Real Estate News 10/30/2023

Today’s News Synopsis:

An L.A. County judge dismissed a lawsuit challenging L.A.’s “mansion tax” on Tuesday, marking the end of a months-long legal challenge from the luxury real estate community that looked to declare the measure unconstitutional.

In The News:

LA Times – “‘Mansion Tax’ prevails in court as judge dismisses lawsuit challenging Measure ULA” (10-25-2023)

“Los Angeles County Superior Court Judge Barbara Scheper issued a tentative ruling dismissing the challenge on Monday after hearing arguments from both sides, and she officially dismissed the lawsuit on Tuesday, according to court documents.”

TheStreet –  “Hold onto your hats because it’s going to be a very big Fed week” (10-28-2023)

“Markets will gyrate right up until the Fed announces its interest-rate decision. It may be too much to say the week coming up is the mother of all weeks for investors and markets. But it has the potential to be dramatic. ”

HousingWire-  “White House, federal agencies urge more commercial-to-residential property conversions” (10-27-2023)

“The White House and the U.S. Department of Housing and Urban Development (HUD) announced today the launch of a new inter-agency initiative to encourage more property conversions of commercial buildings into residential units. The goal: creating more affordable housing.”

Realtor.com –  “What is a Barndominium? The hottes new home trend explained” (10-26-2023)

“In recent years, barndominiums have beautifully planted themselves in our architectural landscape. With their expansive layouts, seamless indoor-outdoor transitions, and charming rustic details, it’s easy to see why these homes have soared to the top of the list of desirable homes.”

Fox Business –  “Fed’s interest rate decisions ‘destroyed’ commercial real estate market, experts warns” (10-27-2023)

“As the Fed continues its attempts to tame inflation, one real estate expert is sounding the alarm on interest rates destroying the commercial real estate industry as a result.”