CommonWealth REIT named billionaire Sam Zell chairman of its newly elected board, marking the completion of a 15-month effort by Corvex Management LP and Related Cos. to overthrow management and install new trustees.
Virginia Valencia earns $12 an hour working the morning shift at Tesla Motors Inc. headquarters in Palo Alto, California, where she serves food and drinks to the staff and billionaire co-founder Elon Musk.
The U.S. homeownership rate may fall to as low as 55 percent because more Americans are choosing to rent as they postpone getting married and having children, said Sam Zell, chairman of landlord Equity Residential.
Jeffrey Gundlach, manager of the DoubleLine Total Return Bond Fund, recommended betting against an exchange-traded fund that tracks an index of homebuilders because declining affordability will reduce housing demand.
Sam Zell, the billionaire chairman of apartment landlord Equity Residential, said the company bought a rent-controlled complex in California because it was a good investment and not with the goal of raising rents.
Buying Archstone Inc. will give Equity Residential and AvalonBay Communities Inc. apartments in U.S. markets where development is difficult and rents are rising even as growth of the multifamily market slows nationally.
Equity Residential’s partial purchase of Archstone Inc. completes the company’s evolution from a garden-apartment landlord into an owner of high-rises in markets where development is difficult, Chairman Sam Zell said today.