What I’m Reading
Picked Over: The Federal Government extended the property identification period for anyone in the middle of a 1031 exchange when COVID broke out. However, we are quickly coming up on the July 15th extension deadline and a dearth of debt capital and potential acquisition targets have buyers scrambling.
Watch List: So far, multi-family has weathered the COVID storm surprisingly well. However, a potential end to government support payments just as we are seeing a resurgence of infections could put renters and landlords under pressure. FWIW, I still believe that there will be an extension of some sort on enhanced payments – we are, after all in an election year – but it won’t come until the 11th hour.
Whiplash: Many surviving US restaurants were just beginning to see their business recover. Then a resurgence in COVID infections hit, leading to a new round of government restrictions that have cash-strapped owners wondering how long they can survive.
Adaptive Re-Use: Walmart is turning some of its parking lots into drive-in movie theaters.
Conspicuous Consumption: U.S. consumers are buying again, but their shopping patterns show broad fears of persistent health risks amid the pandemic.
Chart of the Day
We may be entering a slowing phase of the labor market reopening.
Source: Oxford Economics
Brains: Health officials in Florida have sounded the alarm over the discovery of a rare, brain-eating amoeba in the county that encompasses Tampa and several other cities. However, given that this is occurring in Florida the poor things are probably going to starve.
Up in Smoke: A plane carrying 860 lbs of cocaine crashed on a highwaybecause Mexico.
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