A report from the Real Deal. "A pair of lofts owned by New York ex-banker Henry Buhl topped the list of luxury contracts signed in Manhattan last week. The second-priciest deal was a penthouse at 95 Greene Street, last asking $11.9 million, down from $15 million when listed in February. The deal marks a loss for the seller, who bought the triplex condo for $13.55 million in late 2018."

From Bloomberg. "A real estate firm focused on gentrifying neighborhoods is showing cracks after a group of its apartment buildings in New York's Upper West Side and Harlem filed for bankruptcy. Buildings controlled by Emerald Equity Group owe US$203 million to LoanCore Capital, stemming from debts tied to properties on East 117th Street and West 107th Street, Dec 28 bankruptcy filings show."

"The bankruptcies may foreshadow wider distress among multifamily properties in the coming year. The pressures are especially high in costly markets such as New York, where new regulations make it harder for landlords to raise rents and evict tenants. Emerald bought the 107th Street properties in December 2016 with the intention of converting them into condominiums, while the 117th Street properties were acquired in March 2018 with a plan to raise rents, according to a bankruptcy disclosure statement."

The San Francisco Business Journal in California. "A subcontractor named in a multimillion dollar lawsuit filed this summer claiming negligence and unfair business practices relating to the construction of Related California's luxury apartment tower at 1550 Mission St. is fighting back with a lawsuit of its own. The cross complaint, filed by Alliance Roofing Co. in San Francisco Superior Court in November, alleged the subcontractor performed work on the 550-unit apartment building but has not received payment from the general contractor, Build Group."

"In its twice-amended complaint, Build is accusing Related of contracting with a list of contractors that were not qualified by Build; failing or refusing to cure what Build alleges was deficient work completed by said subcontractors; failing to approve Build's own list of qualified subcontractors; and attempting to negotiate and settle master subcontractor agreements between Build and its subcontractors — including Alliance — among other grievances. Related bought the site of the new high-rise, previously home to a Goodwill store, in 2014 for $65 million and broke ground at the end of 2017."

The San Mateo Daily Journal in California. "Chris Salviati, a housing economist with ApartmentList, acknowledged the depths to which the pandemic has sickened the local housing market — with San Francisco’s rents dropping by 25% from the year prior and prices in San Mateo dipping by 14%. 'If the Bay Area is no longer as attractive to employers because of the costs and the fact that their work force is remote so they don’t necessarily need to have that centrally-located office hub, that could have some downward pressure on the market as well,' he said."

"Regarding cost of living, Salviati expressed some confidence that prices would recover. But until a cure is distributed broadly, Salviati acknowledged price projections are largely speculative during a uniquely challenging and unprecedented period. 'We are in wait-and-see mode,' he said."

From My News 13 in Florida. "More than 4 million Floridians have applied for unemployment benefits in Florida since March, with half of those qualifying for benefits. Jeanne Tsoulas eventually became unemployed when the convention/trade show company she worked for shuttered. Leaving a dream job she hoped to retire from, Tsoulas instead was forced to look for work elsewhere while relying on unemployment assistance in the meantime."

"Not having any luck finding a new job, Tsoulas said she too is relying on extended federal benefits to help her family make end’s meet. 'If we lose unemployment, we’re dead, we’re screwed, I don’t know what we’re going to do,' she said."

The Denton Record Chronicle in Texas. "As 2020 winds down, the economic damage is already historic: Texas is on pace to lose 680,800 jobs this year, the biggest annual decline on record. The number, projected recently by the Federal Reserve Bank of Dallas, would dwarf annual job losses in the Great Recession, in the wake of the 9/11 terror attacks and during several oil-and-gas busts in the past century."

"Texas has a much larger workforce than in the past, so everything’s bigger these days. But 2020’s decline would also be the largest percentage drop in at least 80 years — a plunge of 5.3%. The next-closest annual decline in Texas nonfarm payrolls occurred in 1945, near the end of World War II."

"'It’s the worst downturn that we’ve had in the post-war period,' said Pia Orrenius, senior economist at the Dallas Fed. 'I don’t think there’s any way around that.' The disruptions have been concentrated in the service sector, and they’ve spilled over to schools, child care and home life — with much of the burden falling on women. 'This is unique to this pandemic,' Orrenius said. 'We’ve never seen anything like it.'"

"'It’s a bifurcated world,' said Harvey Rosenblum, a longtime research director at the Dallas Fed. 'Many are so much worse off, but other people are way better off than they were before. I’m not sure public policy intended that, but that’s how the cookie crumbles.'"

"In Dallas, almost 1 in 5 adults were in households that didn’t have enough to eat, according to recent surveys by the U.S. Census Bureau. Almost 40% said they had difficulty paying household expenses during the pandemic. The past year has been especially hard on women. They’re more likely to work in public-facing services that slashed jobs, including restaurants, education and health care. They’re more likely to take on additional caregiving duties for elderly relatives and children going to school remotely. 'It’s complications every day,' said Nicole Hardman, a 40-year-old Dallas single mom."

"She was looking for a job, taking classes for a new career and helping two teens navigate remote high school. 'Sometimes I can help them, sometimes I can’t, sometimes we cry,' she said. 'It’s really overwhelming because it’s like never-ending.'"

"'Even if the economy does seem like it’s beginning to snap back, I don’t think it’s going to go back to the way it was,' Rosenblum said. 'There’s going to be enormous financial pressure on businesses to not spend money.' He expects companies to curtail business trips, for example, and people to be cautious about personal travel: 'It’s going to take a long time to get me back on a cruise ship,' he said."

The Star Advertiser in Hawaii. "More than half of Hawaii residents are struggling to pay rent, mortgages or utility bills, and the effects of the COVID-19 pandemic are continuing to get worse, according to a study from the Bank of Hawaii Foundation. The study found that 56% struggle to pay rent, mortgage or utility bills. That’s up from 48% in May. In other findings, 63% have lost a job or experienced reduced work hours or pay, compared with 55% in May, and 53% have experienced a decline in household income since the start of the pandemic, up from 45% in May."

"'The impact of COVID-19 to our residents and economic well-being are eye-­opening, especially when you consider that more than $10 billion in federal aid was provided to our local economy in recent months,' Bank of Hawaii Chairman CEO Peter Ho said in the report."