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

In a case potentially overshadowed by the California Supreme Court’s same-day denial to hear a request to stay a cap on student admissions at UC Berkeley,[1] the Second Appellate District Court (Div. 2) issued its opinion in Crenshaw Subway Coalition v. City of Los Angeles.  This decision found, in effect, that the federal Fair Housing Act (FHA) and its State law counterpart, the California Fair Employment and Housing Act (FEHA), do not protect established minority-majority communities against displacement due to gentrification.
Continue Reading Challenge to Housing and Revitalization Project Found Not Cognizable under the Fair Housing Act and California Fair Employment and Housing Act

As current supply chain issues continue to threaten the U.S. photovoltaic solar industry, solar module suppliers, manufacturers, renewable energy developers and utilities alike face great uncertainty surrounding the immediate future of the solar module supply market. The bottom-line is that supply chain issues are increasing shipping and equipment costs for solar cells and panels, however, there are several independent factors that are working together to drive this surge in pricing and constrained market. These factors include the following:

Continue Reading Making Sense of the Solar Supply Chain Issues

In Citizens’ Committee to Complete the Refuge et al. v. City of Newark et al., the First District Court of Appeal (Div. 4) found the California Environmental Quality Act did not require subsequent or supplemental environmental review for the City of Newark’s approval of a 469‑lot residential subdivision project.  Instead, the court affirmed the City’s use of Government Code section 65457’s CEQA exemption for projects consistent with a “specific plan” for which a environmental impact report (EIR) was previously certified.
Continue Reading Petitioners Failed to Show Subdivision Consistent With a Specific Plan EIR Was Outside the Scope of a Statutory Exemption

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

Earlier this month, New York Governor Hochul’s executive budget introduced a proposal for an updated 421-a Real Estate Tax Exemption Program. Referred to as “Affordable Neighborhoods for New Yorkers” and proposed under a different section of the State’s Real Property Tax Law (485-w), the Governor’s proposal follows the existing 421-a/Affordable New York program, with a few tweaks:
Continue Reading New York Governor Releases Updated 421-a Program

On Friday, November 12, 2021, the Association of Bay Area Government’s (“ABAG’s) Administrative Committee formally denied 27 out of 28 appeals of draft housing allocations filed by local jurisdictions within the Bay Area region.  In approving final written denials for nearly all appeals filed by cities and counties within the Bay Area, the Committee signaled strong confidence in the draft Regional Housing Needs Allocation (“RHNA”) Plan prepared by ABAG’s Housing Methodology Committee and approved in May.  Local jurisdictions in the Bay Area must now incorporate the Plan’s housing allocations into their Housing Elements.

Continue Reading Association of Bay Area Governments Formally Denies Nearly All Regional Housing Needs Allocation Appeals

In October 2021, Governor Gavin Newsom signed into law a sweeping package of six bills aimed at reducing plastic waste, improving recycling efforts, and clarifying labeling standards for recyclables and compostables.  These new laws will likely mean significant changes for many companies.  They come at a time when multiple states are passing similar environmentally focused bills, signaling a renewed effort to promote recycling and regulate green advertising.

Continue Reading California Passes Sweeping Package of “Green” Bills

Environmental, social, and governance factors (“ESG”) have pushed to the forefront of the SEC’s attention in recent years.  In September, building on prior guidance, the SEC’s Division of Corporate Finance released a sample comment letter that requests additional information from companies related to climate change.  The letter does not create new substantive law, but it illustrates the SEC’s increased interest in ESG and climate-related disclosures under the Biden Administration.

Continue Reading SEC Publishes Sample Letter to Companies on Environmental Disclosures

On September 16th, hot off the heels of surviving California’s latest recall effort, Governor Gavin Newsom signed legislation aimed at addressing the statewide housing crisis – a critical topic leading up to last week’s election.  The suite of bills, Senate Bills (SB) 8, 9 and 10 and Assembly Bill (AB) 1174, coupled with the recently announced California Comeback Plan, carry the potential to expand housing production, streamline permitting and promote density closer to major employment hubs.

Continue Reading California Enacts New Legislation to Combat Growing Housing Crisis, But Not Without Controversy