Residential
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October 31, 2024
Firms' Hiring Strategies Are Evolving In Fight For Top Spot
Competition for top talent among elite law firms shows no signs of slowing down, even amid economic uncertainty, with financially strong firms deploying aggressive strategies to attract and retain skilled professionals to solidify their market position.
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October 30, 2024
Mortgage Co. Says Pension Fund Can't Jump In To Lead Suit
Rocket Companies Inc. has told a Michigan federal judge to reject a renewed class certification bid in a shareholder suit accusing the mortgage business of concealing a downturn in loan volume, arguing that the pension fund trying to take over as lead plaintiff is inadequate to represent the proposed class, among other things.
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October 30, 2024
Realtor.com's Parent Can Amend Costar Claims, Judge Rules
A federal judge has ruled that Realtor.com's parent company can amend two claims alleging its rival Costar unlawfully accessed its computers but that it would not be limited in its Computer Fraud and Abuse Act claim to arguing that it suffered "technological harms."
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October 30, 2024
Essex Warns Calif. Rent Control Prop Will Hurt Resi Supply
Essex Property Trust executives voiced concerns Wednesday that a California ballot measure that would give cities free rein to impose rent control would "dramatically restrict" residential construction.
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October 30, 2024
NYC Officials Hit With Suit Over 'Homeless Sweeps'
New York City residents without homes and a legal services nonprofit brought class claims against the city, Mayor Eric Adams, the police commissioner and the heads of multiple government departments over so-called "homeless sweeps" that they say are unconstitutional.
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October 30, 2024
Real Estate Tax Ballot Initiatives To Watch
Next week, voters in seven states will be weighing in on a variety of real estate tax ballot initiatives, including various measures that would provide additional property tax relief to veterans.
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October 30, 2024
Real Estate Dealmakers Rush To Close, Others Await Election
Attorneys advising on real estate deals and real estate companies working on mergers and acquisitions and capital markets say some dealmakers are rushing to close, while others are holding off until after the election.
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October 30, 2024
Nonprofit Says Wash. Gov't Mortgage Program Discriminatory
A nonprofit group aimed at "overcoming identity politics" has told a Washington federal court that a state government mortgage loan program is unconstitutional, as it only serves specific racial groups in violation of the equal protection clause of the 14th Amendment.
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October 30, 2024
Polsinelli Continues Philly Growth With 2nd Oct. Hire
Polsinelli PC grew its recently opened Philadelphia office with the addition of a real estate attorney who returns to private practice after providing in-house counsel for a commercial real estate subsidiary of Blackstone.
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October 30, 2024
How The Election Could Shift Enviro Real Estate Practices
At the end of a transformative presidential term for environmental real estate issues spanning from the group of chemicals known as PFAS, to clean energy, to flood mapping, real estate attorneys are poised for potentially major disruption when a new U.S. president takes office in January.
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October 30, 2024
NY Construction Exec Avoids Jail For Commercial Bribery
A construction executive dodged jail time Wednesday after pleading guilty in New York state court to his role in a sprawling bribery scheme involving $100 million in contracts linked to New York high-rise buildings.
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October 30, 2024
Miami Rep Keeps Affordable Housing, Condos Top Of Mind
As pressure on Florida real estate in recent years has forced the state legislature to take a more active role, Rep. Vicki Lopez has emerged as a key figure working on several major policy efforts regarding Floridians' homes.
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October 30, 2024
Walker & Dunlop CEO Says GSEs Must 'Get Back To Business'
Government-sponsored enterprises Fannie Mae and Freddie Mac need to get out of conservatorship and regain for-profit motivations so they can innovate and grow, Walker & Dunlop CEO Willy Walker told Law360 Real Estate Authority in an interview.
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October 30, 2024
MVP: Gibson Dunn's Farshad E. Morè
Farshad E. Morè, a partner in Gibson Dunn & Crutcher's Century City office and member of the firm's real estate department, advised longtime client KKR on two record-breaking multifamily and student housing transactions, earning him a spot as one of the 2024 Law360 Real Estate MVPs.
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October 29, 2024
Republic First Bank Discriminated Before It Failed, NJ Says
New Jersey authorities said Tuesday that they have concluded that the former Republic First Bank redlined local communities of color in the state in the years before it failed, findings they have taken up with the bank's receiver, the Federal Deposit Insurance Corp.
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October 29, 2024
DR Horton Cites Homebuying Slowdown In Q4 Results
Homebuilder D.R. Horton said in announcing fourth-quarter results Tuesday that it expects it will need to keep offering incentives to homebuyers faced with still-high interest rates and low supply, as the company reported a drop in home sales in 2024 compared to a year prior.
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October 29, 2024
Front Office Sports Sued For Using Luxury Real Estate Photos
Private equity-backed media outlet Front Office Sports is accused of unlawfully using luxury real estate photos online without permission, according to a lawsuit filed in New York federal court.
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October 28, 2024
Realtor.com Owner, CoStar Debate CFAA's Limits In Theft Suit
An attorney for Costar urged a California federal judge Monday to reconsider a tentative ruling that would allow Realtor.com's parent company to amend a Computer Fraud and Abuse Act claim alleging its rival unlawfully accessed its computers, saying the company should be limited to arguing it suffered "technological harms."
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October 28, 2024
Helene Aftermath Spurs Climate-Related Eviction Ban Debate
As tenant advocates push for an eviction moratorium in Hurricane Helene-ravaged western North Carolina, their efforts mirror those in a few localities that have implemented their own disaster-related eviction policies and may portend future advocacy on the federal level.
