Residential
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July 31, 2024
Multifamily REIT Welcomes Lagging West Coast Supply
Essex Property Trust told investors on Wednesday that the real estate investment trust has benefited from the West Coast's failure to meaningfully expand its supply of multifamily properties.
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July 31, 2024
Mortgage Co.'s $300K Wage Deal Gets Initial OK
A California federal judge has given an initial stamp of approval to a $300,000 settlement between a mortgage company and a class of its employees, ending claims that the company failed to pay hourly wages or provide meal and rest breaks.
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July 31, 2024
Cities, States Weigh Homeless Policies Post-Grants Pass
In the weeks since the U.S. Supreme Court ruled that an Oregon city's camping ban doesn't amount to cruel and unusual punishment of its unhoused residents, municipal and state governments are rethinking their approach to homeless encampments and weighing newfound authority.
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July 31, 2024
Ga. Panel Strikes Sanctions Without Day In Court In HOA Row
A Georgia Court of Appeals panel said Wednesday a Fulton County trial judge wrongly entered sanctions against a woman without holding a hearing after she failed to attend depositions with an Alpharetta homeowners association.
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July 31, 2024
Age Limits On Owning Senior Units Unlawful, NJ Panel Says
A New Jersey appellate panel on Wednesday backed a lower court's finding that a Garden State municipality's ordinance limiting property ownership in senior housing communities to those 55 years old or older violated the federal Fair Housing Act and state Law Against Discrimination, holding that both statutes prohibit discrimination based on familial status.
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July 31, 2024
Locke Lord CMBS Leader On Why Multifamily Deals Scare Him
While the multifamily sector experienced significant growth in the first two years of the COVID-19 pandemic when others like the office sector have struggled, continued high interest rates are now starting to have more of an impact on the multifamily space, a Locke Lord LLP commercial mortgage-backed securities leader told Law360 in a recent interview.
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July 31, 2024
Rising Star: Kirkland's James Clark
James Clark of Kirkland & Ellis LLP has for years worked on one of the world's largest development and infrastructure projects — a Herculean undertaking in Saudi Arabia — and in the process has earned a spot among the construction law practitioners under age 40 honored by Law360 as Rising Stars.
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July 31, 2024
Rising Star: Fried Frank's Julianne Befeler
Julianne Befeler of Fried Frank Harris Shriver & Jacobson LLP has been a key adviser on complex commercial real estate transactions for heavy hitters including Brookfield Asset Management, Brookfield Properties and Blackstone Inc., earning her a spot among the real estate law practitioners under age 40 honored by Law360 as Rising Stars.
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July 31, 2024
Rising Star: Simpson Thacher's Sam Rudik
Sam Rudik, a recently promoted partner at Simpson Thacher & Bartlett LLP, guided Blackstone on several billion-dollar transactions over the past three years, including a handful of major development deals and acquisitions involving data centers, landing him a spot among real estate attorneys under age 40 honored by Law360 as Rising Stars.
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July 31, 2024
With CENSAI, Real Estate Dives Into Detailed Population Data
The real estate industry's growing embrace of technology has placed greater emphasis on the role of data in making decisions. Data and technology firm i360 has recently made a move into this sector with CENSAI Population Intelligence, a new venture it says will provide investors and developers more reliable and up-to-date insights and projections on markets and even individual properties.
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July 30, 2024
Fla. Insurance Co. Accused Of Causing Black Mold Death
A Florida insurance company was accused of wrongfully causing the death of a woman who died from black mold contamination in a state complaint brought by her sole descendant, who alleges the insurer didn't send a promised team to remediate the woman's home after it was damaged by Hurricane Ian.
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July 30, 2024
Zillow Escapes Real Estate Agent's Trade Practices Claim
Zillow Inc. on Tuesday escaped a proposed class action by a Connecticut real estate agent who claimed the website's computer-based home value estimates and "contact agent" buttons interfered with the ability of on-the-ground professionals to manage listings, work with clients and accurately price properties.
