What I’m Reading
Substitution Effect: Construction material shortages are forcing homebuilders and contractors to turn to substitutes and hunt for alternative suppliers as they rush to meet high demand for new housing. However, its a double-edged sword and swapping out materials to minimize delays can add to costs. Wall Street Journal
Park It: Parking is back as an amenity as employees who are returning to work shun mass transit in the post COVID world, leaving office landlords and tenants in urban areas with a conundrum – where to put all the cars. Commercial Observer
Looking Ahead: Developers are planning for a high tech future which includes parking lot conversions featuring EV stations, autonomous vehicle hubs and the ability to convert to other uses in the event that new technology allows people to drive less. Globe Street
Getaway: Idaho’s ski towns are booming and its not just higher-profile Sun Valley. Smaller resorts in the state are attracting a wave of home buyers looking for shorter lift lines and a more laid back vibe. Wall Street Journal
No Margin for Error: With national rental occupancy over 97% for the first time, rent increases of 20% or more are making life difficult for low-income tenants in many cities, just as eviction bans and unemployment relief are running out. Bloomberg
Chart of the Day
Supply constraints are weighing on consumer demand.
Source: The Daily Shot
WTF
Senior Moment: An elderly man who was videoed driving a Rascal scooter on the freeway told troopers that he had accidentally gotten on the highway and didn’t know how to get off because Florida. Fox News
Getaway Car: An elderly woman stole a truck from an assisted living facility, leading to a police chase because Florida. ABC 25
Basis Points – A candid look at the economy, real estate, and other things sometimes related.
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