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"Dr. Paul Ong of UCLA's Center for Neighborhood Knowledge studied the coronavirus crisis and how it's affecting the different communities. He found that African Americans and Latinos are hurting the most and unable to pay rent. His fear?
'By the end of the crisis, you will deeply be in debt, and again, these are the same workers that on financial edge.'"
“'The multi-family market was extremely robust going into [the coronavirus] and student housing has had solid tailwinds. There has been relatively static demand that was predictable — a set number of seats in the university, and so long as the supply doesn’t dramatically change year to year, you can count on getting heads in beds,' UCLA finance and real estate lecturer Paul Habibi told Yahoo Finance.
In addition to teaching students about real estate, Habibi is an investor himself; he owns and manages several properties across the country, including multi-family apartments adjacent to UCLA’s campus, making him a landlord to hundreds of students. The university is located in the affluent West Los Angeles neighborhood of Westwood, nestled in between Bel Air, Beverly Hills, Santa Monica and Brentwood."
"As far as single-family housing goes, Sussman said we should expect to see a decrease in the number of transactions, but prices holding firm.
People are sheltering and not looking for new homes right now, he said, which decreases the number of homes for sale while prices remain stable.
'Volume is continuing to be lower than what you see in the spring, which is usually a strong season, but I don’t see pricing declining a lot. Sellers aren’t desperate, and even with the stricter underwriting of loans, the rates are down,' Sussman said."
“'It is highly likely that going forward, there will be a premium on residential environments that provide a dedicated quiet workspace,' says Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA."
“'Local government is in a world of hurt,' UCLA Senior Economist David Shulman said. 'This is especially hitting cities that are tourist-reliant and get revenue from hotel taxes and sales taxes. This isn’t just regular tourism. There is also business tourism and conventions. So if your city is Santa Monica, Anaheim, Los Angeles, this shutdown is creating big holes in your budget.'”
“'Foreclosure clusters can drive down neighborhood property values, and in and of themselves create additional rounds of foreclosures,' says Stuart Gabriel, professor of finance and director of the Richard S. Ziman Center for Real Estate at UCLA. He studied the impact of a six-month foreclosure moratorium in California during the housing crash and concluded that the experiment was effective. 'It gave the market a timeout, and then a time to get to a better place,' he says."
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