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As we stand on the cusp of transformation in the commercial real estate industry, one cannot help but recall the sage words: “With great power comes great responsibility.” In an era marked by technological advancements occurring at a blistering pace, the real estate industry (commercial, industrial, residential, office, hotel and every other class of real estate) stands on the brink of transformation and the seemingly limitless promise and power of generative artificial intelligence (AI) looms large as both a disruptor and a savior. There is no ignoring it, just like virtually every other industry, the real estate industry is changing rapidly through the use of AI, and if you aren’t adapting your business to account for those changes, you are putting your business at significant risk. Traditionally, change in the commercial real estate industry has been akin having an oil tanker make a 180-degree turn – slow, laborious and infrequent. The changes that have been brought upon by AI are more like making a 180-degree turn in a Ferrari – fast, easy and frequent. However, these competitive and rapid shifts, while alluring, come with increased risks and the need to proactively manage those risks. The questions on everyone’s mind are: (i) Can AI really predict the future success of a project, (ii) how trustworthy is AI, (iii) how is AI going to change my business and (iv) what do I need to be worried about? Every day, public and private organizations are working towards answering those questions, not only developing reliable tools, but regulating the use of those tools to insure an even playing field. Continue Reading AI is Changing the Real Estate Industry. How Will It Impact Your Business?

In late June, the U.S. Supreme Court took an important step toward conscribing the power of federal agencies, abandoning the “Chevron doctrine” and its requirement that federal courts defer to agency interpretations of ambiguous federal statutes. The Court’s much-anticipated decision in Loper Bright Enters. v. Raimondo, Sec’y of Commerce and Relentless Inc. v. Dep’t of Commerce, 603 U.S. ___ (2024), requires federal courts to exercise independent judgement to interpret statutory language without deference to the agency responsible for implementing and enforcing the law. The Court’s opinion continues a trend toward less deferential judicial review of agency decision making and is expected to encourage a spate of challenges to federal regulations and other agency actions, potentially providing some relief for regulated businesses.Continue Reading Loper Bright and Relentless 101: What Regulated Businesses Need to Know at the Dawn of the Post-Chevron Era

On January 30, 2024, the San Diego City Council approved an ordinance implementing Mayor Todd Gloria’s proposal to establish an extensive project labor agreement (“PLA”), which is slated to impose various conditions and restrictions on most City-funded construction projects. Most notably, the PLA establishes conditions of employment and minimum wage requirements, additional safety protocols, and other regulations imposed on contractors and their subcontractors. The PLA also sets goals and introduces incentives for the hiring of certain “Targeted Workers,” which include homeless people, the undereducated, and those that have spent time in jail or prison.Continue Reading San Diego City Council Approves Union-Friendly Citywide Project Labor Agreement Restricting Most City Construction Projects

It is well known that between New York’s enactment of the Marihuana Regulation & Taxation Act (commonly known as the Cannabis Law) on March 31, 2021 and the slower than anticipated adoption of regulations for adult-use cannabis retailers and implementation of the Act there have been few (and in some geographic areas of the state, no) licensed retail dispensaries opened for the sale of adult-use of cannabis and cannabis related products. As a result, there has been a proliferation of unlicensed retailers (often referred to as “sticker shops” because the sale of stickers comes with the “gift” of cannabis products) selling cannabis products and its derivatives. On May 3, 2023, however, with the conclusion of New York State’s annual budget process and the signing of the state budget bill by Governor Hochul, a series of other bills passed by the state Assembly and state Senate were signed into law by the Governor. Among those additional measures are changes to New York’s Cannabis Law[1] which are intended to curtail, among other activities, the unlicensed sale, distribution and storage of cannabis and cannabis products throughout the state. Continue Reading New York Landlords May Get Stuck with the Bill for Unlicensed Cannabis Sticker Shops

The zeitgeist of pandemic-era American politics has been ugly. Really ugly. In an environment where civil disobedience skews uncivil, how do we balance the quintessentially American freedom of speech with the public participation requirements in the Ralph M. Brown Act (“Brown Act.”)? Senate Bill 1100 provides some guidance.Continue Reading Will Newsom’s Nicety Bill Curb Disruptive Behavior During Public Hearings?

On March 31, 2022, the California legislature approved Assembly Bill (AB) 2179, extending the state’s eviction moratorium through June 30, 2022 for certain tenants who have applied for rental assistance on or before March 31, 2022.  This latest extension was passed in response to significant delays reported by both the state and local jurisdictions related to the processing of applications and disbursements of rent relief payments.[1]
Continue Reading Some Renters Protected Under California’s Extended Eviction Moratorium

Propy has announced that the second U.S. NFT-backed property (see our blog about the first NFT sale here in which we discussed blockchain technology, and specifically how the sale works) is set to be auctioned, with a starting price of 185,000 USDC. USDC is a stablecoin backed by the United States Dollar (we previously discussed stablecoins here).
Continue Reading The Second U.S. NFT Property Is Ready To be Auctioned

On February 10, 2022, the first NFT-based property was bought through an auction on Propy, a blockchain-focused real estate company. The Florida home was sold for $653,163 worth of Ether, and the home’s property rights were minted as an NFT on the blockchain as a digital representation of ownership over the physical real estate. (See our previous blogs about NFTs here and here). This is significant for many reasons and has the potential to significantly disrupt the way that the real estate industry has historically functioned. As mentioned below, while other real estate transactions have already occurred utilizing blockchain technology, this is the first US transaction where the ownership of the real estate asset was minted as an NFT and then sold on the blockchain.
Continue Reading Blockchain Technology Is Changing The Real Estate Industry

Governor Gavin Newsom just signed a number of housing bills into law that were passed by the Legislature this session ending on August 31, 2020.  Due to the severe scheduling constraints placed on lawmakers by the COVID-19 pandemic among other challenges, the Legislature was only able to pass a small number of bills related to housing and tenant protections, despite beginning the year with over 100 bills under consideration.  Most notably, some of the most ambitious pieces of legislation including five of the bills in the State Senate’s Housing Production Package all failed to pass before the midnight deadline on August 31, 2020.  We will continue to monitor the Legislature’s efforts to spur additional housing production in California as we head into the Fall recess and the new legislative session starting on December 7, 2020.  Below is a summary of the bills signed by the Governor on August 28, 2020.  These bills take effect on January 1, 2020, unless otherwise noted.
Continue Reading California Housing Legislation 2020

During the eleventh hour of the 2020 legislative session, the California Legislature approved 2 significant bills in response to the COVID-19 pandemic with the potential to have far-reaching ramifications for mortgage servicers.
Continue Reading Residential Eviction Protections and California Consumer Financial Protections Pass Muster During 2020 Legislative Session

The Office of Environmental Health Hazard Assessment (“OEHHA”) recently proposed a regulation that would provide more certainty to businesses regarding the Proposition 65 (“Prop 65”) warning requirements for cooked foods.  The proposed regulation is intended to incentivize businesses to lower the concentration levels in foods, encourage consistency and predictability, and ensure that warnings will be given for the foods causing the highest levels of exposure.
Continue Reading New Proposed Regulation Provides More Guidance and Some Relief on Prop 65 Warning Requirements for Heat Processed Foods and Acrylamide