Florida passes pro-development laws, contrary to New York; Meridian’s Herzka gives rallying call ... and more

The best national real estate stories from The Real Deal. Apr 13, 2024 [View in Browser]( | [$1 for 1 Month]( [The Real Deal Logo](   [The National Logo](   In today’s newsletter, we look at the divergent paths that New York and Florida have taken [regarding housing policy](. Plus, Ralph [Herzka battles back](, Blackstone [bets big on multifamily]( and a nonprofit calls its [affordable housing portfolio a “liability](.” These stories and more below.   [Apples and oranges: Florida passes a slew of pro-development laws, contrary to New York]( New York and Florida could hardly be more different. But we’re not talking weather. We’re talking housing policy. While housing policy debates have stalled the New York State Legislature, Florida has adopted a number of pro-development policies, reflecting the differing political landscapes of the two states. In Florida, recent legislative sessions have witnessed the passage of several measures aimed at facilitating development and bolstering the real estate industry. These include crackdowns on squatters, overrides of tenant protections, and legislation easing coastal property demolition. The state also strengthened condo and homeowners association laws, criminalizing malpractices and enhancing transparency in response to a major scandal. Perhaps most notably, the Live Local Act, a substantial $711 million housing bill, garnered bipartisan support, underlining Florida's commitment to addressing housing concerns. Meanwhile, New York's budget has been held up over and over again, in part by the prolonged deliberations and unresolved disputes around housing policy. This past week, lawmakers [approved their third and fourth budget extensions](, giving them a little more time to get a deal done. The optimists have made their voices heard by insisting [a housing deal will get done](, perhaps with a watered down version of 421a. But ongoing negotiations over issues like rent regulations and construction wages have stalled any progress. Of course, Florida is not perfect. The state’s Live Local Act has been billed as an affordable housing law, but critics argue that the income eligibility thresholds are too high to address the needs of lower-income residents. Applications of the law have been rare so far. Still, lawmakers are already working to tweak the act, with the legislature approving amendments that just need the governor’s signature. As the two states navigate their respective housing landscapes, New York may want to take a page out of Florida’s book.   Together with RI Marketplace Exciting Opportunity Ahead! [RI Marketplace]( Get ready to make your mark in the hospitality industry as[Marketplace]( proudly presents a rare portfolio sale of 12 extended stay hotels at auction on [May 8th](. This exclusive event offers investors and hoteliers a chance to acquire a diverse collection of prime properties in one go. These meticulously selected extended stay hotels boast exceptional locations and proven revenue streams, making them ideal investments for those seeking to expand their portfolio or enter the lucrative extended stay market. Don't miss out on this unparalleled opportunity, join us on May 8th to bid on these premier extended stay hotels and take your investment journey to new heights. Register today at [rimarketplace.com](   [I'm an image]( [Meridian’s Ralph Herzka gives rallying call, despite struggles]( The pressure has been on for Meridian Capital’s Ralph Herzka since Fannie Mae and Freddie Mac kicked off an investigation into the firm. But Herzka has stood resolute. His latest message to clients: “We will get your deals done.” [I'm an image]( [Blackstone bets $10B on multifamily]( Multifamily has seen both ups and downs in recent years. But that hasn’t scared off Blackstone. The investment giant paid $10 billion for AIR Communities, giving the firm more than 27,000 apartments across 10 states, including [8,300 in California alone](. Apartment stocks [surged following the news](. [I'm an image]( [Nonprofit to auction off 20 rent-stabilized buildings]( The nonprofit Food First is looking to offload a portfolio of NYC affordable housing properties. The problem? The buildings have become “a liability.”   Advertisement   [I'm an image]( [Brand Studio Beyond Free Rent: Innovative Ways to Cure Occupancy Woes, Responsibly]( [I'm an image]( [Beverly Hills brokers make sense of NAR settlement]( The biggest names in Los Angeles real estate got together to discuss the impact of NAR’s groundbreaking settlement. The one thing they all agreed on: change is coming. [I'm an image]( [Terra’s David Martin buys stake in Deauville Miami Beach site, plans reconstruction]( One of South Florida’s most active developers has acquired a minority interest in a coveted Miami Beach development site. Terra has announced plans for an “iconic development” at the location. [I'm an image]( [Texas’ largest hotel scores $270M CMBS loan]( The 1,840-key Sheraton Dallas Hotel secured a $300 million loan package, including a $270 million CMBS loan. The loan is the latest example of lenders’ faith in the DFW hospitality industry. [I'm an image]( [Newmark sues Accesso for stiffing it on Chicago property tax appeals]( Office landlord Accesso Partners is facing a growing list of firms that claim it owes them money. Now, that list includes the brokerage giant Newmark. [I'm an image]( [SF office market shows first signs of turning the corner]( The office market in the City by the Bay may be down bad, with availability pushing 40 percent. But an uptick in demand has become the first sign of life.     [The Real Deal Logo]( [Facebook]( [Twitter]( [Instagram]( [LinkedIn]( [YouTube]( [Manage Newsletters]( | [Unsubscribe]( | [Privacy Policy]( | [Subscribe]( | [Advertise]( The Real Deal 450 West 31st Street, New York, NY 10001 ©2024 TheRealDeal. All rights reserved. [View Online](