Residential
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May 31, 2024
Zillow Rival Tells 9th Circ. Listing Snub Not 'Optional'
Defunct brokerage platform REX-Real Estate Exchange Inc. urged the Ninth Circuit to revive its deceptive practices suit against Zillow, arguing a Washington federal judge wrongly let the property listing giant off the hook for relegating REX home sale listings to a secondary tab on its website.
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May 31, 2024
Judge Axes Class Claims In Navy Federal Discrimination Suit
A Virginia federal judge has cut claims and denied class certification in a suit accusing Navy Federal Credit Union of racial lending discrimination, saying the statistical evidence from media reports does not establish intentional discrimination.
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May 31, 2024
Colo. Establishes Middle-Income Housing Tax Credits
Colorado is creating a pilot program to provide a tax credit for developers of housing aimed at middle-income residents under a bill signed into law by Gov. Jared Polis.
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May 31, 2024
NYC Landlord Inks Deal To End Wage Theft Suit
A former maintenance worker has agreed in principle to settle his proposed wage theft collective action against a New York City landlord and its property manager, according to a letter filed Friday in New York federal court.
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May 31, 2024
IRS Can Seek Tax Beyond Bankruptcy Deal, 11th Circ. Affirms
A deal between the IRS and an Alabama real estate developer to settle his tax debt for $2 million during Chapter 11 bankruptcy proceedings wasn't final, and the agency can demand additional taxes from him, the Eleventh Circuit affirmed Friday.
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May 31, 2024
Race Bias Suit Against Ga. Housing Authority Trimmed
A Georgia federal judge has narrowed the scope of a civil rights lawsuit filed by a woman who said she was denied a senior position with a local housing authority after leaders found out she'd sued her prior employer, tossing several claims Friday against the ex-chairman of the authority's board.
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May 31, 2024
Kirkland Guides Town Lane To $1.25B Debut Real Estate Fund
Kirkland & Ellis LLP advised the close of an inaugural, $1.25 billion fund for Town Lane, a real estate firm founded by a brother-sister duo with decades of combined experience at Blackstone and Sycamore Partners, according to a Friday news release.
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May 31, 2024
Colo. Justices Agree To Weigh In On Blackstone Lease Row
Colorado's high court agreed Wednesday to answer two key questions in a putative class action against Blackstone subsidiaries, after a federal judge said tenants' claims alleging the companies' lease agreements violate state law present novel legal issues with little case law to provide guidance.
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May 31, 2024
Former Miami City Atty Must Face Real Estate Fraud Suit
A former Miami city attorney can't escape a lawsuit that alleges she aided her husband in a real estate fraud scheme after a Florida state appeals court found the complaint had sufficient allegations to survive her sovereign immunity assertions.
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May 31, 2024
4th Circ. Won't Revive NC Homeowners' Storm Coverage Suit
The Fourth Circuit refused on Friday to revive a suit brought by the owners of a North Carolina beach house accusing certain underwriters at Lloyd's London of stalling a $1 million payout over hurricane damage.
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May 31, 2024
Judge Rejects Home Service Workers' Class Cert. Redo Bid
A Colorado federal judge once again refused to fully certify a putative class of home service professionals who accused HomeAdvisor Inc. and other parties of running a scheme where poor quality customer leads were generated and sold to home service professionals.
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May 31, 2024
NJ Judge Says Mortgage Lender's Counterclaim Falls Flat
A New Jersey federal judge tossed an unfair competition counterclaim brought by Nationwide Mortgage Bankers Inc. in a trade secrets suit by its rival Paramount Residential Mortgage Group, ruling that Nationwide Mortgage's counterclaim allegations do not actually count as unfair competition under Garden State law.
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May 30, 2024
CFPB To Probe 'Junk Fees' In Mortgage Closing Costs
The Consumer Financial Protection Bureau said Thursday that it will scrutinize how "junk fees" may be making it more expensive to purchase a home, kicking off a broad inquiry that could presage a crackdown on rising mortgage closing costs.
