Eviction doomsday, mandated vaccines, a big deal in proptech data, Tesla's solar-powered suburb, the obstacles to office-residential conversion.
In Today's News
Eviction Doomsday Isn't Coming. Here's Why
This thoughtful piece by a RealPage economist on GlobeSt.com details multiple reasons why there won't be a torrent of fresh evictions as eviction moratoriums end.
The Millionacres takeaway: As this columnist points out, while one eviction is too many, a tsunami of them is unlikely. And I don't know about you, but it's still hard for me to get my head around the fact that billions of dollars have been allocated in tenant relief and so little has actually gotten there, or into landlord coffers.
From Offices to Restaurants: Vaccines Required
Corporate America is getting serious about vaccines, CNN reports today. In the last week, companies from Disney to Walmart (some employees, but not close to all) to Google have begun mandating their employees get shots to protect against COVID-19.
The Millionacres takeaway: Governments are getting aboard, too, in some places. This, as the nation hits the 70% vaccinated mark touted and sought by the Biden administration as the delta variant is apparently boosting interest in getting the shot. Inhibiting the spread of COVID-19 certainly seems like it would be good for business -- and everything else.
MSCI to Acquire Real Capital Analytics for $950M
Through the deal, MSCI will gain access to Real Capital Analytics' database of more than $20 trillion in commercial property transactions, which MSCI plans to add to its own commercial real estate products, The Real Deal reports.
The Millionacres takeaway: Data analytics continues to demand top dollar in the takeover market. This deal follows the private equity buyout of CoreLogic earlier this summer and the sale of RealPage to Thoma Bravo late last year.
Today on Millionacres
Are Solar Suburbs the Solution to the Housing Shortage? Elon Musk Thinks So
Tesla (NASDAQ: TSLA) is laying the groundwork for a full-on solar-powered community. The location? None other than Austin, Texas, where Elon Musk recently relocated and where Tesla and SpaceX have massive manufacturing plants in the works.
The Millionacres takeaway: Our Aly Yale says Tesla's solar suburb may be aimed at solving Austin's housing problems, but it could have further-reaching implications should the community be successful. It could also point to an incoming wave of more sustainable developments, not to mention more ESG investments to keep an eye on.
The Future of CRE: Affordable Housing?
It's estimated that the U.S. lacks a whopping 7.2 million affordable housing units, according to the National Low Income Housing Coalition. This begs the question: Why not convert existing commercial real estate -- especially vacant office space -- to homes for low-income individuals?
The Millionacres takeaway: Our Maurie Backman provides the answer: If it were only that simple. Government incentives and support -- or at least getting out of the way -- will be needed to see this kind of conversion to happen at scale enough to make a difference.