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In our latest roundup, major league sports franchises turn to real estate to increase their value, the Associated Builders and Contractors releases a guide on artificial intelligence, New York City helps landlords convert empty office space into housing, and more!

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GettyImages-1311468457-291x300Whether by land, by sea or through human innovation, carbon sequestration is likely coming to (or already happening in) a destination near you. As our planet, overdosed on greenhouse gases, battles climate disasters, a logical solution is to simply stop pumping carbon dioxide into the air. Legislation worldwide is aimed at that target, but reducing output alone may not be enough. There are still billions of tons of extra CO2 already in the atmosphere—this crossroads is where sequestration comes into play.

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Dept-of-interior-logo-300x300The U.S. Department of the Interior (DOI) published a proposed rule aimed at modernizing and streamlining the “Type A” Natural Resource Damage Assessment (NRDA) regulations under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and the Clean Water Act (CWA). (The comment deadline was later extended.) The revisions, first previewed in a January 2023 Advanced Notice of Proposed Rulemaking (ANPR), are intended to fulfill “the original statutory purpose of providing a streamlined and simplified assessment process” with the overarching goal of facilitating settlements and expediting restoration efforts following injury resulting from pollution in a broader range of cases.

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In our latest roundup, office occupancy rates hit all-time lows, global hotel investment to exceed numbers from 2023, federal courts look into real estate commissions, and more!

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In response to the June 2021 Champlain Towers collapse in Florida, New Jersey supplemented its State Uniform Construction Code Act by enacting legislation (effective January 8, 2024) to strengthen laws related to the structural integrity of certain residential structures in the State. The legislation applies to condominiums and cooperatives (but not single-family dwellings or primarily rental buildings) with structural components made of steel, reinforced concrete, heavy timber or a combination of such materials. The legislation also supplements the Planned Real Estate Development Full Disclosure Act to ensure that associations created under the Act maintain adequate reserve funds for certain repairs.

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GettyImages-1440479644-1-300x221Legislation was recently introduced to the U.S. Senate and House of Representatives proposing the creation of the first-ever Workforce Housing Tax Credit (WHTC) for middle-income housing developments.

Similar to the existing Low-Income Housing Tax Credit (LIHTC), the WHTC would provide additional federal income tax credits to housing development projects for tenants making between 60% and 100% of Area Median Income (AMI). The allocation of WHTC would be based on a competitive bid process and awarded to developments over a 15-year credit period (as opposed to a 10-year credit period for LIHTC). Developments receiving allocations of WHTC will be subject to affordability requirements during the 15-year credit period and subsequent extended use period of at least 15 years.

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In our latest roundup, hospitality and real estate companies create living options, SEC questions some financial institutions on exposure to risks from CRE, renting shows signs of overtaking buying in the housing market, and more!

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In our latest roundup, commercial real estate’s relationship with technology, towns and cities across the country prevent dollar stores from opening, empty offices and other commercial buildings are reused for housing, and more!

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In our latest roundup, New York’s Prompt Payment Act comes into question, vacancy rates rise in commercial office space, the Biden administration applies project labor agreements on certain federal construction projects, and more!

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In our latest roundup, the commercial real estate market poses a risk to financial stability, New York City moves towards net-zero building emissions, workers at several Los Angeles area hotels tentatively agree to a new contract, and more!

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