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Real Estate & Construction News Round-Up (06/01/22) — Gravel2Gavel Construction & Real Estate Law Blog — June 1, 2022

Cybersecurity becomes an increasing concern when buying digital land, a significant property tax break in New York is set to expire, climate disclosure mandates in commercial real estate are on the horizon, and more.

  • New York State lawmakers are set to allow a $1.7 billion property tax break to expire, inciting wide-spread implications for property developers. (Bloomberg Tax)
  • Adjustable-rate mortgages return as interest rates increase, though without ultralow teaser rates and lax lending requirements. (Orla McCaffreyThe Wall Street Journal)
  • With more investors flocking to the metaverse to purchase digital real estate, cyberattacks are on the uptick, with hackers using phishing links that imitate legitimate platforms to drain digital wallets of assets. (Eamon Javers, Scott Zamost, Paige Tortorelli, & Meghna Maharishi, CNBC)
  • Persistent supply chain delays and labor shortages are slowing apartment completion and openings. (Leslie Shaver, Construction Dive)
  • Climate disclosure mandates from investors in commercial real estate are set to transform the industry and result in high growth of the low-carbon market. (Diane Hoskins, Fortune)
  • The recession in China’s real estate market is not only causing major problems for the country but is predicted to have a widespread effect on the world’s economy. (Catch News)

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