New York investigating whether Facebook allows housing discrimination

Facebook | July 03, 2019

Facebook is already facing charges from the Department of Housing and Urban Development that the social media giant enabled real estate companies to unlawfully discriminate against users by choosing who could view their ads based on race, nationality, religion, color, familial status, sex and disability, but that’s not the only trouble the site is facing. New York Gov. Andrew Cuomo announced this week that he has asked the New York Department of Financial Services to begin investigating Facebook and whether the site allowed housing providers to discriminate against prospective residents from protected classes.

Spotlight

From December 2007 to June 2009, the U.S. economy lost over 8.7 million jobs.1 In the months after the recession began, the unemployment rate peaked at 10 percent, reaching double digits for the first time since September 1982, and American households lost over $16 trillion in net worth.2 After a number of economic stimulus measures, the economy began to grow in 2010. GDP grew 19 percent from 2010 to 20173; the economy added jobs for 88 consecutive months4 – the longest period on record – and as of December 2017, unemployment was down to 4 percent.5 Oct ‘17: HPI Peak NATIONAL HPI AND THE UNEMPLOYMENT RATE Mar ‘11: HPI Trough Apr ‘06: HPI Peak Dec ‘07-Jun ‘09: Great Recession The economy has widely recovered and so, too, has the housing market. After falling 33 percent during the recession, housing prices have returned to peak levels, growing 51 percent since hitting the bottom of the market. The average house price is now 1 percent higher than it was at the peak in 2006, and the average annual equity gain was $14,888 in the third quarter of 2017

Spotlight

From December 2007 to June 2009, the U.S. economy lost over 8.7 million jobs.1 In the months after the recession began, the unemployment rate peaked at 10 percent, reaching double digits for the first time since September 1982, and American households lost over $16 trillion in net worth.2 After a number of economic stimulus measures, the economy began to grow in 2010. GDP grew 19 percent from 2010 to 20173; the economy added jobs for 88 consecutive months4 – the longest period on record – and as of December 2017, unemployment was down to 4 percent.5 Oct ‘17: HPI Peak NATIONAL HPI AND THE UNEMPLOYMENT RATE Mar ‘11: HPI Trough Apr ‘06: HPI Peak Dec ‘07-Jun ‘09: Great Recession The economy has widely recovered and so, too, has the housing market. After falling 33 percent during the recession, housing prices have returned to peak levels, growing 51 percent since hitting the bottom of the market. The average house price is now 1 percent higher than it was at the peak in 2006, and the average annual equity gain was $14,888 in the third quarter of 2017

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REAL ESTATE INVESTMENT

Swift Real Estate Partners Announces 1111 Broadway Acquisition

Swift Real Estate Partners | August 17, 2021

Swift Real Estate Partners ("Swift"), a San Francisco based real estate investment manager and operating company, announced today, the successful purchase of 1111 Broadway in Oakland, CA. 1111 Broadway is a "best-in-class" office building located in the heart of Oakland's dynamic CBD and situated directly atop the 12th Street BART station. The 24 story Class-A office building totaling 565,877 square feet features 24,000 square foot floor plates. Tenants also benefit from panoramic views, destination dispatch elevators, onsite parking, and a recently renovated lobby. The asset is 91% leased to a premier roster of diverse tenants. Swift was represented by Jack Machalow with Orrick. "We celebrated our eleventh anniversary in July and are continuing to grow and expand in our target West Coast markets. 1111 Broadway has been one of the best performing assets in Oakland since it was built and we're excited to add this marquee building to our expanding East Bay portfolio," said Christopher Peatross, President of Swift Real Estate Partners. Swift is currently investing on behalf of its third institutional value-add fund focused on West Coast office and industrial assets. About Swift Real Estate Partners Founded in 2010, Swift Real Estate Partners is headquartered in San Francisco, and has regional offices in Orange County, Portland, the San Francisco East Bay and the Silicon Valley. Swift is a vertically-integrated real estate investment firm which seeks to generate superior risk-adjusted returns for its partners. Swift acquires and repositions office and industrial assets in select West Coast markets, identifying unique opportunities and executing well-defined business plans while providing real-time, day-to-day oversight for each investment. Since inception, Swift has owned and operated real estate valued in excess of $4 billion across more than 10 million square feet. Swift is currently investing on behalf of its third institutional investment vehicle, Swift Fund III. Swift's professionals bring experience encompassing all aspects of real estate investment and management, including acquisition, financing, leasing, disposition, construction management, property management and marketing services.

