What I’m Reading
Slow Out of the Gate: Another meh jobs report shows that the summertime economic boom that many anticipated with reopening may not be quite so hot:
“To the degree that the labor shortage is caused by expanded jobless benefits or schools that are closed, it should go away in time. To the degree there is a broader rethinking of the role of work in people’s lives, this phenomenon will outlast this post-pandemic summer, whatever its temperature ultimately turns out to be.”
Opting Out: Housing prices are sky high, inventory is low and actually purchasing a house often involves bidding against a swarm of buyers. As a result some who can afford to own are opting for built-to-rent communities that include an array of luxury amenities. Wall Street Journal
Don’t Call it a Comeback: Net lease investment activity is closing in on pre-pandemic levels with institutional investors leading the way. CBRE
Punting: The Federal Housing Finance Agency extended the eviction moratorium until September for Fannie Mae and Freddie Mac-backed multifamily properties that had sought forbearance during the pandemic. The moratorium had previously been set to expire at the end of June. I will be quite surprised if the CDC eviction moratorium actually ends this month as scheduled as well. Globe Street
Arms Race: Office landlords are renovating buildings in an effort to lure tenants with more amenities. Seems to me that this is a difficult position for an asset class that already had notoriously high capex burdens in an environment where demand is falling. Bisnow
Chart of the Day
Americans are now eating out at the same level as before the pandemic.
Source: The Daily Shot
WTF
Table Manners: A rampaging naked 53 year old woman destroyed an Outback Steakhouse and hurled bottles at cops before being tasered because Florida. Daily Mail
Let it Rip: A 70 year old Ohio man was arrested for repeatedly urinating and defecating on a neighbor’s front yard because the residents “are Democrats and support Joe Biden” The Smoking Gun
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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