{"id":1675,"date":"2021-09-10T10:00:37","date_gmt":"2021-09-10T14:00:37","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1675"},"modified":"2024-04-25T23:19:27","modified_gmt":"2024-04-26T03:19:27","slug":"the-real-estate-industry-weighs-in-on-vaccines","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/the-real-estate-industry-weighs-in-on-vaccines\/","title":{"rendered":"The Real Estate Industry Weighs in on Vaccines"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><em>Closing Discounts for Vaccinated Borrowers,\nand Other Stories<\/em><\/h1>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/real-estate-industry-weighs-in-on-vaccines.jpg\" alt=\"Person getting a vaccine shot in their arm by a medical professional.\" class=\"wp-image-1676\" width=\"497\" height=\"332\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/real-estate-industry-weighs-in-on-vaccines.jpg 663w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/real-estate-industry-weighs-in-on-vaccines-300x200.jpg 300w\" sizes=\"auto, (max-width: 497px) 100vw, 497px\" \/><\/figure><\/div>\n\n\n\n<p>A year and a half has passed since the major 2020 workplace\ninterruptions. And here we are. Still grappling with the health and economic threats\nfrom Covid \u2014 especially its <a href=\"https:\/\/www.usatoday.com\/story\/travel\/2021\/07\/15\/delta-variant-new-international-travel-restrictions-covid-spread\/7986226002\/\" target=\"_blank\" rel=\"noreferrer noopener\">delta variant<\/a>.<\/p>\n\n\n\n<p>The Biden administration wants fully vaccinated adults to receive a Covid-19 booster shot as soon as scientists give the go-ahead. And, as announced in a <a href=\"https:\/\/www.reuters.com\/world\/us\/bidens-new-covid-19-plan-includes-vaccine-test-mandates-2021-09-09\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">presidential address to the nation on September 9<\/a>, a vaccine mandate now applies to some two-thirds of all U.S. employees \u2014 those employed by businesses with a workforce of 100+. <\/p>\n\n\n\n<p>As expected, the directive is drawing scrutiny and <a href=\"https:\/\/www.reuters.com\/world\/us\/few-cheers-many-worries-among-us-businesses-facing-covid-19-vaccine-test-mandate-2021-09-09\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">controversy<\/a>. Yet the National Association of Manufacturers calls vaccines an economic imperative. Amazon has voiced support for the mandate. Facebook and Microsoft say they already require the vaccines for their office staff.<\/p>\n\n\n\n<p>Among the <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/fortune.com\/2021\/08\/23\/companies-requiring-vaccines-workers-vaccination-mandatory\/\" target=\"_blank\">growing number of entities<\/a> requiring staff vaccinations are Saks Fifth Avenue, the <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/thehill.com\/policy\/finance\/banking-financial-institutions\/567431-nyse-requiring-vaccines-for-access-to-trading\" target=\"_blank\">New York Stock Exchange<\/a> as well as several major banks, the <a href=\"https:\/\/www.thecentersquare.com\/louisiana\/new-orleans-enacts-vaccine-passports-amid-privacy-discrimination-concerns\/article_050154d0-fc54-11eb-9d9e-f7fb66d2dda4.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">City of New Orleans<\/a> (for all public events), CNN and Fox News, Twitter, Google, Uber and Lyft, Tyson Foods, Walt Disney and United Airlines. Recent polls show 52% percent of U.S. workers support vaccine mandates, with 29% strongly opposed.<\/p>\n\n\n\n<p>Vaccine requirement decisions have also entered the real\nestate sphere. Here, we review some notable news from the industry.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\">Mortgage Lender Offers Vaccine Incentives<\/h2>\n\n\n\n<p>Neat Loans, a digital home loan company sporting a tagline <em>Mortgage\nWithout the Mess<\/em>, now gives cash incentives to applicants who\u2019ve been\ninoculated against Covid-19. Home mortgage or refinancing applicants who\npresent digital photos of their vaccine cards get a $500 discount at closing.\nSome 80% of vaccinated borrowers have taken the rebate since it launched in\nmid-August 2021, says the Colorado-based fintech firm.<\/p>\n\n\n\n<p>What\u2019s the corporate purpose behind the $500 incentive?<\/p>\n\n\n\n<p>A borrower\u2019s vaccine status is connected with employability.\nWith the new mandates announced on Sep. 9, that\u2019s a stronger point than ever. Employability\nand job status is a key part of loan approval, and it\u2019s very important for\nyears after the loan is issued.