The eviction ban is challenged, office returns delayed, more electric vehicles in our near future, some REIT regrets, Facebook as landlord and employer.
In Today's News
Biden’s Eviction Ban Extension Draws Challenge by Landlords
A federal judge overseeing a challenge to the new eviction moratorium the Biden administration put in place this week indicated today that she intends to consider it quickly, signaling that the latest protections could be short-lived, Bloomberg reports [subscription required].
The Millionacres takeaway: This case from the Alabama Association of Realtors is in an Atlanta appeals court and is relying on a previous Supreme Court ruling that any extension of the CDC ban would have to come from Congress, not the White House. A lot of aid for tenants still sits in state coffers. If it starts flowing soon, this could help. Meanwhile, the battle goes on.
Amazon Delays Return-to-Office Plan Until January on Virus Surge
Amazon (NASDAQ: AMZN) says corporate employees won't have to return to the office regularly until January, becoming the latest big company to postpone its resumption of regular work habits as COVID-19 infections from the delta variant surge in the U.S., Bloomberg reports today [subscription required].
The Millionacres takeaway: BlackRock and Wells Fargo came out with similar news today. This is distinctly not good news for commercial real estate investors, especially in all those office-heavy real estate investment trusts (REITs) out there.
U.S. to Set Electric Vehicle Sales Goal of 50% by 2030
Roughly half of all cars and light trucks sold in the U.S. by 2030 would be electric, hydrogen-fuel cell, or plug-in hybrid vehicles under voluntary targets to be announced Thursday by the Biden administration and backed by automakers contingent on government support, The Wall Street Journal reports [subscription required].
The Millionacres takeaway: 2030 is not far away. The response to demand for single-family and multifamily access to chargers might be something to consider investing in, including those in home and new construction.
Today on Millionacres
I Should Have Bought This REIT 10 Years Ago
Our Matthew DiLallo looks at one that got away. Or rather, got given away. It's an industrial REIT he invested in 10 years ago and then gave up on too soon.
The Millionacres takeaway: Matthew looks at this particular player in the warehouse vertical and at several others, including some that he still has money in, and provides some food for thought on deciding when to hold them and when to fold them.
Is Facebook Becoming a Real Estate Company?
The tech giant is joining its counterparts Amazon and Google in building housing communities for its employees. Is that a good thing? There are lots of ways to look at that.
The Millionacres takeaway: Our Laura Agadoni points out the hazards of living in what could become the 21st-century version of a mill village, especially if the job comes with a noncompete. That could turn some folks into sort of modern-day indentured servants, she says. Consider whether you want to invest in something like that.