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May 30, 2024
Real Estate Investor Beats Niece's Suit Over Fall At LA Home
Real estate investor and philanthropist Stanley Black can't be held liable for injuries suffered by his niece when she tripped and fell on the driveway of his Sunset Boulevard mansion, a California state appeals court has ruled, saying there's no evidence of defects on the driveway she walked on many times before.
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May 30, 2024
Colo. Creates Low-Income Housing Investment Tax Credit
Colorado will allow an income tax credit for investments in certain low-income housing projects and increase the amount of affordable housing tax credits it offers under a bill signed Thursday by Democratic Gov. Jared Polis.
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May 30, 2024
Mass. Foreclosure Law May Be Unconstitutional, Judge Says
A Massachusetts law blocking towns and cities from returning excess funds from foreclosure sales may be an unconstitutional taking, a federal judge has said.
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May 30, 2024
2 Firms Guide $84M Loan For Fla. Multifamily Project
Centennial Bank inked an $84.4 million loan for the joint venture behind a multifamily development in Fort Lauderdale, Florida, which secured local support with plans to reserve 10% of the units at workforce housing levels of affordability.
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May 30, 2024
Interest Rates Knock Pending Home Sales, NAR Says
Pending home sales in the U.S. declined by 7.4% in April year-over-year, and rising interest rates are to blame, the National Association of Realtors said May 30.
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May 30, 2024
Fried Frank, Kirkland Pilot $1.55B Multifamily Portfolio Deal
Brookfield, advised by Fried Frank Harris Shriver & Jacobson LLP, bought a $1.55 billion portfolio of U.S. multifamily properties from Starwood Capital Group, guided by Kirkland & Ellis LLP, in a recently closed deal, a spokesperson for Starwood confirmed this week.
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May 30, 2024
High Court Calls For 2nd Circ. Redo In BofA Preemption Fight
The U.S. Supreme Court on Thursday threw out a Second Circuit decision that freed Bank of America NA from class action litigation brought over a New York escrow interest law, ruling that the circuit court wasn't "nuanced" enough in finding the law preempted for national banks.
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May 29, 2024
Judge Won't Ban Rent Law Tweak Amid Landlords' Suit
A New York federal court refused to issue a preliminary ruling blocking enforcement of a December amendment to the state's rent stabilization laws, saying the landlords who filed suit failed to show the changes violated either the Fourth or the 14th amendments.
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May 29, 2024
DACA Holder Accuses Fla. Credit Union Of Discrimination
A man with temporary immigration protections through the Deferred Action for Childhood Arrivals program is accusing Florida's third-largest credit union of unlawfully denying him a home loan based on his immigration status, in a suit filed Wednesday in federal court.
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May 29, 2024
Fla. Gov. Signs Bill Requiring Greater HOA Transparency
Florida Gov. Ron DeSantis signed a bill on Wednesday that requires homeowners' associations to give physical or digital copies of their rules and covenants to members.
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May 29, 2024
Dream Finders Closes $412M Land Banking Deal After Buy
400 Capital Management LLC and affiliate Builder Capital said Wednesday that they have closed on a $412 million land banking deal with Dream Finders Homes to acquire more than 4,000 residential home sites in Nashville, Tennessee; Charleston, South Carolina; and Greenville, South Carolina.
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May 29, 2024
MicroEra Power Plots New Phase For Thermal Energy Storage
As buildings are increasingly powered by renewable energy, Rochester, New York-based MicroEra Power is working on a thermal storage solution that it says offers many advantages over current lithium batteries. Here's a look at this property technology company's vision, its progress so far and what its leaders see ahead.
Expert Analysis
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Issues For Housing Credit Investors Following Bank Failures
Amid the uncertainty caused by the bank failures last month, low-income housing tax credit investors may want to revisit underwriting criteria for their equity guarantors and certain provisions under their partnership agreements, say Brad Butler and Maci Followell at Frost Brown.
