Articles Posted in Real Estate

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As part of Pillsbury’s around-the-clock coverage of how the coronavirus pandemic is impacting the construction and real estate industry, colleagues Tom Van Wyngarden and Stephanie Angkadjaja offer key takeaways on OSHA’s guidance specific to the COVID-19 pandemic in “Workplace Safety in the Midst of a Pandemic.”

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On March 15, 2020, the Center for Disease Control and Prevention (CDC) issued formal guidance to combat the spread of the coronavirus by recommending against gatherings of 50 or more people for the next eight weeks (CDC guidance), which includes nearly every office building in America. Thus, began the most significant work from home experiment this country has ever seen. Continue reading

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In “Real Estate Operations in the Coronavirus Era,” colleagues Rachel B. Horsch, Aimee P. Ghosh, Brian E. Finch and Amanda G. Halter highlight ten issues to assess risk and mitigate the COVID-19 outbreak for property owners and landlords.

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iStock-943147634-tenant-protection-300x200Effective as of January 1, 2020, the Tenant Protection Act of 2019, signed by Gov. Gavin Newsom in the fall of 2019, provides certain new protections for residential tenants in the State of California. In response to what the statute refers to as “the unique circumstances of the current housing crisis,” the new legislation prohibits residential landlords from terminating leases without just cause for tenants who have occupied the rented premises for 12 months or more, and restricts the amount by which landlords may increase rent, as summarized in more detail below. California’s adoption of this new legislation makes it the third state in the country to implement statewide rent restrictions, a trend that will likely continue to grow in the face of rising rental prices nationwide.

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Seal-CalifGov. Gavin Newsom recently signed the Tenant Protection Act of 2019, legislation that caps annual rent increases in California for the next decade. Prior to the Tenant Protection Act, the only state-level protections against rent increases were price-gouging limits that apply only after natural disasters. (See Cal. Penal Code Section 396.) The law also extends “just cause” eviction protections to tenants statewide.

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iStock-466346283-sustainability-300x300Sustainability has evolved from a passing trend or niche preference into an undeniable, growing driver of the real estate market. This is particularly true as millennials comprise an increasing proportion of the workforce, home-buying population, and individuals influencing the future of real estate development in the United States.

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On September 17, 2019, the U.S. Department of Treasury issued two new proposed rules for the Committee on Foreign Investment in the United States (CFIUS) implementing the Foreign Investment Risk Review Modernization Act (FIRRMA). Of particular interest to readers of this blog was the second of the proposed rules, which addressed FIRRMA’s real estate-related expansion of CFIUS jurisdiction.

Over on Global Trade & Sanctions Law, colleagues , Jorge Vera and  examine the new regulations and how FIRRMA expands CFIUS’ jurisdiction to include certain types of real estate transactions.

 

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Even as tax incentives provided by the opportunity zone program in 2017’s Tax Cuts and Jobs Act offer the possibility of significant tax benefits when investing gains in Qualified Opportunity Funds (QOFs), such funds must comply with a wide variety of significant federal and state securities laws and regulations. In “Securities Law Guidance for Qualified Opportunity Funds (QOFs),” colleagues Ellen C. Grady and Robert B. Robbins discuss the joint statement recently issued by the Securities and Exchange Commission (SEC) and the North American Securities Administrators Association (NASAA) summarizing federal and state securities law considerations that may be applicable to QOFs.

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The availability of broadband internet service in multiple tenant environments (MTE) is always a bit of a balancing act between promoting competitive access to tenants and preserving adequate incentives for the initial service providers to deploy, maintain, and upgrade infrastructure. In “FCC Seeks Comment on Accelerating Broadband Deployment in Multi-Tenant Buildings and Preempts Wire-Sharing Requirement in San Francisco Ordinance,” colleague examines the FCC’s recent Notice of Proposed Rulemaking (NPRM) and Declaratory Ruling on the subject.

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With estimates that sea levels could rise two to six feet over the next century, states are incorporating adaptation and coastal resiliency into their planning and permitting regimes. In “INSIGHT: States Shift From Seawalls to Living Shorelines,” colleagues Eric Moorman, Norman Carlin and Ashleigh Acevedo examine the different strategies being considered and deployed by coastal states.