properties to open from this year through 2022, Travel Pulse reports.
The Millionacres takeaway: Well, that's a vote of confidence in a hospitality recovery. Will it be a good one? The delta variant may have something to do with the outcome.
Apartment Completions Hit a 2-Decade High
In the second half of 2020 and the first half of 2021, roughly 363,000 rentals were delivered, GlobeSt.com reports, citing a Marcus & Millichap report calling this the largest completion volume over a four-quarter stretch in at least two decades.
The Millionacres takeaway: Well, people got to live somewhere, so this industry seems a bit more pandemic-proof than others, but the growth isn't even. The two fastest-growing markets, in fact, are in one state. Hint: It has a big, lone star on its flag.