All posts tagged "Estate"

Washington (AFP) - The popularity of remote work in the United States has emptied office buildings, a cause for worry as their value falls and owners risk losses on property loans -- in turn putting pressure on smaller banks. "There will be bank failures, but this is not the big banks," said US Federal Reserve Chair Jerome Powell on Thursday. In San Francisco, Washington and even New York, offices have been seeing half the number of people as before the pandemic, with white-collar workers reluctant to return to commuting. Office vacancy rates across the country have risen to 13.5 percent in 20......

San Francisco (AFP) - Embattled office-sharing firm WeWork on Tuesday warned US regulators that it is worried about its survival. Citing financial losses, cash needs, and a drop in memberships, WeWork said in a filing with the Securities and Exchange Commission (SEC) that "substantial doubt exists about the company's ability to continue as a going concern." The fate of the New York-based company depends on the "successful execution of management's plan to improve the company's liquidity and profitability," it said in the filing. WeWork's plan for the year ahead includes restructuring, negotiat......

New York (AFP) - Before the start of each month, Anh-Thu Nguyen and her two roommates send rental checks to their landlord. A few days later, the checks are mailed back. The bizarre ritual began soon after the March 2021 purchase of Nguyen's Brooklyn building by a shadowy real estate firm called Greenbrook Partners, which told residents they had to leave by June 30. Some neighbors moved out, but Nguyen and tenants from four other units sued the financially connected Greenbrook, one of several investor-backed rental housing firms to draw scrutiny in Washington. "We have to fight back," said Ngu......

Washington (AFP) - New home construction in the United States dialed back sharply in April, falling 9.5 percent after the prior month saw strong growth, government data said Tuesday. The seasonally adjusted data on new home starts was worse than expected, while building permits, a more volatile indicator of projects in the pipeline, rose 0.3 percent from March. Homebuilders have faced tough months recently, with bad winter weather idling many projects in February followed by a large rebound in March construction. Ian Shepherdson of Pantheon Macroeconomics said the decline in homebuilding was p......