MHN’s July 2020 Must-Reads
- Aug 06, 2020
The number of confirmed coronavirus cases in the U.S. skyrocketed in July, to 4.7 million by the end of the month, up from 2.7 million at the end of June. What’s more, California, Florida and Texas surpassed New York in total cases, with Florida declared the new epicenter of the pandemic. As a result, we paid close attention to the Sunshine State and sat down with Integra Investments’ Nelson Stabile to talk about the latest trends in investor sentiment and the demand for suburban product in metro Miami. And in an interview with ZOM Senior Living Vice President Brett Gelsomino, we looked at the prospects for the senior housing sector in South Florida in light of the current economic situation.
But as the COVID-19 crisis continued to unfold, special attention has been paid to the number of renters who could afford to pay their rents. By July 6, according to the latest report from the National Multifamily Housing Council, 77.4 percent of renters made full or partial payments. By July 13, the figure rose to 87.6 percent. And as the federal eviction moratorium and expanded unemployment insurance expired, the multifamily industry and housing advocates worry about what happens next for renters and property owners amid the ongoing crisis.
Developers’ interest in affordable housing is on the rise, with Tishman Speyer hiring Gary Rodney to head up a new platform that will focus on building and investing in homes for low- to middle-income residents in New York City. Meanwhile, George Vallone of Hoboken Brownstone Co. argues that the severe shortage of affordable housing is the symptom of the problem.
With major multifamily markets out of lockdowns, development activity has picked up pace in July, when Two Trees finalized construction of One South First, a mixed-use apartment building in Brooklyn. Other projects that topped out last month include a 41-story luxury community in downtown Seattle, as well as the 21-story twin buildings at Front & York, a 1.1 million-square-foot, 728-unit condominium project in Brooklyn.
Here are MHN’s must-reads for last month: