BG Reads | News You Need to Know (August 16, 2023)

[Bingham Group]


[BG PODCAST]

EPISODE 211 // Welcome to Episode 211! Bingham Group Associate Hannah Garcia CEO A.J. Bingham review the week (of 8.7..2023) in Austin politics and more.

>>> SHOW LINK <<<

Also available on Apple Podcasts and Spotify.



[city of austin]

[AUSTIN METRO]

Watson, Brown declare local state of emergency over wildfire threat (Austin monitor)

Mayor Kirk Watson and Travis County Judge Andy Brown on Tuesday declared a local state of emergency in response to the threat of wildfires.

Last week, Gov. Greg Abbott said that wildfires in 191 Texas counties “pose an imminent threat of widespread or severe damage, injury, or loss of life or property,” thus leading to a state disaster declaration. That declaration included Austin and Travis County. According to Abbott’s declaration, Texas will be able to act more quickly to offer relief to those affected by wildfires and increase firefighting resources, if necessary… (LINK TO FULL STORY)

Hobby Building in downtown Austin to become affordable workforce housing (Community impact)

New workforce housing is coming to downtown Austin, Mayor Kirk Watson and Texas Land Commissioner Dawn Buckingham announced Aug. 15.

The William P. Hobby, Jr. State Office Building, located at 333 Guadalupe St., will be redeveloped to include housing for working-class Austinites “who simply cannot afford to live near where they work,” Buckingham said.

The mixed-use development will ideally include workforce housing, child care, parking and a retail space, Buckingham said.

Watson said the centralized location of the redevelopment site will increase mobility for state employees and people who work throughout the city. The complex will be located along the planned route for the Project Connect light rail… (LINK TO FULL STORY)

Is Austin Mayor Kirk Watson a 'strong mayor'? (KUT)

City Council meetings have gone from marathon-long sessions to often wrapping up before 5 p.m. Many votes take place before lunchtime.

"I approach this job within the form of government that we have, trying to achieve the goals of the people that elect me to be mayor of the whole city with some strength," Watson said.

Watson says he stands by decisions that have been criticized, like bringing in DPS troopers; sometimes things don’t work the way you expect.

“You are not going to meet everyone’s concept of perfection," he said. "It’s just not going to happen. You have to bring to this job, I think, the strength to know that, and the strength to say all right it's time to go ahead and move anyway.” 

Whether he’s acting as a “strong mayor” in a weak mayor system, Watson’s future ultimately depends on how well the city is running — and if voters decide to re-elect him. Austinites will get that chance in November 2024… (LINK TO FULL STORY)

[TEXAS]

Texas names new head of child abuse investigations after high turnover and heavy criticism (Texas tribune)

The state’s child welfare agency has a new head of Child Protective Investigations, the department tasked with investigating reports of child abuse and neglect.

Marta Talbert, who has spent 25 years working in child welfare, has been appointed the associate commissioner of the Texas Department of Family and Protective Services’ investigations division, according to the agency on Tuesday.

This comes as the embattled agency struggles with a record-high staff turnover — about 4 in 10 investigators left their job in fiscal year 2022… (LINK TO FULL STORY)

Nearly 80% of Texas' floating border barrier is technically in Mexico, survey finds (CBS News)

Nearly 80% of the controversial floating barrier Texas state officials assembled in the middle of the Rio Grande to deter migrant crossings is technically on the Mexican side of the U.S.-Mexico border, according to a federal government survey released on Tuesday.

The revelation was made public in a federal court filing by the Biden administration in its lawsuit against the barrier, which Texas set up in July as part of an initiative directed by Gov. Greg Abbott to repel migrants and repudiate President Biden's border policies.

The river barrier, assembled near the Texas border town of Eagle Pass, has come under national and international scrutiny, including from the Mexican government, which has strongly voiced its objections to the buoys. Advocates, Democratic lawmakers and a Texas state medic have also expressed concerns about the structures diverting migrants to deeper parts of the river where they are more likely to drown… (LINK TO FULL STORY)

[NATION]

Trump refusal to sign loyalty pledge puts RNC in bind (The Hill)

Former President Trump’s refusal to sign the Republican National Committee’s loyalty pledge is putting the organization in a bind as next week’s GOP primary debate approaches.

Trump said he wouldn’t sign the pledge last week and is expected to announce in the coming days whether or not he will attend the event.

RNC chair Ronna McDaniel must now navigate the thorny situation of appeasing Trump — both a ratings draw and the clear frontrunner in the primary — while maintaining her control as head of the party. 

“It’s a distinct possibility that the Republican nominee for president could simply decide to shun the RNC itself,” said Brian Seitchik, a Republican strategist and Trump campaign alum. “When a candidate refuses to play by the rules, it obviously weakens the RNC’s position.”… (LINK TO FULL STORY)

Wall Street Is Ready to Scoop Up Commercial Real Estate on the Cheap (Wall Street Journal)

Wall Street firms are raising new funds to acquire office buildings, apartments and other troubled commercial real estate, looking to scoop up properties at a fraction of the price investors paid a few years ago.

Cohen & Steers, Goldman Sachs, EQT Exeter and BGO, formerly known as BentallGreenOak, are among the prominent names raising billions of dollars for funds to target distressed assets and other real estate with slumping values, according to regulatory filings. 

“The last few weeks, I’ve been saying, ‘holy mackerel, they’re coming out of the woodwork,’” said Kevin Gannon, chief executive of Robert A. Stanger & Co., an investment-banking firm that tracks real-estate fundraising.

The new funds are seeking to capitalize on one of the most troubled commercial-property markets in decades. Values have nosedived since interest rates spiked last year, driving up borrowing costs in the highly leveraged business. The office market, one of the largest sectors, has also been clobbered by a sluggish return-to-office rate, which has sent vacancy rates soaring. Apartment buildings, an investor haven in the past, look vulnerable as owners try to refinance at much higher rates. Mall owners are contending with steep value declines, some of more than 70% over the past few years… (LINK TO FULL STORY)

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