Madness in the multifamily sector. An “AirBnbust” in New York. And agents facing discrimination – and perhaps doling some out.
The Real Deal’s October 2023 magazine tackles all this and more.
Our latest issue is online now for subscribers and hitting doorsteps soon. This month, our cover story digs into the multifamily boom that’s swept through the markets, and takes a look at some of the guru-style “mentors” who helped it along. Brad Sumrok is one, and events like his “Ratrace 2 Retirement!” made waves with would-be real estate investors. But rising rates, which have sent some major investors into tailspins, could hit less-experienced dealmakers even harder.
Rising rates have hit the residential sector, too. In our rankings of top Chicago brokerages and top LA brokers, the market challenged even the industry’s most experienced agents. Both of those markets have been hindered by heavy transfer taxes that are putting the markets on ice.
And those aren’t the only headwinds agents are facing. A wide-ranging discrimination suit was filed last month against top agents in New York, alleging they failed to help a Section 8 homeseeker. Meanwhile in Chicago, one top agent got into hot water after a recording made rounds where he made insensitive comments about a pregnant staff member.
But there are bright spots. San Francisco’s office market may have hit bottom, as interest picks back up. And at TRD’s LA event, while industry pros admitting they were caught off guard by Measure ULA, brokers, owners, and developers alike agreed that the industry could organize to make themselves heard in Sacramento.
Subscribers, check the issue out today. Or sign up for a subscription to get access now!