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10th Circ. Ruling Could Gut Homeowners' Ch. 13 Safety Net
The Tenth Circuit’s recent ruling in Doll v. Goodman could spell the end of Chapter 13 protection for consumers in a number of states, and if the decision is replicated in other circuits, homeowners across the country could lose their homes for lack of a viable bankruptcy administration, says former U.S. Bankruptcy Judge Catherine Bauer, now at Signature Resolution.
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FTC Proposal Greatly Widens Auto-Renewal Regulation
The Federal Trade Commission's proposed rule on automatic renewal subscriptions would impose significant new obligations on sellers of negative option plans and expand the agency's enforcement powers, likely requiring companies to examine and change their practices, say attorneys at Squire Patton.
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Do Videoconferences Establish Jurisdiction With Defendants?
What it means to have minimum contacts in a foreign jurisdiction is changing as people become more accustomed to meeting via video, and defendants’ participation in videoconferencing may be used as a sword or a shield in courts’ personal jurisdiction analysis, says Patrick Hickey at Moye White.
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Humanism Should Replace Formalism In The Courts
The worrying tendency for judges to say "it's just the law talking, not me" in American decision writing has coincided with an historic decline in respect for the courts, but this trend can be reversed if courts develop understandable legal standards and justify them in human terms, says Connecticut Superior Court Judge Thomas Moukawsher.
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20 Years On, Campbell Holds Lessons On Reining In Ratios
Twenty years ago, the U.S. Supreme Court's decision in State Farm v. Campbell provided critical guidance on the constitutionally permissible ratio of punitive to compensatory damages — and both Campbell and subsequent federal circuit court decisions informed by it offer important pointers for defendants, say attorneys at Dechert.
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Don't Let Client Demands Erode Law Firm Autonomy
As clients increasingly impose requirements for attorney hiring and retention related to diversity and secondment, law firms must remember their ethical duties, as well as broader issues of lawyer development, culture and firm integrity, to maintain their independence while meaningfully responding to social changes, says Deborah Winokur at Cozen O'Connor.
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IRS' Cost Method Update Is Favorable For RE Developers
The Internal Revenue Service's recent update to its alternative cost method will allow real estate developers to accelerate their cost recovery of improvements in certain circumstances and make it easier for practitioners to satisfy the method's tax compliance requirements, says Benjamin Oklan at Weil.
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Federal Judge's Amici Invitation Is A Good Idea, With Caveats
An Arkansas federal judge’s recent order — inviting amicus briefs in every civil case before him — has merit, but its implementation may raise practical questions about the role of junior attorneys, economic considerations and other issues, says Lawrence Ebner at the Atlantic Legal Foundation.
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Fox Ex-Producer Case Is A Lesson In Joint Representation
A former Fox News producer's allegations that the network's lawyers pressured her to give misleading testimony in Fox's defamation battle with Dominion Voting Systems should remind lawyers representing a nonparty witness that the rules of joint representation apply, says Jared Marx at HWG.
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As The Metaverse Expands, Bankruptcy Questions Arise
Restructuring and bankruptcy happen in the metaverse, too — and the uncertain and evolving rules of digital ownership could have surprising effects on who gets paid, with increasing tension between platforms and users, say Kizzy Jarashow and James Lathrop at Goodwin.
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Stanford Law Protest Highlights Rise Of Incivility In Discourse
The recent Stanford Law School incident, where students disrupted a speech by U.S. Circuit Judge Kyle Duncan, should be a reminder to teach law students how to be effective advocates without endangering physical and mental health, says Nancy Rapoport at the University of Nevada.
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Dispute Prevention Strategies To Halt Strife Before It Starts
With geopolitical turbulence presenting increased risks of business disputes amid court backlogs and ballooning costs, companies should consider building mechanisms for dispute prevention into newly established partnerships to constructively resolve conflicts before they do costly damage, say Ellen Waldman and Allen Waxman at the International Institute for Conflict Prevention and Resolution.