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REAL ESTATE INVESTMENT

Leading KSA Real Estate Developer Dar Al Arkan launches its first project in Europe

prnewswire | November 02, 2020

Dar Al Arkan, the main land improvement organization in KSA, has reported the dispatch of its first European private task. The 500,000 sqm extravagance advancement will be situated in Bosnia and Herzegovina inside a staggering woods only a short ways from the nation's capital, Sarajevo. The venture is scheduled to kick things off in the early piece of 2021. The organization has made sure about the metropolitan and government endorsement on this task which will be the biggest single land venture in Bosnia and Herzegovina. Announcing the launch, Mr. Yusuf bin Abdullah Al-Shalash, Chairman of Dar Al Arkan Real Estate Development, said: "Today, Dar Al Arkan has placed a golden opportunity into the hands of investors. Bosnia and Herzegovina is a cultural destination with an authentic history, traditions and a wonderful natural environment. The country is growing in popularity, so this is a perfect investment for those wishing to be part of the country's developing luxury tourism and hospitality sector." He also added: "This will be a wonderful haven for those wishing to relax within a private, second-home gated community surrounded by luxury facilities and services. We believe the development will attract both Bosnian and international investors." The task will consolidate contemporary estates motivated by neighborhood engineering and highlight up-to-date insides that amicably mix with the fabulous perspectives. Offices will incorporate a clubhouse, an inn and spa, an exercise center, food and refreshment outlets and a youngsters' play area. About Dar Al Arkan Real Estate Development Company Dar Al Arkan Real Estate Development Company is a Saudi joint stock company, active in real estate development and headquartered in Riyadh, KSA. The company was founded in 1994 by six prominent business families who have, between them all, vast experience in real estate development. Its activity is to purchase and own real estate and land, general contracting, construction of commercial and residential complexes. Throughout its long history, the company has executed a number of successful real estate projects and contributed to the development of efficient real estate solutions for the regional market, through more than 30 commercial, residential, and real estate projects. Dar Al Arkan Real Estate Development Company is a major contributor playing an important role to help achieve the goals of Vision 2030 in regard to real estate development.

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REAL ESTATE TECHNOLOGY

Paymints.io Completes Milestone Transfer for Industry First Real Estate Payment

prnewswire | December 16, 2020

Paymints.io, a North Carolina based SaaS stage to move assets for land transactions, just arrived at an industry-first achievement by utilizing its foundation to dispense assets back to the customer. The stage, which authoritatively dispatched toward the finish of Q3, 2020, is revolutionizing the business' method of trading installments during home purchasing and renegotiating measures. Worked by a group of specialists in innovation, land, loaning, and title protection, the group at paymints.io distinguished a vast opening in the moving of assets for sincere cash stores and money to close on renegotiates. As a large portion of the home purchasing venture has been digitized, moving assets or making installments is as yet done disconnected by paper checks or excursions to the bank to send a wire. Changing How Money Moves With the appearance of paymints.io, gone are the times of realtors minding checks or title organizations sitting tight for wires that never show up. The paymints.io solution permits the home purchaser to safely and electronically move assets by connecting their financial records to the stage and moving assets straightforwardly into the land business or title organization's escrow account. The customer entry and administrator dashboard give constant following of the exchange so both the customer and the escrow holder knows precisely where the assets are consistently. "As experienced operators of a real estate tech company, we're hyper focused on the client experience," says Jason Doshi, Co-Founder of paymints.io. "Looking at the current client journey, it's easy to identify the gaps which drive the client offline and eventually disrupt an otherwise digital experience. The paymints.io solution meets the client at their needs but also offers efficiencies to the real estate brokerages and title companies which is why we feel it has gained so much traction, so early on. It's just what the industry needed!"

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