Real Estate & Construction News Roundup (10/04/23) – NFL Star Gets into Real Estate, DOJ Focuses on “Buyer-Broker Commissions”, and the Auto Workers’ Strike Continues
In our latest roundup, seller impersonation fraud becomes an issue in the United States, major retailers are closing over 3,000 stores nationwide, the Tampa Rays are set to construct a new $1.3 billion stadium, and more!
- NFL star Tyler Lockett is preparing for his life and career after football by becoming a real estate broker in both Washington state and Texas. (Brady Henderson, ESPN)
- Seller impersonation fraud has become a major scam in the United States with 73% of real estate firms reporting an increase in these schemes since the beginning of the year. (Diane Tomb, Fortune)
- “Buyer-broker commissions” are a focus for the U.S. Justice Department as they have filed a “statement of interest” in one case in Massachusetts while there are several other pending lawsuits in U.S. courts. (Mike Scarcella, Reuters)
- Beginning on January 1, 2025, New York State’s Buy Clean Concrete guidelines will go into effect which apply to all state agency contracts exceeding $1 million that involve the use of more than 50 cubic yards of concrete or New York DOT contracts exceeding $3 million that include at least 200 cubic yards of concrete. (Sebastian Obando, Construction Dive)
- The Tampa Bay Rays, the city of St. Petersburg and surrounding Pinellas County agreed on a plan to build a new $1.3 billion stadium with the new ballpark projected to be ready by Opening Day 2028. (Joe Bousquin, Construction Dive)
- Whether due to cost-cutting measures, bankruptcy proceedings or the increase in online retail, nearly 3,200 stores are closing across the U.S. this year. (Dominick Reuter, Business Insider)
- The U.S. Supreme Court refused to hear a case challenging New York State’s rent stabilization laws with implications not just for the one million rent-stabilized apartments in New York City, but also for rent-controlled homes across the country. (Eliza Relman, Business Insider)
- With two additional assembly plants now on strike, the total number of striking UAW auto workers is around 25,000 with the union’s plans to gradually expand its strike against the Big Three automakers. (Camila Domonoske, NPR)
