Residential
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February 21, 2023
Ga. Justices Ask Lower Court To Weigh Golf Easement Claims
The Georgia Supreme Court on Tuesday directed a lower court to investigate the limits of an easement homeowners in a subdivision claim they hold over an unprofitable golf course that a developer hopes to convert into a residential complex.
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February 21, 2023
Atty Slams Sanctions Bid In Hudson Yards Racial Bias Suit
An attorney who represented prospective tenants of a residential tower in Manhattan's Hudson Yards in a tossed racial bias suit asserted that the developers' bid for sanctions is an attempt to bully him for bringing forward the discrimination claims.
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February 21, 2023
The Minn. Lawmaker Taking On Wall Street Landlords
A Minnesota state representative is taking on the Wall Street single-family sector with a bill to regulate home purchases as she hears more and more complaints from renters about unanswered maintenance requests.
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February 21, 2023
Justices Turn Away Convicted Mobster's Fight To Get Counsel
The U.S. Supreme Court on Tuesday declined to take up an appeal from a New Jersey man in prison for his role in a $12 million scheme to extort a Texas mortgage lender, denying Lucchese family member Nicodemo S. "Nicky" Scarfo Jr.'s bid to undo his conviction and appoint new counsel.
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February 17, 2023
Judge Warns Against Renters Who Sue In Surfside Collapse
A Miami-Dade County judge on Friday issued a stern warning to attorneys in the litigation for the collapse of the Champlain Towers South in Surfside, Florida, threatening contempt charges and warning them not to bring renters' lawsuits against condominium owners because doing so would violate his previous order that barred such claims.
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February 17, 2023
CIBC, Cerberus Ink $770M Deal Over Missed Loan Payments
Canadian Imperial Bank of Commerce said Friday that it will pay $770 million to resolve a long-running dispute over missed loan payments with private equity firm Cerberus Capital Management after a New York judge recently found the bank liable for $848 million in damages.
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February 17, 2023
5th Circ. Urged To Revive Suit Over Short-Term Rental Ban
A group of New Braunfels, Texas, property owners argued a lower court wrongly tossed their constitutional due process and equal protection claims before their suit could enter discovery, urging the Fifth Circuit to revive their challenge to the city's ban on short-term rentals.
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February 17, 2023
Property Plays: Alexico, Caribou Coffee, Lennar
Alexico Group is reportedly paying roughly $200 million for a former college campus in Brooklyn, New York, Caribou Coffee is said to be closing at least four locations in Minneapolis, and Lennar Homes has reportedly paid $15 million for a South Florida development site.
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February 17, 2023
Group Slams SF's Bid To Delay Halt Of Homeless Removal
A group of housing advocates has asked a California federal judge to deny San Francisco's attempt to pause an order barring the removal of homeless people from public property, calling it improper and saying the city missed its chance to argue against the order.
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February 17, 2023
DC Circ. Won't Erase $1M Fine For Section 8 Violations
The D.C. Circuit upheld two penalties worth nearly $1 million that the U.S. Department of Housing and Urban Development assessed against a Section 8 housing owner and manager, finding Friday that the pair missed a key deadline to contest the fines.
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February 17, 2023
NY Landlords Appeal Order Affirming Rent Control Expansion
Several landlords have told a New York state court they will be appealing a judge's order affirming the Hudson Valley city of Kingston's housing emergency declaration and subsequent adoption of rent stabilization.
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February 17, 2023
Insurer Must Face Condo's Water Damage Coverage Suit
Public Service Insurance Co. must face a lawsuit from a condominium complex accusing it of improperly denying coverage for hidden water damage, a Washington federal judge said Friday, finding the allegations were sufficient to proceed.
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February 17, 2023
Office-To-Residential Conversions: Reality Or Pipe Dream?
As downtown areas continue to languish post-pandemic, more and more local officials are betting on converting office buildings well past their prime into buzzing, sought-after residential properties. Yet whether office-to-residential conversions are the key to boosting commercial real estate prices and correcting tax revenue shortfalls remains up for debate.
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February 17, 2023
Chapel Hill, NC, Can't Apply Rental Rules, Appeals Court Told
A rental company owner has told a state appeals court that the town of Chapel Hill, North Carolina, doesn't have the power to regulate where property owners live, and for how long, making an ordinance regulating short-term rentals unenforceable.
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February 17, 2023
NY Vacation Home Ruling Limits Reach Of Residency Tax Test
A refusal by New York's highest court to review a decision that an out-of-state commuter's little-used vacation home didn't subject him to New York income tax clarified some elements of the state's statutory residency test but left unanswered questions about its scope.
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February 17, 2023
Bank of America Dodges $150M Hawaii Loan Suit
A Hawaii federal judge is allowing Bank of America to escape a $150 million suit from a Hawaiian nonprofit for now, ruling the nonprofit failed to establish organizational or associational standing but saying it can file claims again for reconsideration.
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February 17, 2023
Client Says Pa. Attorney Failed To Protect Property Interest
A Pennsylvania woman is suing her former attorney for failing to file a complaint on her behalf, saying that led to her losing her ownership interest in a piece of property.
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February 17, 2023
Jackson Walker Dallas Attys Tapped As Land Use, RE Leaders
Jackson Walker LLP has turned to two experienced partners in North Texas to take the reins of its bustling land use and real estate practice groups.
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February 17, 2023
FHFA Weighs Potential Single-Family Social Bond Program
The Federal Housing Finance Agency has put out a call for information, requesting input on the possible opportunities and risks of expanding its social bond issuances to include single-family social bonds.
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February 17, 2023
Troutman Pepper Taps Ex-Morris Manning Real Estate Pro
Troutman Pepper has added to its national real estate group with the hire of a new partner from Morris Manning & Martin LLP.
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February 17, 2023
Insurer Says Apartment Co.'s Policies Were Properly Voided
A Swiss Re unit said it properly rescinded policies issued to the operators of several Kansas City apartment complexes, telling a Missouri federal court that the policyholders failed to disclose known claims, including a tenant class action that resulted in a $62 million settlement.
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February 17, 2023
Ore. Tax Court Trims Taxable Value Of Home Improvements
An Oregon tax court lowered the taxable value of a residential property, agreeing with the property owner on the value of significant improvements made to the property and rejecting the value assigned by a county assessor to a new sewer hookup.
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February 16, 2023
Wash. Justices Look At Statute Of Limitations In A Foreclosure
The Washington State Supreme Court on Thursday considered whether discharging a debt in bankruptcy affects the statute of limitations to foreclose on a lien securing the debt in a dispute between lenders and a homeowners' association over a home that was left abandoned and run down.
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February 16, 2023
NY Public Housing Is Still Waiting For Rent Aid. Now What?
A year after warning that New York may not be able to pay out emergency pandemic rental assistance for tens of thousands of subsidized housing tenants who applied for it, a state official is saying there are still "no resources" for those households — an issue of mounting concern for the cash-strapped New York City Housing Authority.
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February 16, 2023
Avison Young Adviser Guides Miami's Most Prominent Deals
Avison Young's Michael Fay and his team drew praise for their professionalism and success in securing a $120 million purchase of the Champlain Towers South property in Surfside, Florida, after a judge ordered the sale to help compensate victims of the deadly 2021 collapse. Fay sat down recently with Law360's Real Estate Authority to discuss his experiences, his outlook for the South Florida real estate market and more.
Expert Analysis
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.