Focus
Climate change poses 'high risk' to federal spending: GAO
The Hill – June 11
Climate change poses a high risk to federal spending, the Government Accountability Office (GAO) re-affirmed in a biannual report on the subject released Tuesday. The GAO, which has placed climate change in the “high risk” category – reserved for programs most in need of transformation – since 2013, noted the threats to American fiscal policy came from three primary categories: disaster aid, federal insurance for crops and property, and the costs associated with managing federal land. Coastal damage to cities from sea level rise and more frequent and intense storms would amount to $4 to $6 billion a year. The GAO estimated that “for every dollar invested in designing new buildings to particular design standards, society could accrue benefits amounting to about $11 on average.”
|
News
Embedding sustainability in real estate transactions
Urban Land – June 10
When the U.S. Green Building Council’s Leadership in Energy and Environmental Design (LEED) rating system was new to the market, roughly 60 projects were registered per month between 2000 and 2006. Today, more than 32,000 commercial buildings have been LEED certified. The Institute for Market Transformation in 2015 reported that buildings certified under LEED and the U.S. Department of Energy’s Energy Star program earn higher rents and have lower vacancy rates than those lacking certification. ULI is working with more than 30 key leaders and View Inc. to identify opportunities in the real estate deal process to embed sustainability in transactions. A toolkit has been developed to help buyers and sellers identify sustainability opportunities in acquisitions, get the most sustainability bang for their buck in underwriting, and capture value from sustainability-focused investments during disposition.
$100 billion traffic-busting tax plan for the Bay Area taking shape
The Mercury News - June 9
A nine-county-wide plan to raise $100 billion in taxes over several decades to redefine the Bay Area’s transportation network, known as Faster Bay Area, could be ready for public input in the next several months, transportation officials said. The goal is to create a truly regional transit system that would more seamlessly connect the Bay Area’s extensive network of rails, buses, and ferries, said Carl Guardino, president and CEO of the Silicon Valley Leadership Group, which is partnering with the Bay Area Council and SPUR to put the tax on the ballot. Details of the plan have not been released, but it likely would include significant improvements to BART and Caltrain service, including a second cross-bay tube or bridge for BART.
L.A. council members propose taxing landlords who leave homes vacant
Los Angeles Times - June 11
Los Angeles should penalize landlords who keep homes vacant as the city suffers a housing and homelessness crisis, several members of the Los Angeles City Council declared in a proposal unveiled this Tuesday. City Council members Mike Bonin, Marqueece Harris-Dawson, Paul Koretz, and David Ryu are asking city staffers to come back with options for an “empty homes penalty” or vacancy tax, which would likely have to go before voters for approval. They cited U.S. Census Bureau data estimating that as of two years ago, there were more than 100,000 vacant units across the city. The council members pointed to other cities around the country and the world that have imposed some kind of penalty for empty homes.
Stanford tells Santa Clara County to get real about its housing demands
East Bay Times – June 11
In response to Santa Clara County’s conditions on its proposed expansion, Stanford sent a letter Tuesday saying the university is being singled out to provide more housing than other projects while the county itself hasn’t done enough to encourage housing development. The letter comes ahead of Thursday’s second Planning Commission public hearing on a general use permit for the Stanford expansion, the largest development application the county has ever received. The letter takes issue with the county’s requirement that Stanford quadruple the amount of workforce housing originally planned, saying the university should get credit for homes it’s already planning to build and asking that it be allowed to build more homes off campus than the county demands.
Bank of America accelerates sustainability efforts
Commercial Property Executive – June 7
Bank of America is launching an on-site solar initiative to install solar panels across its operations. The program is anticipated to generate more than 25 megawatts of renewable energy, which will be used to power the bank’s operations in select locations. To date, six financial centers in California, Florida, and Pennsylvania, as well as two office locations in Nevada and North Carolina are already benefiting from the energy savings and low-carbon enhancement through the bank’s on-site solar installations. By the end of this year, another 15 financial centers and 10 ATMs are set to be equipped with solar panels.
|