Fed pledges to keep interest rates near zero for years

The Federal Reserve committed to do more to help the US economic recovery, promising more asset purchases and lower interest rates for even longer than it previously expected. Full story

California CRE Ramps Up Alternatives To State’s Unreliable Grid

As power blackouts become increasingly normal to Californians, the state’s commercial real estate industry is hastening its adoption of alternative energy sources.  Full story

California Governor Signs Bill Exempting More Real Estate Jobs From Independent Contractor Law

Appraisers, Inspectors, Landscape Architects Join Real Estate Brokers in Labor Law Exceptions Full Story

Fed Holds Rates Steady

The FOMC kept its rate targeted in a range between 0%-0.25%… The statement said the rate would stay there until officials are “confident that the economy has weathered recent events and is on track to achieve its maximum employment and price stability goals.”

Jobs Increased by 4.8 Million in June, Following an Unemployment Decline in May

Industry professionals say consumer confidence remains strong and the real estate markets continue to recover.  Full Story

Polarizing Bill Allowing Tenants Out Of Leases Falls Apart

A sweeping California commercial tenant-relief bill fell through at the hands of the state’s Senate Appropriations Committee. Full Story

Proposition 13 Overhaul Qualifies for November Ballot

The ballot initiative creates a “split roll” if voters approve it in November. Under the split roll, commercial and industrial property with a fair market value of more than $3 million would be reassessed at its current fair market value at least every three years. Full story. 

Proposed California Bill Would Allow Retail Tenants To Break Leases With Little Penalty

AIR CRE, a California commercial real estate advocacy organization, sent a letter to its members warning them of the dire consequences of the legislation and to take action to oppose the bill. Full story

Trump Signs Coronavirus Aid Bill

President Donald Trump signed a nearly $500 billion interim coronavirus bill into law that includes additional money for the small-business loan program, as well as more funding for hospitals and testing. Full Story

Fed Holds Rates Steady, Affirms Commitment to Higher Inflation

The central bank’s Federal Open Market Committee said Wednesday it will hold its benchmark funds rate in a range between 1.5% to 1.75% Full Story