Real Estate & Construction News Round-Up (09/07/22) – Futuristic Cities, Shifting Housing Demand, and Rent Control

Pillsbury - Gravel2Gavel Construction & Real Estate Law
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Pillsbury - Gravel2Gavel Construction & Real Estate Law

This week’s round-up addresses the shift in housing demand, efforts of apartment complexes to become more eco-friendly, plans for “cities of the future,” and more.

  • Home prices spiked an unprecedented 43% in just over two years since the pandemic began, but the increases in mortgage rates have resulted in a housing market slowdown. (Lance Lambert, Fortune)
  • There are approx. a dozen projects globally that plan to create sustainable, hypermodern cities from scratch, one example being Telosa for 5 million people in the American desert. (Jennifer Kingson, Axios)
  • Country Garden Holdings, China’s top real estate developer (by contracted sales), experienced a 96% drop in first-half profits and a one third decrease in home sales compared to the previous year. (The Real Deal)
  • Housing market inventory, while previously unable to meet buyer demand, is now in excess supply as buyers pull back. (Prashant Gopal & Catarina Saraiva, Bloomberg)
  • If the laws from New York’s Division of Housing and Community Renewal take effect, property owners may no longer be able to set the rents on units they create from combining stabilized apartments. (Miriam Hall, Bisnow)
  • To help meet the need and desire for eco-friendly living spaces, apartments are incorporating sustainable design and amenities to address climate change and climbing energy costs. (Robert Pinnegar, The Washington Post)

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