Newsom expected to sign contentious housing bill, Ellen flips another home: Daily Digest

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Gov. Gavin Newsom (Credit: Wikipedia)

Key housing bill heads to governor’s desk. Gov. Gavin Newsom is expected to sign Senate Bill 330, meant to encourage housing statewide by banning housing caps and construction moratoriums. It also requires developers to replace any affordable units demolished during a redevelopment and requires landlords to provide relocation assistance to tenants forced to leave affordable units. SB 330 has been criticized by local governments and the League of California Cities. [LADN]

Santa Fe Springs business park sells for $104 million. Glendale investors PS Business Parks Inc. acquired the 27-acre Hathaway Industrial Park. The property has 10 buildings totaling 543,000 square feet and is fully occupied. [LABJ]

Ellen DeGeneres and Portia de Rossi flip their second house of the month. Late last week, the celebrity home-flipping couple sold a modest townhouse in Westlake Village for $980,000. That was right after they sold https://therealdeal.com/la/2019/09/06/ellen-degeneres-flips-another-home-mwest-looks-to-build-big-resi-development-in-duarte-daily-digest/ a 10.5-acre Santa Barbara ranch to Nickelodeon President Brian Robbins for just under $7 million. [LAT]

Ex-CBRE exec launches value-add investment firm. Carlos Vigon, a former senior vice president at CBRE, is partnering with Tavaco Capital Management to launch the firm PaxCap. The El Segundo-based company will focus on short-term investments in value-add properties and properties with debt or management issues. [LABJ]

The We Company’s valuation might drop even further. Last week, the WeWork parent company was reportedly mulling halving its valuation, and the latest consideration of less than $20 billion would be a steep drop from the $47 billion valuation the firm claimed after raising more money this year. Possible public investors are skeptical about the company’s governance, ability to turn a profit and business model. The company’s underwriters plan to meet this week with investors to determine what changes they might need to spur enough demand for a public offering. Some investors want the company to shelve the IPO plan altogether. [WSJ]

The working-from-home trend is leading to a boom in second cities. Employees who either work from home, freelance or travel constantly are starting to move away from larger cities like San Francisco and Los Angeles to cheaper areas like Boise and Denver. New York City Residents are moving to Austin, Charlotte, Orlando and Raleigh. The migration is common late in the economic cycle, but as worries of a downturn arise the ultimate effects on the cities remain unclear. [WSJ]

FROM THE CITY’S RECORDS:

Affordable housing developer Skid Row Housing Trust has filed plans for a new 64-unit apartment building with 18 units reserved for very low-income residents and 45 units for low-income residents at 141412-14154 W. Vanowen Street in Van Nuys. The developer has requested a density bonus exceeding 35 percent since the apartment would be 100 percent affordable. [LADCP]