The 234 Apartment

CNE is a nonprofit housing organization that aims to create economically diverse neighborhoods filled with financially empowered citizens and housing for all. (Photo: Staff) New apartments, including some with income-restricted rents, are now open for leasing near Highland Park. Chattanooga Neighborhood Enterprise has been working on the project, which includes 49 residential units , for about three years.  “We were able to buy 32 vacant parcels from Tennessee Temple before they closed down campus,” CNE President and CEO Martina Guilfoil said.  Of the 49 units, 41 are one-bedroom, six are two-bedroom and two are three-bedroom. Eleven of the units are income-restricted for lower-income households. Rent for the 39 “market rate” apartments, which CNE aims to make affordable for young professionals, ranges from $800 to $1,500 a month. The income- restricted rents range from $462 to $884, and a lottery will be used for initial leasing of these units.  Rent from the market rate unit...

T wo weeks ago, a Manhattan Supreme Court judge handed down a decision designed to strike fear in the hearts of landlords. Justice James d’Auguste ordered that an independent receiver be appointed to manage two Midtown residential buildings where the landlords allegedly allowed illegal Airbnb rentals to occur. The case, which began when the city sued the landlords in February 2015, has become one of the battlegrounds in a larger war between city enforcement agencies and short- term rental sites like Airbnb. Airbnb, which was recently valued at $31 billion, refuses to release the exact addresses of hosts who break the law by renting their entire apartment for less than 30 days without being present. Without the addresses and names of Airbnb violators , the city mostly targets the owners of buildings that rack up the most illegal hotel complaints from 311 calls and the New York City Department of Buildings. “This entire model—and it was intentional [by the city]—is complaint-drive...

A housing project in Qingdao, Shandong province. [Photo/VCG] President Xi Jinping has said "houses are built to be lived in, not for speculation". In this context, the pilot for joint property rights housing implemented by Beijing Municipal Commission of Housing and Urban Rural Development is an important move to cool down the heated housing market in the capital. According to a document, the government and the homebuyers will jointly own the policy- based housing units , with the government granting the buyers the right to use the property. Since the Beijing municipal government will provide policy support for the construction of joint property rights housing , the price of such housing units will be lower than commercial property in the same neighborhood. However, the homebuyers' right to use the property will be partly restricted. Different from economically affordable housing , joint property rights housing is a kind of limited property rights housing , becau...

AvalonBay Communities, Inc. (NYSE:AVB) Q2 2017 Earnings Call August 03, 2017 1:00 pm ET Executives Jason Reilley - AvalonBay Communities, Inc. Timothy J. Naughton - AvalonBay Communities, Inc. Sean J. Breslin - AvalonBay Communities, Inc. Matthew H. Birenbaum - AvalonBay Communities, Inc. Kevin P. O'Shea - AvalonBay Communities, Inc. Analysts Nicholas Joseph - Citigroup Global Markets , Inc. Nick Yulico - UBS Securities LLC Richard Allen Hightower - Evercore ISI Juan Sanabria - Bank of America Merrill Lynch Andrew T. Babin - Robert W. Baird & Co., Inc. Austin Wurschmidt - KeyBanc Capital Markets , Inc. Dennis Patrick McGill - Zelman & Associates Wes Golladay - RBC Capital Markets LLC Alexander Goldfarb - Sandler O'Neill & Partners LP Vincent Chao - Deutsche Bank Conor Wagner - Green Street Advisors , LLC Richard Hill - Morgan Stanley & Co. LLC Robert Stevenson - Janney Montgomery Scott LLC Operator Good morning, ladies and gentlemen, and welcome to AvalonBay...