Residential
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June 24, 2024
Lloyd's Seeks To Avoid Coverage For Beach Umbrella Death
Certain underwriters at Lloyd's, London told a South Carolina federal court Monday they should have no coverage obligations to a vacation rental owner over a wrongful death suit alleging that a woman was impaled by a "wind-driven" beach umbrella.
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June 24, 2024
HUD, VA Want Early Win In Homeless Vets' Los Angeles Suit
The U.S. Department of Veterans Affairs and the U.S. Department of Housing and Urban Development pushed for a quick win in California federal court against a certified class action that claims the federal government failed to build supportive housing on Los Angeles land for homeless, disabled military veterans.
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June 24, 2024
Ill. Landowners Challenge FERC Moves On $7B Power Line
Illinois residents, farmers and landowners launched a fresh challenge to the $7 billion Grain Belt Express high-voltage power line, telling the D.C. Circuit that when the Federal Energy Regulatory Commission approved an amended negotiated rate authority, it ignored clean energy giant Invenergy's unsanctioned purchase of the project in 2020.
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June 24, 2024
NJ Fund Gets $169M Loan For Mixed-Use Project
A development fund that's working on a 477-unit, mixed-use project in Jersey City, New Jersey, agreed to a loan agreement where its nominee entity borrowed $169.3 million, according to an official Monday announcement.
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June 24, 2024
Ex-Chicago Alderman Gets Two Years For Boosting Law Firm
An Illinois federal judge on Monday sentenced former Chicago Alderman Ed Burke to two years in prison and fined him $2 million for using his official position to steer tax business to his personal law firm, closing what prosecutors called "another sordid chapter" in the city's history of public corruption.
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June 24, 2024
IRS Finalizes Limits To Partnership Conservation Easements
The Internal Revenue Service finalized rules Monday that curb the conservation easement tax deduction claimed by certain partnerships, with some changes to last year's proposed version, such as limiting the opportunity for entities to adjust their tax returns to avoid the new restrictions.
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June 24, 2024
Mortgage Co. Fights To End Borrowers' RICO 'Smear' Suit
United Wholesale Mortgage has urged a Michigan federal judge to toss a putative class action claiming it violated the Racketeer Influenced and Corrupt Organizations Act by forcing brokers to originate loans through UWM, arguing the suit is an illegitimate "smear" attempt to tarnish UWM's reputation to benefit hedge fund short-sellers.
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June 24, 2024
REIT Hits Back At Board Takeover Bid Following Ponzi Case
Texas-based United Development Funding urged shareholders on Monday to ignore a bid for control from an activist investor that nominated a slate of board candidates to run the real estate investment trust, which was previously used as a vessel for a Ponzi scheme by its former executives.
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June 24, 2024
Washington Federal Bank Sells $2.8B CRE Loan Porfolio
Washington Federal Bank announced Monday it has completed the sale of about $2.8 billion in multifamily commercial real estate loans that are set to be purchased by Pacific Investment Management Company LLC.
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June 24, 2024
Landlord Says Insurer Botched Coverage For $1M State Deal
A Colorado landlord is accusing an insurance broker and carrier of secretly adding an endorsement to its policy to bar coverage for a $1 million settlement the landlord entered into to resolve a state investigation over alleged misuse of tenant funds.
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June 24, 2024
NM Sued Over Sustainable Building Credit Award Process
A New Mexico apartment complex alleges that the state violated its due process rights after it was denied sustainable building tax credits for most of its units, according to a complaint filed in federal court.
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June 24, 2024
Mass. Tax Board Won't Trim Home Value Over Area Conditions
A Massachusetts homeowner's testimony of the poor condition of nearby properties was insufficient to lower his home's assessed value, a state tax panel said in a decision released Monday, upholding the value found by a local assessor.
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June 21, 2024
Financial Advice Guru Says Timeshare Suit Must Be Arbitrated
A famous financial advice guru and his company have urged a Washington federal court to pause a proposed timeshare exit fraud class action and send it into arbitration, arguing that several of the named plaintiffs signed related agreements that include arbitration clauses.
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June 21, 2024
Property Plays: The Mark Hotel, Oak Row, Bain Capital
Property Plays is a weekly roundup of the latest loans, leases, sales and projects around the country. Send your tips — all confidential — to realestate@law360.com.
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June 21, 2024
Vt. Lawmakers Override Veto Of Short-Term Rental Surcharge
Vermont legislators overrode the governor's veto of legislation that imposes a 3% surcharge on short-term rentals.
