Don't see images? Click Here SUBSCRIBE FOR FREE MANAGE EMAIL PREFERENCES
Bisnow - (Almost) Never Boring
November 9, 2023

Commercial Properties Would Bear The Brunt Of Transfer Tax Increase, New UChicago Analysis Shows

Chicago Deputy Planning Commissioner Cindy Roubik Discusses Public-Private Partnerships At This Year's Property Management Summit! Register Today!

Sales of nonresidential properties would account for about 75% of the increased revenue generated by the Bring Chicago Home real estate transfer tax set to go before voters in March, according to an analysis released this week by researchers at the University of Chicago. 

Commercial Properties Would Bear The Brunt Of Transfer Tax Increase, New UChicago Analysis Shows

The analysis, which looked at historical data from 2013 to 2022 to inform its projections, estimates the tax will raise revenue by about $160M per year on average. The breakdown of the revenue increase shows a bump of roughly $40M from residential properties and an uptick of $120M…

Read the full story here.

  Share:  

 
Perforation

Top Stories on Bisnow.com

Amazon To Restart Physical Grocery Expansion In 2024 After Yearlong Pause Amazon To Restart Physical Grocery Expansion In 2024 After Yearlong Pause
Robbing Peter To Pay Nate Paul: Texas AG's Alleged Benefactor Hit With 4 New Fraud Charges Robbing Peter To Pay Nate Paul: Texas AG's Alleged Benefactor Hit With 4 New Fraud Charges
Starwood Property Trust Income Down 75%, Barry Sternlicht Says Fed Is 'Crushing' Industries Like CRE Starwood Property Trust Income Down 75%, Barry Sternlicht Says Fed Is 'Crushing' Industries Like CRE
Kansas City Hopes To Leverage Federal Dollars To Become Bastion Of Biotech Kansas City Hopes To Leverage Federal Dollars To Become Bastion Of Biotech
Perforation

Retailers Put Theft In The Spotlight — But Does The Publicity Fit The Crime?

Retailers Put Theft In The Spotlight — But Does The Publicity Fit The Crime?  

Tales in the U.S. and UK abound of an in-store retail crime wave of looting from coast to coast, with flash mobs sweeping through vulnerable stores, anti-social and increasingly violent behavior from organized criminals, and the city of San Francisco all but closing up shop.

The crime being highlighted by retailers isn't a symptom of desperation among the hardest hit by the economic downturn, people forced to steal essentials. Instead, retailers have blamed organized gangs and a breakdown in civil behavior for some of the financial problems they are facing.

A sense of lawlessness is the last thing that embattled landlords need, with fears that more retailers might opt to close the doors on what they view as high-risk locations.

However, things aren't quite what they seem. Shoplifting is clearly a problem for retailers, made more public by social media. Incidents of violence toward shop workers are shocking and not to be underplayed.

But some retail analysts and researchers have argued that local crime statistics conflict with this narrative and questioned whether this is less a worsening crime spree and more a case of “theftwash” to cover up performance issues.

The issue came to a head on Sept. 26, when retail industry body the National Retail Federation published a damning survey on retail crime;  Target closed nine stores, citing shop theft; and a slew of Philadelphia stores, including Apple, Lululemon

Read Full Story

  Share:  
Perforation

Fannie Mae Says All Broker-Involved Agency Loans Must Now Be Pre-Reviewed

Fannie Mae Says All Broker-Involved Agency Loans Must Now Be Pre-Reviewed  

Mortgage lenders working with Fannie Mae will have to resubmit many of their loans to the government-backed mortgage purchaser. 

The government-sponsored mortgage giant told lenders Tuesday that it was introducing a pre-review rule for all agency-backed loans that involved brokers, Commercial Observer reports. Loans that have already begun the underwriting process or have a quote outstanding will have to be resubmitted to the lender, according to the…

Read Full Story

  Share:  
Perforation

In Case You Missed It...

Chicago Firm Nearly Tops List Of Unpaid Creditors As WeWork Bankruptcy Unfolds Chicago Firm Nearly Tops List Of Unpaid Creditors As WeWork Bankruptcy Unfolds
Real Estate Transfer Tax Heads To The Voting Booth, Setting Up Major Battle Real Estate Transfer Tax Heads To The Voting Booth, Setting Up Major Battle
This Week's Chicago Deal Sheet This Week's Chicago Deal Sheet
$17M Mixed-Use Development In North Center Approved For Construction $17M Mixed-Use Development In North Center Approved For Construction
 
Perforation

FBI Headquarters To Move To Greenbelt, Maryland

FBI Headquarters To Move To Greenbelt, Maryland  

After more than a decade of fraught deliberations, the federal government has decided to move the headquarters of the FBI to a new development in Prince George's County, Maryland, a suburb northeast of Washington, D.C.

The bureau will build a new headquarters on an undeveloped 61-acre site near the Greenbelt Metro station, The Washington Post first reported, citing unnamed sources. The General Services Administration confirmed the decision in a statement to Bisnow Wednesday evening. “GSA looks forward to building the FBI a state-of-the-art headquarters campus in Greenbelt…

Read Full Story

  Share:  
 
BISNOW
 
       
 
You are receiving this email because you are either a member of the Bisnow community, have attended a Bisnow event, because you have a legitimate interest in real estate news and events because of your profession, or because of your business associations, memberships or partnerships.
 
This email was sent to: newsletter.archives@bisnow.com
 
   
 
123 William St, Suite 1505, New York NY 10038
Newsletter Approval Code: 72124