Residential

Expert Analysis

• Partial Repeal Could Resolve Biden's SALT Cap Dilemma

  

  Lawmakers' calls to repeal the cap on federal deductions for state and local taxes are controversial because doing so could cost over $600 billion, but a partial repeal could be accomplished on a revenue-neutral basis, providing relief to some, if not most, affected taxpayers, says Joseph Mandarino at Smith Gambrell.

• Why CFPB's Disposal Of Supervisory Tool Is Problematic

  

  The Consumer Financial Protection Bureau’s recent elimination of supervisory recommendations that provide financial institutions feedback on compliance deficiencies is concerning and suggests the CFPB is clearing away obstacles to its discretion to invent, as well as enforce, the law, say Eric Mogilnicki and Jeremy Newell at Covington.

• Florida Construction Defect Proposal Unfair To Homeowners

  

  Proposed changes to Florida’s Chapter 558 notice process would require homeowners alleging construction defects to clear costly hurdles and sign perjury penalty acknowledgements, which would favor builders by discouraging suits seeking recovery, say Nick Vargo and Greg Demers at Ball Janik.

• Cybersecurity Considerations After NY Lender's Data Breach

  

  The New York Department of Financial Services’ recent enforcement action against Residential Mortgage Services for inadequately responding to a cybersecurity breach is instructive for financial institutions evaluating existing data security safeguards, refining their compliance programs and preparing for regulatory examinations, say attorneys at Arnold & Porter.

• When Federal Courts Remand Eviction Actions Back To States

  

  Bruce Falby and Paul Lewis at DLA Piper explore a recent trend of federal courts declining to adjudicate eviction cases removed from state court, even where there is diversity jurisdiction — and its implications for commercial tenants and landlords.

• NY Rent Control Bill Would Hurt Residential Real Estate Sector

  

  Legislation recently introduced in New York to effectively create rent control for virtually every residence would create problems for hotels, discourage the building of new housing projects and make it more difficult for landlords to evict occupants, says Stuart Saft at Holland & Knight.

• Key Tax Concerns For Foreign Investors In US Private Equity

  

  Paul D'Alessandro at Bilzin Sumberg examines important tax questions foreigners interested in U.S. private equity investments should ask in advance, including whether the investment will produce active or passive income, be subject to gains tax, and have U.S. estate tax consequences.

• What CFPB Policy Shift Means For Scrutiny Of Abusive Acts

  

  The Consumer Financial Protection Bureau's new plan to more aggressively deploy its rulemaking, supervisory and enforcement authority — coupled with its recent rescission of a policy calling for restraint in policing abusive acts and practices — could lead to more frequently cited abusiveness violations and expansion of the standard for identifying them, say attorneys at Paul Weiss.

• 3 Arthrex-Adjacent High Court Cases Could Affect PTAB's Fate

  

  As patent practitioners await a decision on the constitutionality of Patent Trial and Appeal Board judges in U.S. v. Arthrex, they should keep their eyes on three other pending U.S. Supreme Court cases that, while not IP-related, involve overlapping legal issues, including the severability doctrine, says William Milliken at Sterne Kessler.

• Fla. Construction Defect Law Lacks Teeth, Despite Updates

  

  Though a new bill updating Florida's alternative dispute resolution process governing construction defect claims will take effect in July, the law contains some significant shortcomings that remain unaddressed, says Adam Richards at Berger Singerman.

• Offshore Wind Push Is Good News For NYC Building Owners

  

  With a surge of federal and state support for offshore wind power in New York state, the projects now in development should greatly benefit New York City building owners seeking to comply with the city's Climate Mobilization Act, says Raymond Pomeroy at Stroock.

• How Surveys Provide Insight For Consumer Finance Litigation

  

  As consumer finance litigation and enforcement are expected to increase under President Joe Biden, surveys can play an important role by assessing consumers' decision making and understanding of financial disclosures, say analysts at Cornerstone Research.

• OCC Rule Misaligned With Some Tax Equity Safe Harbors

  

  The Office of the Comptroller of the Currency's recently finalized rule on national banks' participation in tax equity financings aligns with safe harbor guidance for renewable energy investments, but not with safe harbor structures for historic preservation and carbon capture tax credits, say attorneys at Nixon Peabody.