Real Estate & Construction News Roundup (4/17/24) – Travel & Tourism Reach All-Time High, President Biden Emphasizes Housing in SOTU Address, and State Transportation Projects Under Scrutiny

In our latest roundup, Airbnb advocates for new short-term rental rules, the U.S. Supreme Court rules on hefty development fees, loan losses becomes greater issue for banks, and more!

• The Federal Highway Administration has not completed guidance that state transportation departments need to administer programs supported by the Infrastructure Investment and Jobs Act and other federal funds. (Dan Zukowski, Construction Dive)
• The global economic contribution of the travel and tourism industry is set to reach an all-time high of $11.1 trillion in 2024. (Jenna Walters, Hotel Dive)
• Airbnb plans to work with city and state governments to “advocate for short-term rental rules that allow renters to share their home.” (Lakshmi Varanasi, Business Insider)
• During his State of the Union address, President Joe Biden said he wants to spur the construction and renovation of two million homes, facilitate home purchases for first-time buyers and bring rents down. (Kalena Thomhave, Multifamily Dive)
• The U.S. Supreme Court ruled unanimously that the government cannot demand hefty development fees from property owners in exchange for building permits. (Melissa Dittmann Tracey, National Association of Realtors)
• In the fourth quarter, the number of multifamily loans that were at least 30 days past due or in non-accrual status rose to $3.46 billion, a 43.1% increase from the previous quarter and an 81.2% jump year over year. (Leslie Shaver, Multifamily Dive)
• One of the country’s largest residential homebuilders has asked a U.S. judge not to approve $208 million in settlements resolving claims that major home brokerages conspired to keep real estate commissions artificially high. (Mike Scarcella, Reuters)

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