Oracle Has More Office Workers in California Than Texas After Moving Headquarters
Three years after Oracle Corp. moved its headquarters to Texas from California, Chairman Larry Ellison said he’s planning another move — this time to Nashville.
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Three years after Oracle Corp. moved its headquarters to Texas from California, Chairman Larry Ellison said he’s planning another move — this time to Nashville.
Nuveen Real Estate is seeking to sell a Miami office building located in the heart of the Brickell neighborhood with tenants including Bank of America Corp. and Apollo Global Management Inc.
WeWork Inc. and its major financial backers including SoftBank Group Corp. have struck a new restructuring deal to get the ailing workspace provider out of bankruptcy, spurning a competing financing proposal from co-founder Adam Neumann.
The majority of Canadians aspiring to buy a home say they will push their plans to next year or later to wait for interest rates to drop, a new survey shows.
China Vanke Co. recorded a second consecutive quarterly loss, adding to the developer’s financial woes as it struggles with slumping sales and a cash crunch.
Apr 9, 2024
BNN Bloomberg
,A top rental developer in Toronto says a proposed renters’ bill of rights will do little to address the most pressing issue driving rental prices higher: supply.
Late last month, Prime Minister Justin Trudeau announced several measures would be introduced during next week’s budget to support the rights of renters. Among them, Trudeau plans more power for renters in disputes against landlords, allowing rent payments to count toward a renter’s credit history and a $15-million Tenant Protection Fund.
Adrian Rocca, CEO of Fitzrovia, said developers need “meaningful movement” in next week’s budget if renters are to get any support in the end.
“We need to find ways to incentivize developers, the development community, to build more purpose-built rental units within the market and do it as quickly as possible,” he told BNNBloomberg.ca in a phone interview on Tuesday.
“We have been engaging with all three levels of government. So far the conversations have been generally positive, but we have yet to see any meaningful movement or announcements from the feds or the province around new supply.”
Rocca said his company has 23 rental projects under construction across Toronto, but has another eight fully permitted and ready to go that he can’t get off the ground because construction isn’t feasible in the current rate environment.
“We're all sitting on our hands right now because it does not make sense to (build),” he said.
While economists unanimously expect an interest rate hold during the Bank of Canada’s rate announcement on Wednesday, most economists expect cuts to begin at the central bank’s June policy rate announcement.
Still, Rocca says any small rate cuts will not help, as developers likely need rates down 100 basis points before construction becomes feasible.
“If you're doing it around the edges, it's not going be that helpful,” he said. “It needs to be significant.”
The Liberals have made a point to boost the rental supply in Canada. In September, the federal government announced it was removing the GST on new purpose-built rental housing, a move that the Ontario government soon followed.
Rocca said the tax announcements are “very helpful,” but with interest rates at their current state, the program is “neutered.”
“Right now, we're actually behind the eight ball from when that announcement happened and we really need some additional help,” he said.
“We don't have time to wait another year, year and a half, for interest rates to settle down. We’ve got to get moving now.”
Rocca is calling for the government to cut the GST on projects currently under construction and to offer a 20-year property tax abatement.
With files from Bloomberg News