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July 30, 2024
Ex-HFZ Capital Chief Can't Reduce Bail In $86M Fraud Case
A Manhattan judge on Tuesday denied, for now, a request by the former head of troubled real estate firm HFZ Capital Group to lower a hefty bail requirement so he can get out of Rikers Island while fighting $86 million theft and tax fraud charges.
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July 30, 2024
Ohio Bill Would Create Credit For Property Tax, Rent
Ohio would allow homeowners and renters to claim a refundable property tax credit or rebate if their property tax or rent-equivalent tax exceeds 5% of their household income under a bill introduced in the House of Representatives.
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July 30, 2024
Insurer Says No Coverage For Florida Sex Assault Claims
A trust facing a negligence claim after a minor said she was sexually assaulted while staying at the trust's vacation rental isn't owed any coverage for the lawsuit, its insurer told a Florida federal court Tuesday, citing a sexual molestation exclusion.
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July 30, 2024
No Damage Needed To Replace NJ Beach House, Panel Says
New Jersey property owners looking to replace an existing structure located in a flood hazard area don't have to show it's in an unusable condition, a state appellate panel ruled Tuesday, backing the state Department of Environmental Protection's denial of a request by neighbors to rescind a developer's permit to replace a beachfront home.
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July 30, 2024
Feds Must Maintain Center's EB-5 Status During Fee Dispute
A Montana federal judge ordered U.S. Citizenship and Immigration Services to maintain a regional center's designation to participate in the EB-5 investor visa program while he reviews claims that the agency moved to terminate its designation without proper notice.
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July 30, 2024
Ropes & Gray Adds Partner To Int'l Tax Practice
Ropes & Gray LLP recently added a tax adviser with a wealth of experience navigating transactions, funds and investments for clients as a partner in its New York office, the firm said.
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July 30, 2024
Legal Fees Caused Operating Cost Spike In Q2, Equity Says
As Equity Residential reported higher occupancy, sales and income in the second quarter, an executive on Tuesday told investors that the multifamily giant's defense costs in "regulation by litigation" legal cases were on the rise, as well, driving an annual increase in operating expenses.
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July 30, 2024
NYC Condo Building Nears Peace Deal With Lenders In Ch. 11
Bankrupt New York City condominium complex Hudson 888 Owner told a bankruptcy judge Tuesday that it is days away from reaching a settlement for its Chapter 11 plan, which will see it hand over its real estate to its main lender to clear its debts.
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July 29, 2024
Ky. Tower Sale Laundering Case Should Proceed, Judge Told
A Florida magistrate judge has recommended denying a bid by two Miami businessmen to toss litigation filed by the U.S. government looking to seize about $9.1 million from the sale of a Kentucky office tower over alleged ties to a Ukrainian money laundering scheme.
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July 29, 2024
Tenants Reach $16.5M Settlement In Service Fees Suit
A certified class of Section 8 housing voucher holders agreed to settle their claims for $16.5 million in California federal court against property owners and managers who allegedly violated the tenants' federal housing assistance payments contracts by wrongfully overcharging them with additional rent for amenities such as washers and dryers.
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July 29, 2024
Mich. Top Court Says 2020 Tax Foreclosure Ruling Retroactive
The Michigan Supreme Court on Monday gave retroactive effect to its 2020 decision that said local governments violate homeowners' rights by profiting from the sales of their tax-foreclosed homes, saying Michigan's "robust" history of protecting against takings weighs in favor of making the ruling retroactive.
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July 29, 2024
BofA Mortgage Loan Officers Get Conditional Cert. In OT Suit
A group of mortgage loan officers who accused Bank of America of misclassifying the employees as overtime-exempt has cinched conditional collective certification, with a North Carolina federal judge rejecting the bank's arguments that their job duties were too different to merit certification.
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July 29, 2024
Conn. Justices OK Vrbo Host's Short-Term House Rentals
A divided Connecticut Supreme Court ruled Monday that a Vrbo host in Branford was allowed to rent out his property to vacationers under a set of regulations passed in 1994, before the local zoning board changed the rules in 2018 to ban his activities.
