What I’m Reading
Safe Haven: Capital is flooding into Opportunity Zones as other traditional real estate tax advantages come under fire from the Biden Administration. At the moment, it looks like any revisions to the program will be minor, making it relatively more attractive to investors in the event that capital gains taxes rise as proposed. Bisnow
Money Where Mouth Is: Blackstone has been saying that it believes multifamily is the best real estate food group to hedge inflation. This week, they put their money where their mouth is and bought a 66 property value-add portfolio in San Diego for $1 billion. Globe Street
New Frontier: The red-hot U.S. housing market is giving an extra boost to the cheapest houses, including many in historically stagnant neighborhoods that have suffered from a lack of investment. Wall Street Journal
Enticement: Zoom towns are ramping up their efforts to attract new residents with financial incentives for relocation as they attempt to promote continued migration as the pandemic comes to an end. NAIOP
Disconnect: Figuring out office work policies in the coming months and years is likely to be unpredictable and potentially chaotic as companies attempt to craft new policies to deal with the flexible schedules that top employees increasingly desire. MarketWatch
Chart of the Day
Never forget the old adage about how a new car appreciates 10% the moment you drive it off the lot.
Source: St. Louis Fed
WTF
Influencer: A 28-year -old woman posed as a student and sneaked into a high school to promote her Instagram because Florida. NBC News
Best Foot Forward: A man who was on trial for possession of drug paraphernalia in Michigan was threated with contempt of court when he logged onto a Zoom hearing with the username Buttfucker 3000. Syracuse.com
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