<\/p>\n\n\n\n<p>Further, <a href=\"https:\/\/www.neatloans.com\/vaccine-incentive\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">the company says this about its vaccine incentive:<\/a><\/p>\n\n\n\n<p><em>We believe Neat is the first\nfinancial services company to offer a substantial&nbsp;$500 discount&nbsp;to\nour applicants who have received a Covid-19 vaccine. Beyond being the\nresponsible thing to do, vaccinated individuals are going beyond taking care of\ntheir own health \u2014 they are making a crucial impact on the wellbeing of our\ncommunity.&nbsp;<\/em><\/p>\n\n\n\n<p>It\u2019s a socially conscious sentiment. But is Neat veering out\nof its lane here? Is it discriminating against those who cannot have the\nvaccine? Anticipating the question, Neat offers the same closing credit to unvaccinated\nborrowers who declare an inability to take the shot on account of health or\nreligious factors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Real Estate Companies Mandating the Covid Vaccine<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/real-estate-companies-mandating-the-covid-vaccine.jpg\" alt=\"Image of a digital sign the reads: COVID SHOTS\" class=\"wp-image-1677\" width=\"356\" height=\"236\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/real-estate-companies-mandating-the-covid-vaccine.jpg 474w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/real-estate-companies-mandating-the-covid-vaccine-300x199.jpg 300w\" sizes=\"auto, (max-width: 356px) 100vw, 356px\" \/><\/figure><\/div>\n\n\n\n<p>All types of companies are involving their lawyers, their human resources specialists, and health and safety consultants while deciding between a range of carrots and <a href=\"https:\/\/www.forbes.com\/sites\/brucejapsen\/2021\/08\/08\/coming-soon-for-the-unvaccinated-a-50-monthly-paycheck-deduction-from-your-employer\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">sticks<\/a> that could best fit corporate needs, culture, and employee well-being. These companies must be prepared to handle religious and health accommodation needs, pay coverage for the trips to vaccination sites, understand data confidentiality issues, and so forth.<\/p>\n\n\n\n<p>According to published guidance from the Equal Employment\nOpportunity Commission (EEOC), federal law allows companies to insist that\ntheir workers are vaccinated before reporting to their work sites. Workers who\nreject vaccinations on account of health or religious factors must, in some\ncases, receive reasonable accommodations. The EEOC\u2019s guidance is of interest,\nbut it can only speak to federal employment laws. State and local laws are\nseparate creatures.&nbsp;As for states, only Montana actually bars employers\nfrom establishing mandates.<\/p>\n\n\n\n<p>Some real estate companies, after considering the law and\npolicy issues, have instituted firm requirements for their employees to be\nvaccinated. A leading example is Redfin, where office workers must have Covid-19\nshots, and employees who are not fully vaccinated must work remotely \u2014 at least\nwhile the infection rates are high.<\/p>\n\n\n\n<p>Redfin has solid business reasons, as well as health concerns, to support vaccine uptake. Surveys of homeowners show that people are more interested in placing their houses on the market and more willing to move to new homes in an <a href=\"https:\/\/www.prnewswire.com\/news-releases\/vaccine-could-boost-listings-ahead-of-home-shopping-season-301233131.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">environment of widespread vaccine distribution<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Unsettled Areas: Multi-Unit Properties and Vaccination<\/h2>\n\n\n\n<p>What about multi-unit properties? Wherever people live in\nclose quarters and share amenities, associations may establish certain\nsanitation regimens. They may also publish health-related rules, limiting the capacity\nof shared areas, or requiring the wearing of masks. Some have their employees\nshow proof of a negative Covid test after international or interstate travel. <\/p>\n\n\n\n<p>Condo associations, and at-will employment settings generally, could require vaccination for employees as well. \u201cAt minimum, associations should provide vaccine-related educational forums and updates to encourage vaccination,\u201d David Podein, Jonathan Goldstein and Deesha Smart <a href=\"https:\/\/www.law.com\/dailybusinessreview\/2021\/03\/30\/are-condominium-associations-immune-to-vaccine-related-liabilities\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">wrote<\/a> in a March 2021 commentary in the <em>Law.com Daily Business Review.