NAIOP SFBA’s weekly ZOOM-IN webinar on May 21st focused on the state of Bay Area multifamily market and featured some of the region’s most prominent developers and investors. Moderated by Jason Parr, Managing Director, Multifamily Advisory Group, Cushman & Wakefield, the program included a market overview by David Bitner, Vice President America’s, Head of Capital Markets Research, Cushman & Wakefield. Panelists included: Pat Calihan, Senior Vice President of Investments, Prometheus; Mike Ruiz, Vice President, Investments, Northern California and Pacific Northwest, Carmel Partners;and  Zach Felson, Vice President, Investments, Prado Group.

Just a few days ago, SB 939 passed the Senate Judiciary Committee on a minimum number of votes.
We remain opposed to the bill as the amendments taken so far do not sufficiently address our concerns. We anticipate a battle once the Legislature continues its discussions and ultimately moves toward a vote before June 26th.

NAIOP members should be aware of recently proposed California legislation, SB 939 introduced by Senator Scott Wiener (SF), and its potential for having a significant impact on existing commercial leases.  If passed, SB 939 would place small property owners into foreclosure by forcing them to float rent for all tenants and gives restaurants the right to walk away from a lease without squaring up for owed rent or paying for property improvements