Terraxplorer/iStock/Getty Images The Federal Reserve plans to take initial steps toward rewriting the rules for lending in low income neighborhoods, reports the Wall Street Journal. Almost 90 percent of New York City's bars and restaurants could not pay their
rent in August, according to the New York Post. These are among today’s must reads from around the commercial real estate industry.
- Fed to Propose Overhaul of Lending Rules for Poorer Communities “The Federal Reserve was set Monday to take an initial step to rewrite rules for hundreds of billions of dollars in lending in lower-income neighborhoods.” (Wall Street Journal)
- A Financial Crisis Could Surprise Investors ‘Sooner Rather than Later,’ Warns Deutsche Bank “Our call of the day from Deutsche Bank has some good news and some not-so-great news for investors.” (MarketWatch)
- Almost 90 Percent of NYC Bars and Restaurants Couldn’t Pay August Rent “Nearly 90 percent of New York City bar and restaurant owners couldn’t pay their rent in August, heightening the continued crush the coronavirus shutdown has inflicted on Gotham’s economy.” (New York Post)
- Seven Urgent Changes Needed to Fix Senior Living “Given the steep number of COVID-19 deaths and cases in nursing homes and lack of PPE there; the recent inability to see loved ones in assisted living and retirement communities as well as the poor pandemic communication between many operators and families of their residents, is it any wonder that senior living senior housing now has a giant black eye?” (MarketWatch)
- College Town Economies Suffer as Students Avoid Bars, Football Tailgating “College students came back to Blacksburg, Va., last month, but so far many remain reluctant to fill the restaurants, shops and other local businesses that have helped insulate this southwestern Virginia town from past downturns.” (Wall Street Journal)
- Bankers, Experts Warn of Economic Pain as CARES Act Cash Dwindles “The federal government pumped money into the U.S. economy this spring and summer, fueling a faster than expected recovery, but Federal Reserve Chair Jerome Powell and others are warning that more help will be needed once that money is exhausted.” (CNBC)
- LA Rents Have Begun to Slide, Subleases to Rise “Net effective rents have been falling 5 to 10 percent as landlords offer incentives and the amount of sublease space in West L.A. increased.” (Commercial Observer)
- Millions Can’t Pay Rent. Landlords Making Less than $50,000 a Year Are Caught in the Middle“Mom-and-pop landlords are in a worse financial position relative to their higher-earning peers as unemployment remains elevated and Americans continue to struggle to pay rent, according to a new analysis.” (CNBC)
- DSW Expands Unlikely In-Store, Digital Partnership with Hy-Vee “DSW will open in-store shops at six Hy-Vee supermarkets by Friday, Oct. 2, with additional locations expected to open in 2021.” (Chain Store Age)
- A New Startup is Recruiting Gig Workers to Help Landlords Evict People From Their Homes, Calling it the Fastest-Growing Moneymaking Gig Because of COVID-19 “Millions of Americans have fallen behind on rent amid economic turmoil caused by the COVID-19 pandemic, and many could face evictions. One startup is treating the dire situation as a moneymaking opportunity for gig workers.” (Business Insider)
- Commercial Construction Could Be Rebounding: US Chamber “The new Commercial Construction Index from the U.S. Chamber of Commerce is still far below the first quarter.” (Commercial Property Executive)
- Self Storage Rents Continue Recovery Despite COVID-19 “While street-rate rents were down 0.9 percent over the past 12 months, all the top markets saw positive rent performance month-over-month.” (Commercial Property Executive)
- Justice Dept. Deems New York City, Portland and Seattle 'Anarchist Jurisdictions'“Trump ordered a review of federal funding to locales where violence has occurred, and he has made ridicule of those cities a regular feature of campaign appearances.” (NBC News)
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