??? Election analysis, real estate style | Real Estate Rundown

THE RUNDOWN

??Home is where the heartbreak is: Earnings szn has painted a grim picture for some of residential real estate’s biggest players

??A tighter-than-usual New York governor’s race could mean the real estate industry gets what it wants from Kathy Hochul

??Miami Dolphins and Related Companies owner Stephen Ross had a major project thwarted by voters in South Florida?

?? CBRE was willing to eat $5 million just to get out of a Chicago retail asset

??Controversial transfer taxes hang in the balance as Los Angeles and Santa Monica count ballots

??? A Silicon Valley-backed affordable housing measure might eke out a win in San Francisco , but the race is tight?

THE DETAILS

??? With high mortgage rates choking the housing market, it’s obvious that residential real estate firms are in a tough spot . Third-quarter earnings made the pain even more obvious, with bellwethers like Anywhere Real Estate reporting diminished returns and Douglas Elliman taking a loss. Oh, and crypto’s meltdown isn’t helping things.?

??Kathy Hochul became the first woman elected to the New York governor’s office on Tuesday: Hochul beat Republican Rep. Lee Zeldin in the state’s tightest gubernatorial race since 1994. Might Hochul’s not-quite-mandate spell victory for real estate-backed policies like rental assistance reforms and tax breaks??

?? Unfortunately for Related’s Stephen Ross, his plans to upzone his redevelopment of Miami’s historic Deauville resort were dependent on public opinion , which was not in his favor. With the defeat of referendum 1 this week, the site’s future is unclear.?

??? CBRE took a $5 million loss on a Chicago-area shopping center, a sign that investor demand for Windy City assets may be waning. The firm bought the Shops at Glen Pointe for $65.7 million in 2015 and sold it for $60 million. Sources say the values of retail properties in the area are declining, and CBRE may be getting out before things get worse.?

?? Will LA add a 4 percent property sales tax on deals between $5 million and $10 million? The votes aren’t all in yet, but the yeses have a slight lead. Revenue from the tax would be used to provide shelter for the city’s unhoused population.

???It’s YIMBYs versus progressives in the fight for more affordable housing in San Francisco: Two warring proposals are on the ballot, and both are too close to call.