What I’m Reading
Blurred Lines: States are facing off in a high-stakes legal battle over who is entitled to income taxes on remote workers when one is employed by a company in one state but resides in another. The results of this high-stakes legal battle will have a profound impact on the economy and municipal budgets going forward. CNBC
Score one for the Little Guy: While still rare, some small businesses are winning in court against insurance companies who are denying COVID-related business interruption claims. Wall Street Journal
Double-Edged Sword: Grocery-delivery service Instacart Inc. once seemed like the perfect partner for supermarkets looking to break into e-commerce. After several years together, though, some grocers are starting to question the relationship as fees charged by the platform make it difficult to turn a profit on orders. Wall Street Journal
Cold Shoulder: The tech industry brought unimaginable riches to San Francisco, allowing for a booming municipal budget. However, city leaders failed to respond the pressures of economic growth and often expressed outright hostility to the companies generating it. Now those same companies are decamping for greener pastures. Pirate Wires
Lifeline: The newly signed federal rescue package will provide expanded PPP loans, enhanced UI, direct payments, renter assistance and an extended CDC eviction mandate to beleaguered workers, businesses and landlords. Bisnow
Take Two? Flexible office space will be in high demand once shutdown orders end and the combination of a vaccine rollout and standardized safety measures mean that shared space won’t be as scary as it has been this past year. Guess who is arguably perfectly positioned to benefit in this environment – none other than WeWork. Vox
Chart of the Day
Source: JBREC
WTF
Tis the Season: Pennsylvania man charged with narcotics distribution claimed to police that he did not sell methamphetamine, but instead gave it away for free to those who came to his storage unit and asked for the drug. The Smoking Gun
White Christmas: A fisherman found 74 lbs of cocaine floating in the ocean because Florida . (h/t Steve Sims) Miami Herald
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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