<\/em><\/p>\n\n\n\n<p>As vaccines are now readily available and free, can condo\nassociations require vaccination for those 12 and older, even beyond the\npopulation they directly employ? Any such rules would need to be \u201ccarefully\nconsidered with legal counsel and narrowly tailored,\u201d the lawyers write. <\/p>\n\n\n\n<p>As for apartment owners, the publicly listed Camden Property\nTrust, a real estate investment trust (REIT), has mandated Covid shots for all\nemployees, starting in August 2021. The company expressed the hope that other landlord\ncompanies will follow their model. Camden owns and runs properties nationwide.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Airbnb-Type Lodging: Specific to Locale, Host Preferences<\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright\"><img loading=\"lazy\" decoding=\"async\" width=\"256\" height=\"384\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/airbnb-type-lodging.jpg\" alt=\"Inside an AirBnb unit, nicely furnished\" class=\"wp-image-1678\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/airbnb-type-lodging.jpg 256w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/09\/airbnb-type-lodging-200x300.jpg 200w\" sizes=\"auto, (max-width: 256px) 100vw, 256px\" \/><\/figure><\/div>\n\n\n\n<p>What about homeowners who rent out space? Rules depend on state or local rules. <a rel=\"noreferrer noopener\" href=\"https:\/\/www.maine.gov\/dhhs\/mecdc\/infectious-disease\/epi\/airborne\/coronavirus.shtml\" target=\"_blank\">Looking up the Airbnb listings in Maine, for example, the prospective guest finds links to general guidance for Maine<\/a> as well as <a href=\"https:\/\/www.airbnb.com\/help\/article\/2761\/travel-restrictions-and-advisories-in-maine\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">travel restrictions and advisories in Maine<\/a>. As government stances evolve, Airbnb suggests that guests frequently look for updates. More information is laid out at the Airbnb Help Center page.<\/p>\n\n\n\n<p>Hosts are also taking it upon themselves <a href=\"https:\/\/www.airbnb.com\/rooms\/25250554?source_impression_id=p3_1631241838_RNgo54g%2BGsPinuYH\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">to set house vaccination rules<\/a>. This is particularly the case where homeowners have their own medical concerns. <\/p>\n\n\n\n<p>In some locations, whole areas are acting protectively. Puerto\nRico, which has recorded a dramatic Summer 2021 rise in Covid-19 transmission (from\n1.4% up to 11%), now requires vaccination for all guests in hotels and hostels,\nAirbnbs, and other short-term accommodations. <\/p>\n\n\n\n<p>In mid-August, Puerto Rico started <a href=\"https:\/\/prfaa.pr.gov\/2021\/07\/29\/governor-pierluisi-unveils-new-covid-19-executive-order-that-requires-vaccination-of-all-government-employees\/\" target=\"_blank\" rel=\"noreferrer noopener\">mandating<\/a> vaccinations (or weekly negative test results) for\nlarge groups of workers. A $5,000 fine, or even jail time, can be imposed on\nthose who don\u2019t qualify for official exemptions and refuse to follow the\nmandates.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Looking Ahead: Virus Protection Is Now Relevant for Home Buyers<\/h2>\n\n\n\n<p>It\u2019s becoming clear that entities are weary of incentivizing\nworkers and others. They are increasingly willing to require Covid shots. Those\nwho were holdouts before the federal administration\u2019s new mandates, as\nannounced on Sep. 9, 2021, will find it easier to explain mandates to their\nworkers in the months ahead. <\/p>\n\n\n\n<p>In this environment, we can expect lenders to consider\nwhether applicants are following the currently recommended health precautions.\nThe matter will be part of any borrower\u2019s assurances that they are widely\nemployable and can be expected to pay off a major loan.&nbsp;&nbsp; <\/p>\n\n\n\n<p>Covid is leaving a bigger mark on real estate than most of\nus could have ever imagined when we first heard the name of this disruptive\nvirus.