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June 21, 2024
DOJ Backs Antitrust Case Against Zillow, Realtors At 9th Circ.
The U.S. Department of Justice has urged the Ninth Circuit to revive antitrust claims from a defunct brokerage platform against Zillow and the National Association of Realtors based on design changes Zillow made to comply with association rules.
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June 21, 2024
King & Spalding Guides $320M Brooklyn Construction Loan
King & Spalding advised a $321 million construction loan from Texas-based Bank OZK for a three-tower residential complex developer Naftali Group is building at a site on the East River in South Williamsburg, Brooklyn.
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June 21, 2024
Recovery Home Co. Sues Over Denial By Town's Zoning Panel
A New Jersey township's zoning board has been accused in New Jersey federal court of discriminating against recovering drug addicts and alcoholics by refusing to allow a recovery home to continue to operate in a residential area.
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June 21, 2024
Ohio House Bill Would Tax Car Condos As Residential Parcels
Ohio would classify car condominiums as residential property for property tax purposes under a bill introduced in the state House of Representatives.
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June 21, 2024
Multifamily Strength In Q1 Contrasts Cooling CRE Valuations
The first quarter of 2024 saw a significant jump in the performance of apartment properties, a divergence from the slumping valuations broadly seen in commercial real estate during this challenging period for the industry, according to investment firm Gray Capital.
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June 21, 2024
Housing Starts, Completions, Permits See Decline In May
Housing starts, building permits and housing completions all fell in May, according to monthly figures from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
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June 20, 2024
Wash. Justices Renew AG's Suit Over Police Eviction Claims
Washington's highest court said the state attorney general could sue a city for allegedly letting police illegally evict vulnerable residents under the guise of a crime prevention program, ruling Thursday the case involved issues of public concern such as protecting residents' civil rights and preventing police misconduct.
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June 20, 2024
NY High Court Nixes Waiver of Rent Regs Appeal Rights
New York's highest court on Thursday invalidated a deal reached in 2000 between landlord Lew Realty LLC and a former tenant that governed a Manhattan apartment's exit from rent stabilization, after finding that the agreement improperly required the resident to waive a key protection.
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June 20, 2024
Ohio Landlord Settles DOJ's Sexual Harassment Suit
A Youngstown, Ohio, landlord and a property management company settled a sexual harassment suit filed by the U.S. Department of Justice, which had claimed the landlord repeatedly sexually harassed his female tenants while working for the management company.
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June 20, 2024
JP Morgan Borrows $165M To Refinance Chelsea Tower
An entity connected to JP Morgan Investment Management Inc. borrowed $165 million from The Northwestern Mutual Life Insurance Co. in order to refinance a 39-story, 387-unit residential tower in Manhattan's Chelsea neighborhood, according to official property records.
![As Covid Rent Discounts Are Phased Out Rental Prices Skyrocket For Housing In NYC
NEW YORK, NEW YORK - JULY 26: Residential apartment buildings are seen on July 26, 2022 in New York City. With the easing of the Covid pandemic, rents in Manhattan have risen significantly in the last 6 months with the average rent now above $5,000 a month. Concessions and enticements to renters have largely disappeared as more people return to the city and others look for bigger spaces. (Photo by Spencer Platt/Getty Images)](https://assets.law360news.com/1850000/1850840/a7522087e4929339a0efceb48c72b898e1ef5657-gettyimages-1411123192.jpeg)
NY Warns Property Insurers Of Low-Income Renter Bias Ban
New York's Department of Financial Services warned insurers Monday that they can no longer deny coverage to owners or increase premiums for residential properties solely because they house low-income tenants.
![Miami Beach Surfside, FL, USA - June 26, 2021: Champlain Towers remains 2 days after collapse owners personal belongings visible hanging from the units. (iStock.com/felixmizioznikov)](https://assets.law360news.com/1848000/1848634/825a97992d361eb44e153ff49e57f0aa2684203c-istock-1325659101-surfside.jpg)
After Surfside Collapse, Safety Reform And A 'Condo Crisis'
In the three years since 98 lives were lost in the partial collapse of the Champlain Towers South condominium in Surfside, Florida, several states have worked on legislation to address building safety. But their efforts to back the pledge of "never again" are stirring up concerns that they are fostering a whole new quandary for millions of condo owners.
