Urbanexus Update - Issue #35
Please scroll down for the weekly compilation of analysis, reporting and opinion about real estate and community development. Note that some links may lead to material that is behind a paywall.
Real estate investment
Brookfield's big real estate fund
Brookfield Strategic Real Estate Partners Fund III has raised $12 Bn and is targeting a $14 Bn hard cap.
Economic development
New York, Virginia and Tennessee pledge more than $2 Bn to Amazon In return for locating major office hubs in New York's Long Island City and in Arlington, Virginia, online retailer Amazon will receive hundreds of millions of dollars in direct grants, and get the benefits of new public investments in infrastructure and university programs. It will even get help securing the right to use helipads in restricted airspace and have government officials notify the company two business days before disclosing public information.
Five corporate HQ moves that set the stage for Amazon HQ2 Amazon's plan to open more than one headquarters is certainly not the first high-profile hunt for a new company home. Decades of high-stakes site selections have broadened the horizon of incentives local officials are willing to offer, bringing us to the high-profile nature of Amazon's decision.
Amazon, HQ2 location decision was about talent Other than Bezos property, other finalists had several key assets to attract Amazon. Where they couldn’t match New York and D.C. was the deep tech talent pool.
New York’s Amazon win was the result of decades of effort to become a technology leader
Transformative economic change takes decades. It’s worth remembering that New York’s road to Amazon started taking shape years ago, thanks to the efforts and vision of many people, few of whom got any credit last week. Key among these efforts is the joint venture of Cornell University and Techion—Israel Institute of Technology that located on Roosevelt Island. The school’s dean sits on the board of Amazon, an indication of how important big tech firms see local institutions of higher learning that can provide them with trained workers.
Amazon's HQ2 pick is a dud for mortgage lenders — www.nationalmortgagenews.com Amazon's new HQ2 facilities in New York City and Washington, D.C., will create a flurry of housing and mortgage activity. But the direct benefits to mortgage lenders won't be as significant as they could've been in many of the other cities on Amazon's list of 20 finalists.
Watchdog says HQ2 incentives might be more than double Amazon’s estimate Just how much could Amazon reap from Virginia and New York?
Residential real estate
Why’s the rent so high for new apartments in Seattle? — www.sightline.org What an audit of what the average rent check for a new apartment in Seattle pays for reveals: Housing is expensive to build and operate.
Why the housing market Is slumping despite a booming economy Home prices are out of reach relative to incomes and mortgage rates. The big question for the economy is how the imbalance adjusts.
Modular and ither non-site built housing — eyeonhousing.org The total market share of non-site built single-family homes was 3.3% of single-family completions in 2017, according to Census Bureau Survey of Construction
1 million Americans live in RVs About a million Americans live full-time in RVs. Many say this modern nomadic lifestyle has improved their marriages and made them much happier.
How to build more housing in Hawaii
Hawaii is the most expensive housing market in the USA. Dean Uchida, president of the Building Industry Association of Hawaii, will talk about red tape restrictions that hinder the construction of new housing in the islands. Hat tip to Rich Burns who called attention to this item.
Environment and resiliency
The Evergreen State just rejected the Green Wave
Washington State voters rejected a carbon fee initiative. But with inaction at the federal level, maybe a single state can still be our best hope for broader action to combat global warming.
Megafires more frequent because of climate change and forest Management Dry weather and strong winds mean that what would have been small blazes in the past are now monster fires. And more people live in harm's way.
California adapts to more destructive wildfires — time.com With wildfires growing in intensity and frequency due to climate change, states are thinking more about how to adapt than prevent them.
Around the world
Land laws worthless without proof of ownership
From South Africa to the Amazon, battles over land and who owns it are unleashing unprecedented conflict and labyrinthine legal cases
Understanding water access — www.visualcapitalist.com Water is the world’s most precious commodity. Yet, an estimated $260 billion is lost globally each year from the lack of basic water access and sanitation.