Property Reassessments to Raise Homeowners’ Tax Bills $330- Though Mayor Cherelle Parker and City Council left the real estate tax rate unchanged this year, Philadelphia homeowners can expect to see property taxes increase...more
New York recently adopted the Affordable Neighborhoods for New Yorkers (ANNY) Tax Incentive and the Affordable Housing from Commercial Conversions (AHCC) Tax Incentive programs, as well as a host of other new and modified...more
A number of affordable housing components of the New York State Budget Bill are worth calling out for developers, as the moves, along with the hundreds of millions of dollars coming from the state, should spur development. ...more
On October 21, 2022, the Commonwealth of Massachusetts Executive Office of Housing and Economic Development (“EOHED”) issued final guidelines to the Commonwealth’s 177 MBTA communities for compliance with M.G.L. c. 40A, § 3A...more
Florida's 2023 Live Local Act provides significant land use, zoning and tax benefits. (See Holland & Knight's previous alerts, "Florida's New Live Local Act Offers Land Use and Tax Benefits," Aug. 8, 2023, and "Florida's Live...more
In response to San Diego’s current housing shortfall and related socio-economic conditions, the City Council has approved several changes to the city’s existing Complete Communities infill development initiative. These...more
On October 21, 2022, the Commonwealth of Massachusetts Executive Office of Housing and Economic Development (“EOHED”) issued final guidelines to the Commonwealth’s 175 MBTA communities for compliance with M.G.L. c. 40A, § 3A...more
Florida Senate Bill 102, commonly referred to as the Live Local Act (the Act), provides that certain developments will be eligible for a 75 percent or 100 percent ad valorem tax exemption (also known as the "Missing Middle"...more
Following the tragedy of the Grenfell Tower fire in June 2017, the widespread use of dangerous, inappropriate cladding materials on multi-storey buildings was brought to the attention of the market and the regulators. In the...more
While the New York City real estate market has never been for the faint-hearted or undercapitalized, the combination of post-pandemic shifts in office demand and high interest rates has made this the most challenging era...more
The state legislature is currently considering a bill that would give “local governments,”—including every city, town and county in Colorado—a right of first refusal to buy any qualifying multifamily property before it is...more
The Winter 2023 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey revealed some interesting trends in California CRE markets. Most notably, some of the optimism expressed in recent surveys has...more
In response to the tragic balcony collapse that killed seven students in Berkeley in 2015, Governor Jerry Brown approved Senate Bill No. 721 on September 17, 2018. The bill, commonly referred to as the “Balcony Inspection...more
Attention to land use and zoning matters should be considered early in the real estate development process. Projects may require relief in the form of a master plan amendment, rezoning, special or conditional use permit,...more
The Washington State Legislature kicked off its 2023 Legislative Session on Monday, January 9, 2023. A big focus this year is on affordable housing initiatives. This Update summarizes five significant affordable housing bills...more
Earlier this year, Governor Newsom signed Assembly Bill (AB) 2011 (Wicks) and Senate Bill (SB) 6 (Caballero) into law to increase housing production in the state by allowing residential construction on commercially-zoned...more
On October 21, 2022, the Commonwealth of Massachusetts Executive Office of Housing and Economic Development (“EOHED”) updated final guidelines to the Commonwealth’s 175 MBTA communities for compliance with M.G.L. c. 40A, § 3A...more
In what has become a near-annual ritual, California Governor Gavin Newsom has signed into law a large package of bills aimed at addressing the state’s glaring housing shortage. This Update summarizes two key bills in this...more
On August 10, 2022, the Commonwealth of Massachusetts Executive Office of Housing and Economic Development (“EOHED”) issued final guidelines to the Commonwealth’s 175 MBTA communities for compliance with M.G.L. c. 40A, § 3A...more
The multi-family panels participating in the Winter 2022 Allen Matkins/UCLA Anderson Forecast California Commercial Real Estate Survey predict interest rates will increase faster than inflation and anticipate drops in vacancy...more
In an opinion filed on December 16, 2021, and belatedly ordered published on January 13, 2022, the Fourth District Court of Appeal rejected a CEQA challenge to a small multifamily project in the City of Santa Cruz. Ocean...more
In a Report and Order and Declaratory Ruling (Order) released on February 15, 2022, the Federal Communications Commission (FCC) unanimously adopted new rules intended to give tenants in multi-tenant environments (MTE)—such as...more
Senate Bill 35 (Government Code section 65913.4) was enacted in 2017 as part of an effort by the State Legislature to increase housing production. The law compels local agencies, including charter cities, to issue streamlined...more
Multi-family market expectations have improved in Silicon Valley, Orange County, and San Diego, while in the other markets surveyed, panelists do not see 2023 as having higher occupancy and rental rates compared to today,...more