![The rendering shows a plan from developer Pennrose to build a 123-unit senior housing complex that would pave over most of the existing Elizabeth Street Gardens, a 20,000-acre green space in New York City's Little Italy neighborhood. New York's top court upheld the project in a June 18 decision, with one judge arguing the ruling failed to consider the environmental harm from developing the space in a 24-page dissent. (Courtesy of Pennrose)](https://assets.law360news.com/1849000/1849625/3904f091f1d6537760ca02e46dec3c972e09a86f-haven-green-1.jpg)
Dissent Is Symbolic Win For NY Garden Fighting Housing Plan
Despite a loss at New York's top court, counsel for a Manhattan neighborhood garden challenging a senior housing development plan said one judge's 24-page dissent is one "for the history books."
Expert Analysis
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Addressing Labor Shortages In The Construction Industry
As the construction industry's ongoing struggle with finding sufficient skilled workers continues, companies should consider a range of solutions including a commitment to in-house training and creative contracting protocols, say Brenda Radmacher and Allison Etkin at Akerman.
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A Framework For Investigating Commercial Loan Fraud
As commercial loan transactions are increasingly subject to sophisticated fraud schemes, lenders must adopt dynamic strategies to detect, investigate and mitigate these schemes, say attorneys at Baker Donelson.
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Glassblowing Makes Me A Better Lawyer
I never expected that glassblowing would strongly influence my work as an attorney, but it has taught me the importance of building a solid foundation for your work, learning from others and committing to a lifetime of practice, says Margaret House at Kalijarvi Chuzi.
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How NY Co-Ops Can Minimize Sale Rejections Based On Price
New York co-op sales are regularly rejected for being below undisclosed price minimums, and co-op boards should address this problem by sharing information more transparently and allowing some flexibility for below-market sales, say Pierre Debbas and Seth Feldman at Romer Debbas.
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Money, Money, Money: Limiting White Collar Wealth Evidence
As courts increasingly recognize that allowing unfettered evidence of wealth could prejudice a jury against a defendant, white collar defense counsel should consider several avenues for excluding visual evidence of a lavish lifestyle at trial, says Jonathan Porter at Husch Blackwell.
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High Court's BofA Ruling Leaves State Preemption Questions
A recent U.S. Supreme Court decision in Cantero v. Bank of America sheds light on whether certain state banking regulations apply to federally chartered banks, but a circuit split could still force the Supreme Court to take a more direct position, says Brett Garver at Moritt Hock.
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How A Bumblebee Got Under Calif. Wildlife Regulator's Bonnet
A California bumblebee's listing as an endangered species could lead to a regulatory quagmire as California Department of Fish and Wildlife permits now routinely include survey requirements for the bee, but the regulator has yet to determine what the species needs for conservation, says David Smith at Manatt.
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The Clock Is Ticking For Fla. Construction Defect Claims
Ahead of the fast-approaching July 1 deadline for filing construction defect claims in Florida, Sean Ravenel at Foran Glennon discusses how the state's new statute of repose has changed the timeline, and highlights several related issues that property owners should be aware of.
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Wiretap Use In Cartel Probes Likely To Remain An Exception
Although the U.S. Department of Justice's Antitrust Division has recently signaled interest in wiretaps, the use of this technology to capture evidence of antitrust conspiracies and pursue monopolization as a criminal matter has been rare historically, and is likely to remain so, say Carsten Reichel and Will Conway at DLA Piper.
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Playing Chess Makes Me A Better Lawyer
There are many ways that chess skills translate directly into lawyer skills, but for me, the bigger career lessons go beyond the direct parallels — playing chess has shown me the value of seeing gradual improvement in and focusing deep concentration on a nonwork endeavor, says attorney Steven Fink.
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Debate Over CFPB Definition Of Credit Is Just Beginning
The Consumer Financial Protection Bureau has recently worked to expand the meaning of credit, so anyone operating on the edges of the credit markets, or even those who assumed they were safely outside the scope of this regulatory perimeter, should pay close attention as legal challenges to broad interpretations of the definition unfold, says John Coleman at Orrick.
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A Closer Look At Feds' Proposed Banker Compensation Rule
A recently proposed rule to limit financial institutions' ability to award incentive-based compensation for risk-taking may progress through the rulemaking process slowly due to the sheer number of regulators collaborating on the rule and the number of issues under consideration, say attorneys at Troutman Pepper.
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The FTC And DOJ Should Backtrack On RealPage
The antitrust agencies ought to reverse course on their enforcement actions against RealPage, which are based on a faulty legal premise, risk further property shortages and threaten the use of algorithms that are central to the U.S. economy, says Thomas Stratmann at George Mason University.