President Joe Biden (Getty)
Last spring, Newmark broker Ken Zakin was hustling to find a buyer for a client’s retail property in Queens. The tenants had stopped paying rent because of the pandemic, leading to a major loss in income for the landlords, a family that owned the building for four decades.
Zakin planned to take advantage of the 1031 exchange program, which allows real estate investors to swap one investment property for another while deferring capital gains taxes. He’d sell the retail complex, then use the proceeds to buy a more stable income-generating property for the family.
Then came then-presidential candidate Joe Biden’s campaign proposal to eliminate the popular tax deferral tactic, also known as like-kind exchanges, as part of a broader plan to finance child and elder care. Though it was merely an idea at the time, Zakin said it started a countdown clock he needed to get the deal done on the off chance that his client might lose the deferral benefit.
Travel And Franchise Industries Endorse ‘Save Hotel Jobs Act’
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The U.S. Travel Association and the International Franchise Association (IFA) on Thursday voiced strong support for new legislation that would provide relief for hard-hit hotel workers until travel returns to pre-pandemic levels. Advertisements
The Save Hotel Jobs Act, introduced in both chambers of Congress by Sen. Brian Schatz (D-HI) and Rep. Charlie Crist (D-FL), would support jobs in the devastated lodging industry through a combination of direct payroll grants and tax credits, among other provisions.
The measure earlier won the joint endorsement of the American Hotel & Lodging Association and UNITE HERE, the largest hospitality workers union in North America.
Pierre, SD, USA / DRGNews
May 3, 2021 1:47 PM
The American Hotel & Lodging Association has released new data showcasing the ongoing devastating impact of COVID-19 on hotel industry employment, including projected hotel job loss through the end of 2021. Without targeted relief from Congress, nationwide, hotels are expected to end 2021 down 500,000 jobs. Hotels are the only major hospitality and leisure segment yet to receive direct aid.
The top five states projected to end 2021 down the highest number of jobs include:
California: 67,169 jobs lost
Florida: 39,560 jobs lost
New York: 38,028 jobs lost
Nevada: 22,282 jobs lost
Hawaii: 20,029 jobs lost
The release of this data follows the introduction of the
US hotel industry expected to end 2021 down 500,000 jobs
May 3, 2021
Hotels are the only major hospitality and leisure segment yet to receive direct aid
Hotel industry calls on to Congress to provide targeted relief with Save Hotel Jobs Act
Recent uptick in leisure travel for spring and summer is encouraging for hotels
Today, the American Hotel & Lodging Association (AHLA) released new data showcasing the ongoing devastating impact of COVID-19 on hotel industry employment, including projected hotel job loss through the end of 2021. Without targeted relief from Congress, nationwide, hotels are expected to end 2021 down 500,000 jobs. Hotels are the only major hospitality and leisure segment yet to receive direct aid.