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October 28, 2024
Law Prof Calls Out Atty Fees, Workarounds In NAR Deal
A University at Buffalo Law School professor on Monday urged a federal judge to reject the National Association of Realtors' $1 billion settlement in an antitrust class action, arguing the deal only serves to enrich lawyers in the case while allowing an anticompetitive system to continue.
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October 28, 2024
Fla. Condo Sues Flood Insurer Over Undervalued Storm Claim
A Florida condominium association damaged by a 2022 hurricane has alleged its insurance company failed to provide adequate compensation under the terms of a $13 million policy in accordance with its mandate with the National Flood Insurance Program.
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October 28, 2024
NYC Real Estate Week In Review
Gibson Dunn and Seyfarth Shaw are among the law firms that steered the largest New York City real estate deals that hit public records last week, a list headlined by a pair of Brooklyn deals above the $200 million mark.
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October 28, 2024
Joint Venture Buys New Conn. Apartment Complex For $110M
Marcus & Millichap affiliate IPA Capital Markets said it has secured $110 million in financing to help a joint venture buy two recently completed multifamily properties with a combined 300 units in Bridgeport, Connecticut.
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October 28, 2024
NY Youth Welfare Org Picks Up $4M Bid For 12-Acre Campus
Longtime New York youth mental health services provider St. Christopher's Inc. has received a $4 million bid for its Dobbs Ferry residential campus in a Chapter 11 auction.
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October 28, 2024
Tenn. ALJ Boosts Home's Tax Value By A Third
A Tennessee administrative law judge boosted a home's tax value by more than one-third after siding with a local assessor's office that brought a counterclaim against an appeal by the home's owners, who sought a lower figure.
Expert Analysis
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What To Expect From Evolving Wash. Development Plans
The current round of periodic updates to Washington counties' growth and development plans will need to address new requirements from recent legislation, and will also likely bring changes that should please property owners and developers, says Jami Balint at Seyfarth.
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Playing Golf Makes Me A Better Lawyer
Golf can positively affect your personal and professional life well beyond the final putt, and it’s helped enrich my legal practice by improving my ability to build lasting relationships, study and apply the rules, face adversity with grace, and maintain my mental and physical well-being, says Adam Kelly at Venable.
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Brownfield Questions Surround IRS Tax Credit Bonus
Though the IRS has published guidance regarding the Inflation Reduction Act's 10% adder for tax credits generated by renewable energy projects constructed on brownfield sites, considerable guesswork remains as potential implications seem contrary to IRS intentions, say Megan Caldwell and Jon Micah Goeller at Husch Blackwell.
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Law Firms Should Move From Reactive To Proactive Marketing
Most law firm marketing and business development teams operate in silos, leading to an ad hoc, reactive approach, but shifting to a culture of proactive planning — beginning with comprehensive campaigns — can help firms effectively execute their broader business strategy, says Paul Manuele at PR Manuele Consulting.
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Bank M&A Continues To Lag Amid Regulatory Ambiguity
Bank M&A activity in the first half of 2024 continued to be lower than in prior years, as the industry is recovering from the 2023 bank failures, and regulatory and macroeconomic conditions have not otherwise been prime for deals, say Robert Azarow and Amber Hay at Arnold & Porter.
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How High Court Ruling Is Shaping Homelessness Policies
The U.S. Supreme Court’s June decision in Grants Pass v. Johnson to allow enforcement of local ordinances against overnight camping is already spurring new policies to manage homelessness, but the court's ruling does not grant jurisdictions unfettered power, say Kathryn Kafka and Alex Merritt at Sheppard Mullin.
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Playing Dungeons & Dragons Makes Me A Better Lawyer
Playing Dungeons & Dragons – a tabletop role-playing game – helped pave the way for my legal career by providing me with foundational skills such as persuasion and team building, says Derrick Carman at Robins Kaplan.
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After Chevron: Don't Let Loper Lead To Bank Compliance Lull
Banking organizations are staring down a period of greater uncertainty over the next few years as the banking agencies and industry navigate the post-Chevron world, but banks must continue to have effective compliance programs in place even in the face of this unpredictability, say Lee Meyerson and Amanda Allexon at Simpson Thacher.
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Maryland 'Rain Tax' Ruling May Offer Hope For Tax Credits
A Maryland state appellate court's recent decision in Ben Porto v. Montgomery County echoes earlier case law upholding controversial stormwater charges as a valid excise tax, but it also suggests that potential credits to reduce property owners' liability could get broader in scope, says Alyssa Domzal at Ballard Spahr.
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Teaching Scuba Diving Makes Me A Better Lawyer
As a master scuba instructor, I’ve learned how to prepare for the unexpected, overcome fears and practice patience, and each of these skills – among the many others I’ve developed – has profoundly enhanced my work as a lawyer, says Ron Raether at Troutman Pepper.
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Decoding CFPB Priorities Amid Ramp-Up In Nonbank Actions
Based on recent Consumer Financial Protection Bureau enforcement actions and press releases about its supervisory activities, the agency appears poised to continue increasing its scrutiny over nonbank entities — particularly with respect to emerging financial products and services — into next year, say attorneys at Wiley.
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Shipping Containers As Building Elements Require Diligence
With the shipping container market projected to double between 2020 and 2028, repurposing containers as storage units, office spaces and housing may become more common, but developers must make sure they comply with requirements that can vary by intended use and location, says Steven Otto at Crosbie Gliner.
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7th Circ. Ruling Expands CFPB Power In Post-Chevron Era
The Seventh Circuit’s recent ruling in Consumer Financial Protection Bureau v. Townstone Financial interprets the Equal Credit Opportunity Act broadly, paving the way for increased CFPB enforcement and hinting at how federal courts may approach statutory interpretation in the post-Chevron world, say attorneys at Saul Ewing.