Expert Analysis
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Tax Assessment: Recapping Georgia's Legislative Session
Jonathan Feldman and Alla Raykin at Eversheds Sutherland examine tax-related changes from Georgia’s General Assembly — such as the governor’s successful push to accelerate income tax cuts — and suggest steps to take before certain tax incentives are challenged in the state's next legislative session.
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11th Circ. Ruling May Foreshadow Ch. 15 Clashes
The Eleventh Circuit's recent decision in In re: Talal Qais Abdulmunem Al Zawawi has introduced a split from the Second Circuit regarding whether debtors in foreign proceedings must have a domicile, calling attention to the understudied nature of Chapter 15 of the Bankruptcy Code, say attorneys at Cleary.
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Teaching Yoga Makes Me A Better Lawyer
Being a yoga instructor has helped me develop my confidence and authenticity, as well as stress management and people skills — all of which have crossed over into my career as an attorney, says Laura Gongaware at Clyde & Co.
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A Look At New IRS Rules For Domestically Controlled REITs
The Internal Revenue Services' finalized Treasury Regulations addressing whether real estate investment trusts qualify as domestically controlled adopt the basic structure of previous proposals, but certain new and modified rules may mitigate the regulations' impact, say attorneys at Simpson Thacher.
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What CRA Deadline Means For Biden Admin. Rulemaking
With the 2024 election rapidly approaching, the Biden administration must race to finalize proposed agency actions within the next few weeks, or be exposed to the chance that the following Congress will overturn the rules under the Congressional Review Act, say attorneys at Covington.
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How New Rule Would Change CFIUS Enforcement Powers
Before the May 15 comment deadline, companies may want to weigh in on proposed regulatory changes to enforcement and mitigation tools at the disposal of the Committee on Foreign Investment in the United States, including broadened subpoena powers, difficult new mitigation timelines and higher maximum penalties, say attorneys at Venable.
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2nd Circ. Eminent Domain Ruling Empowers Municipalities
The Second Circuit's recent decision in Brinkmann v. Town of Southold, finding that a pretextual taking does not violate the Fifth Amendment's takings clause, gives municipalities a powerful tool with which to block unwanted development projects, even in bad faith, say James O'Connor and Benjamin Sugarman at Phillips Lytle.
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SEC Should Be Allowed To Equip Investors With Climate Info
The U.S. Securities and Exchange Commission's new rule to require more climate-related disclosures will provide investors with much-needed clarity, despite opponents' attempts to challenge the rule with misused legal arguments, say Sarah Goetz at Democracy Forward and Cynthia Hanawalt at Columbia University’s Sabin Center for Climate Change.
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8 Fla. Statutes That Construction Cos. Should Prepare For
In this article, Jason Lambert at Hill Ward discusses a number of recent bills out of the Florida Legislature targeting construction companies in the Sunshine State that have been sent to the governor for signature, at least some of which will have broad impacts that affected companies should prepare for ahead of the July 1 effective date.
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Time To Fix NYC's Broken Property Assessment System
A New York appellate court's decision to revive Tax Equity Now New York v. City of New York may force the city to revamp its outdated and unfair real estate tax assessment system, which could be fixed with a couple of simple changes, says Seth Feldman at Romer Debbas.
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Understanding The IRC's Excessive Refund Claim Penalty
Taxpayers considering protective refund claims pending resolution of major questions in tax cases like Moore v. U.S., which is pending before the U.S. Supreme Court, should understand how doing so may also leave them vulnerable to an excessive refund claim penalty under Internal Revenue Code Section 6676, say attorneys at McDermott.
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Bankruptcy Ruling Shifts Lease Rejection Claim Calculation
A New York federal court’s recent ruling in In re: Cortlandt provides guidance on how to calculate a landlord's damages claim when a bankruptcy debtor rejects a lease, changing from an approach that considers the remaining rent due under the lease to one that considers the remaining time, say Bethany Simmons and Noah Weingarten at Loeb & Loeb.
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Do Not Overstate Fla. Condo Termination Ruling's Impact
A close look at the unique language at issue in Avila v. Biscayne, in which a Florida appellate court deemed a condo termination to be invalid, shows that the case is unlikely to significantly affect other potential terminations, say Barry Lapides and Edward Baker at Berger Singerman.