California Election: Keep An Eye On These Things On The State, Local Ballots
State voters will decide on 11 propositions in the California General Election on Tuesday.
Here are the state propositions that could affect the state's commercial real estate landscape, as well as what is being decided at the local level.
Proposition 1: Authorizes Bonds To Fund Specified Housing Assistance Programs
The measure allows the state to issue $4B in bonds to fund several affordable housing and veterans programs.
According to the measure, the money will be divvied up — $1.8B for affordable multifamily housing…
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Prop 10 Appears Likely To Fail, But Demand For Rent Control Will Continue To Shape Multifamily
Those in the multifamily sector anticipate the failure of Proposition 10 — the ballot measure that would make it possible for cities to once again set their own rent-control limits — but they worry that the issue will just raise its head again in some other form.
That is why, though developers, property owners, investors and others have actively fought against the measure, many of them also want to have discussions about what the future of rent control means in the state. If such decisions are going…
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REPORT: Amazon To Divide HQ2 Between 2 Cities To Mitigate Housing Congestion, Talent Acquisition Concerns
As Amazon's decision on its second headquarters looms, the tech giant is reportedly in talks to divide the massive campus meant to support 50,000 high-paid tech employees into two.
CEO Jeff Bezos is planning on selecting two cities as winners in the competition to land Amazon HQ2, splitting the company's footprint in each city in half, the Wall Street Journal reports. Citing anonymous sources, the WSJ said the decision was…
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The Beginner's Guide To CRE Tech: 4 Reasons Why Venture Capitalists Are Betting Big On Real Estate Tech
Venture capitalists have been aggressive in their bets on the latest commercial real estate tech startups seeking to transform the industry.
In September alone, a whopping $2.7B in venture capital funneled into 45 PropTech startups, up 12.5% from the $1.17B invested in 40 companies in August, according to data from RETech.net.
Why is this segment of the tech industry receiving such attention from venture capitalists? For an industry as resistant to change and technological advancements as commercial real estate, tech-enabled real estate unicorns like WeWork and Airbnb have piqued the interest of both entrepreneurs on the hunt for the next industry disrupter and investors that want to get in on the action.
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EXCLUSIVE: RXR CEO Scott Rechler On Getting Out The Vote, Politics And Fixing The Subway
Scott Rechler does not speak with brash hyperbole, engage in heavy self-promotion or even raise his voice much above a low, measured level — somewhere between a bass and a baritone. But the CEO of New York real estate powerhouse RXR Realty, one of the most powerful figures in the city, is deciding to use that voice to tell people to vote.
"I've been more vocal than the average citizen in taking [voting] more seriously," he told Bisnow in a phone interview last week. "We can't just rely on elected officials to solve our issues, we have to be more empowered to do that."
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'Good For Humans': Economists React To October Jobs Report On Twitter
Nonfarm payroll employment increased by 250,000 jobs in October, the U.S. Bureau of Labor Statistics reported Friday, marking the country's 97th straight month of employment gains. The unemployment rate held at 3.7% for the second consecutive month, a low it had not previously reached since 1969.
Construction employment was up 30,000 jobs in October, with 14,000 of those jobs occurring among residential specialty trade contractors. The construction industry has added 330,000 jobs over the year.
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