Real Estate & Construction News Round-Up (07/13/22)

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The Biden administration will use infrastructure funds to upgrade 85 airports across the U.S., The Affordable New York tax provision expires, homebuyers in China refuse to pay mortgages, and more.

  • Hines, a Houston-based real estate giant, set a target of its 1,530 properties in 28 countries being net-zero operational carbon by 2040. (John Egan, Innovation Map)
  • The Biden administration announced it will spend roughly $1 billion from the infrastructure package to upgrade 85 airports across the country, including terminals and other facilities. (Jeff Mordock, The Washington Post)
  • The Affordable New York tax provision, which offered a property tax exemption for housing projects that include a percentage earmarked for lower-income renters, expired in June, creating an unsettled future for the city’s multifamily development. (Rebecca Picciotto, The Wall Street Journal)
  • Homebuyers are refusing to pay mortgages as property developers drag on construction projects across China, straining the country’s real estate crisis and risks of bad debt for banks. (Bloomberg)
  • With rising borrowing costs and high demand for infrastructure assets, such as airports, gas pipelines and broadband networks, showing no signs of slowing down, the the risk of private equity firms overpaying for deals is rising. (Chris Hughes, Bloomberg)
  • Despite its slow adoption in real estate, digital currency and the blockchain have the power to improve accessibility to homeownership and shorten the home-buying process. (Lee Nelson, Realtor Magazine)