Good morning! In today’s commercial real estate news, speculation on the Trump tax plan is already wreaking havoc on some projects, Marco Rubio’s landlord is fed up, and Los Angeles’ high rents get it placed on a list.
Speculation is causing storms for projects once thought stable. The reality of a right-leaning government has many investors wary of tax credits’ worth in their project. Many affordable housing projects, which rely on tax credits to help fund, are now in jeopardy of falling through.
In more political news, the property owner of Marco Rubio’s office has kicked him to the curb. Scores of angry protesters outside the senator’s office in the last weeks have disrupted life for other tenants of the building. The office has not yet found a new location.
To the surprise of no one living in the city, Los Angeles has the 6th highest rent in the United States. An analysis by rental website Zumper has a one bedroom priced at $2,000 in LA. For comparison, landlords in San Francisco, the most expensive city to live in, typically charge $3,270 for a one bedroom.