Gravel2Gavel Construction & Real Estate Law Blog
On September 30, 2021, the United States Senate confirmed Rohit Chopra as Director of the Consumer Financial Protection Bureau (CFPB). Mr. Chopra helped establish the CFPB following its creation through the Dodd-Frank Act and served as an Assistant Director at the CFPB from 2010 to 2015. Director Chopra will likely continue the CFPB’s focus on institutions’ responses to the COVID-19 pandemic, with a particular focus on the housing, small business lending, and mortgages among other things. Pillsbury colleagues Brian H. Montgomery, Craig J. Saperstein, Deborah S. Thoren-Peden, JiJi Park, The Honorable William Lacy Clay Jr., Yvette Puckett Cravins, and Daniel C. Wood explain additional insights in Senate Confirms Rohit Chopra as CFPB Director.
Articles Posted in Real Estate
Real Estate & Construction News Round-Up (10/06/21)
Real estate tokenization and smart home technology continue to grow, negotiations surrounding the bipartisan infrastructure bill stall its passing, artificial intelligence is poised to transform the construction industry, and more.
Real Estate & Construction News Round-Up (9/24/21)
A first for commercial real estate occurs, proptech sees a significant increase in venture capital funding, the Victorian government shuts down all construction sites after protests turn violent, and more. Continue Reading ›
Real Estate & Construction News Round-Up (8/25/21)
Diversity and inclusion efforts increase in the infrastructure industry, a recent United Nations report on climate change highlights its potential effects on real estate, construction projects fall behind schedule due to labor shortages, and more.
Real Estate & Construction News Round-Up (8/11/21)
Proptech and office return delays continue to grow, the new infrastructure bill could track your travel data, investor activity shows an expectation that business properties will rebound after COVID-19 shutdowns, and more.
New York Climate Mobilization Act Update: Reducing Carbon Emissions and Funding Solutions
In our June 16 CMA Update, we discussed how the New York City Climate Mobilization Act (CMA) will affect building owners and the market for CMBS mortgage loans (loans pooled and resold as commercial mortgage-backed securities). (For more information on C-PACE financing, see Sustainable Buildings and Development: Carbon Emissions and the Recent Climate Mobilization Act of New York City.) In this update, we will outline some of the funding solutions that are available to New York City building owners looking to retrofit their buildings in order to comply with the CMA’s requirements.
Apportionment of Sales Tax on Software Through General Abatement Process, Massachusetts High Court Approves
Software is critical for countless businesses in the real estate and construction industries. After the Massachusetts Supreme Judicial Court’s recent decision in Oracle, there may be a sales tax refund opportunity for businesses (including real estate, construction companies) that license software for use in Massachusetts and in other states. Read more about the court’s decision here by Zachary T. Atkins and William L. Bennett.
Proposed Cyber Incident Notification Act of 2021 and the Real Estate Industry
On July 21, 2021, a group of bipartisan Senators formally introduced the Cyber Incident Notification Act of 2021. This legislation, if passed, would require nearly all federal contractors and subcontractors (at all tiers) to report actual and potential cybersecurity intrusions to the Department of Homeland Security within 24 hours. Unlike previous cybersecurity requirements that have applied only to contractors in certain industries, such as defense or information technology, this legislation is intended to cover contractors throughout the Federal supply chain. Therefore, real estate and construction companies that hold contracts or subcontracts in support of the Federal government would be subject to these new, more onerous reporting requirements. Colleagues Brian E. Finch, Michael R. Rizzo and Meghan D. Doherty discuss the bipartisan legislation in a recent alert.
Supreme Court Declines to Address CDC Eviction Moratorium
In a closely watched 5-4 decision, the U.S. Supreme Court sided against the challengers to the eviction moratorium issued by the Centers for Disease Control and Prevention (CDC), keeping a stay in place that leaves the eviction ban in effect through July 31. The CDC has indicated it will not renew the eviction moratorium when it expires at the end of the month.
The Risks and Rewards of Sustainable Building Design
The shift towards a “greener” environment has resulted in cities and states implementing electrification mandates, which will have a major impact on both current and future building design. Currently, most commercial and residential end users are already all-electric. However, there are some exceptions, such as space and water heating, that use a significant amount of energy. Several states, including California and New York, have cities that have introduced legislation requiring new construction to be all-electric. This means, for example, using electricity for heating rather than fossil fuels such as natural gas. Mandate or not, building owners and developers should consider the risks and rewards of an all-electric design.