UCLA Real Estate Wire

Los Angeles Daily News: "UCLA study identifies those most vulnerable to coronavirus so they get vaccine sooner"

“'When the pandemic hit, we were slowed down by a lack of science and a lack of understanding of the ways in which health disparities in the lives of some of our most vulnerable populations made their risk of COVID-19 infection even greater,' said research author Vickie Mays, a professor of health policy and management and of psychology. 'We thought elderly and people in nursing homes were the most vulnerable, yet we found that lacking a number of social resources contributes to a greater likelihood of getting infected as well.'"

[LADN: 11/18/2020]

The Real Deal: "'Sad day' in LA: CBRE’s corporate exit latest blow to dented office market"

"Besides the taxes, there’s California housing. 'There’s a much higher cost of housing for employees here,' said Eric Sussman, an adjunct professor of accounting at UCLA. 'You can retain talent at lower wages in Dallas.'

California could reach a point, Sussman said, where further corporate taxes could mean a 'net loss of state revenue' due to the exodus."

[TRD: 10/30/2020]

The Real Deal: "The fine print: Three California ballot measures that would rock real estate"

“'It’s pretty unbelievable,” said Eric Sussman, UCLA professor of finance. 'Things that ought to be passed by our legislators are relegated to completely uninformed voters. Even educated people don’t understand these initiatives.'”

[TRD: 10/19/2020]

Bisnow: "In Gig-Dependent LA, Rent Payments Begin To Skid As Payday Loans Spike"

"Though RealPage’s data doesn’t indicate that Los Angeles renters are particularly hard-hit by the pandemic compared to renters in other cities, a report published by UCLA’s Lewis Center for
Regional Policy Studies suggests an additional layer to the story: that perhaps LA renters are going to unsustainable lengths to make their rent payments on time.

'Paying on time and in full, in other words, should not be mistaken for ‘having no problems’ paying rent,' the report said.

The report COVID-19 and Renter Distress used data from two sources: the U.S. Census Bureau’s Household Pulse Survey, which the bureau undertook specifically to gather data on how American households have been affected by the pandemic. It includes questions about late rent payment and a more detailed survey of 1,000 LA County households conducted by a third party for UCLA.
The report was co-authored by USC Lusk Center for Real Estate Director Richard Green and UCLA Luskin School of Public Affairs associate professors Michael Lens, Michael Manville and Paavo Monkkonen."

[Bisnow: 10/18/2020]

Bisnow: "Avanath, MacFarlane Plan $100M IPO For First OZ Affordable Housing REIT"

"The timing of launching a public REIT focused on affordable housing right now did not strike Stuart Gabriel, the director of the Richard S. Ziman Center for Real Estate at UCLA, as odd. 'A lot of people are out of work or hanging on by a thread. In some parts of the country there is an almost unlimited demand for affordable housing,' Gabriel said."

[Bisnow: 10/13/2020]

Mansion Global: "California Wildfires Are Driving up Fire Insurance Premiums—and Home Prices"

“'It’s going to have a material and profound impact on our state, and on virtually every property type,' said Eric Sussman, professor at the UCLA Ziman Center for Real Estate. 'People think that if they don’t live in at-risk areas, they’re not going to be affected, but that’s wrong. Insurance works from all of us collectively sharing risks.'”

[MG: 10/13/2020]

KCRW: "SoCal home prices are breaking records while apartment rents are dropping during pandemic"

"When the pandemic hit in March, and the economy started to tank, but the housing market so far hasn’t crashed. In August, the median home price in the region reached a record-breaking $600,000, which is up 12% compared to the same time last year. It’s a seller’s market for single family homes.

"But it’s turning into a renter’s market for apartments. Rent prices are falling in Los Angeles. The median price for a one-bedroom last month was around $2,000 a month, which is down 11% from last year.

"How are both of these things happening at the same time? And what about commercial real estate, with a large number of folks no longer needing office space at the moment?"

Guest: Eric Sussman - Professor in accounting and real estate, UCLA’s Anderson School of Management
Host: Steve Chiotakis
Producers: Christian Bordal, Jenna Kagel

[KCRW: 10/06/2020]

GlobeSt.com: "Austin is Booming with Work-from-Home and Out-of-State Buyers"

“'Instead of living in San Francisco, New York or Los Angeles, workers can now choose to live in the relatively less expensive suburbs of Austin, Raleigh, Nashville and Denver,' said David Shulman, senior economist for the UCLA Anderson Forecast. 'All that is needed are fast Internet connections and a decent airport.'”

[GS: 9/22/2020]

Los Angeles Magazine: "Rent Prices Are Falling in Some of the City’s Swankiest Buildings"

“'This doesn’t mean DTLA is going to die as a viable economic unit,' says Stuart Gabriel, professor of finance at UCLA’s Anderson School of Management and director of the Ziman Center for Real Estate. 'Ultimately, this was happening anyway because it has simply become too expensive.'

Experts say the pandemic is less the cause of the decline in luxury rents and more an accelerant of forces in motion in L.A.’s economy.

'Pre-COVID, we were already starting to see the exit of both jobs and employees with those jobs, often in tech, from the most expensive markets to secondary tech hubs,' says Gabriel. 'People from Los Angeles were already moving to high-amenity, high-millennial-friendly cities like Portland, Austin, and Boulder. The difference is that now that no one is asking you to come into the office, destinations are much more dispersed. Pick your place.'”

[LAMag: 9/21/2020]

GlobeSt.com: "Work From Home Spurs Residential Buying in Outer Suburbs"

"In its recent 2020 Economic Outlook, UCLA Ziman Center for Real Estate forecasts that work from home trends resulting from COVID-19 will reshape the US housing market. These changes will likely be the norm well after shelter orders are lifted. 'Suburban housing will once again become a choice solution for both Millennials and empty nesters who very recently returned to an urban
environment,' says David Shulman, Ziman Center senior economist. 'It also means that many workers won’t have to live close to their workplace.'”

[GS: 9/1/2020]