<\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">Timothy Aeppel\u00a0and\u00a0Jarrett Renshaw for<em> Reuters: <\/em><a href=\"https:\/\/www.reuters.com\/world\/us\/few-cheers-many-worries-among-us-businesses-facing-covid-19-vaccine-test-mandate-2021-09-09\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">A Few Cheers, Many Worries Among U.S. Businesses Facing Covid-19 Vaccine<\/a>, Test Mandate (Sep. 9, 2021). \u00a0<\/p>\n\n\n\n<p class=\"has-small-font-size\">Ahmed Aboulenein for <em>Reuters<\/em>: <a href=\"https:\/\/www.reuters.com\/world\/us\/bidens-new-covid-19-plan-includes-vaccine-test-mandates-2021-09-09\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Factbox: Biden&#8217;s New Covid-19 Plan Includes Vaccine, Test Mandates<\/a> (Sep. 9, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Jackson Lewis PC for the <em>National Law Review:<\/em> <a href=\"https:\/\/www.natlawreview.com\/article\/covid-19-vaccination-considerations-real-estate-industry\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Covid-19 Vaccination Considerations for the Real Estate Industry<\/a> (Feb. 10, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Daniella Genovese\u00a0for <em>FOXBusiness.com<\/em>: <a href=\"https:\/\/www.foxbusiness.com\/lifestyle\/companies-requiring-employees-get-vaccinated\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">COVID-19 Vaccine: Major Companies Requiring Employees Be Fully Inoculated<\/a> (updated Aug. 20, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Rick Morgan for the <em>Puget Sound Business Journal<\/em>: <a href=\"https:\/\/www.bizjournals.com\/seattle\/news\/2021\/08\/03\/redfin-pushes-back-office-reopening.html\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Redfin Pushes Back Office Reopening, Will Require Vaccinations for Returning Workers<\/a> (Aug. 3, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">National Association of REALTORS\u00ae: <a href=\"https:\/\/www.nar.realtor\/coronavirus\/covid-19-guidance-for-workplace-vaccination-policies\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">COVID-19: Guidance for Workplace Vaccination Policies<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size\"><a rel=\"noreferrer noopener\" href=\"https:\/\/www.businesswire.com\/news\/home\/20210825005253\/en\/The-First-Mortgage-Lender-to-Offer-Significant-Discount-to-Vaccinated-Applicants\" target=\"_blank\">Neat Capital Inc.<\/a> (via REALTOR\u00ae Magazine): <a href=\"https:\/\/magazine.realtor\/daily-news\/2021\/08\/26\/lender-offers-mortgage-discount-to-the-vaccinated\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Lender Offers Mortgage Discount to the Vaccinated<\/a> (Aug. 26, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Matt Carter for <em>Inman.com<\/em>: <a href=\"https:\/\/www.inman.com\/2021\/08\/25\/mortgage-lender-offers-500-discount-to-applicants-who-get-covid-vaccine\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Mortgage Lender Offers $500 Discount to Applicants Who Get Covid Vaccine<\/a> (Aug. 25, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Danica Coto for the Associated Press: Puerto Rico Requiring\nCOVID Vaccine for All Hotel and Airbnb Guests (updated Aug. 16, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">David Podein, <em>et al., Daily Business Review \u2014 Law.com<\/em>: <a href=\"https:\/\/www.law.com\/dailybusinessreview\/2021\/03\/30\/are-condominium-associations-immune-to-vaccine-related-liabilities\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Commentary \u2014 Are Condominium Associations \u201cImmune\u201d to Vaccine-Related Liabilities<\/a>? (Mar. 30, 2021). <\/p>\n\n\n\n<p class=\"has-small-font-size\">Katherine Feser for <em>HoustonChronicle.com:<\/em> <a href=\"https:\/\/www.houstonchronicle.com\/business\/real-estate\/article\/Camden-requires-COVID-vaccines-for-employees-16395300.php\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Commercial Real Estate Firm Camden Requires Covid Vaccines for Employees<\/a> (Aug. 18, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Marissa Luck for <em>CoStar News<\/em>: <a href=\"https:\/\/www.costar.com\/article\/2112582385\/major-apartment-owner-to-require-property-managers-corporate-employees-get-vaccinated\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Major Apartment Owner to Require Property Managers, Corporate Employees Get\u00a0Vaccinated<\/a> (Aug. 20, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Orla McCaffrey for <em>The Wall Street Journal<\/em>: Mortgage\nBorrowers Who Get the Jab Face Reduced Tab (Sept. 3, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/unsplash.com\/photos\/uN8TV9Pw2ik\" target=\"_blank\">CDC<\/a>, <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/unsplash.com\/photos\/pvLqXLVMsis\" target=\"_blank\">Roger Starnes, Sr.<\/a>, and <a href=\"https:\/\/unsplash.com\/photos\/1j51HpU0Wbc\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Andrea Davis<\/a>, via Unsplash.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Closing Discounts for Vaccinated Borrowers, and Other Stories A year and a half has passed since the major 2020 workplace interruptions. And here we are. Still grappling with the health and economic threats from Covid \u2014 especially its delta variant. The Biden administration wants fully vaccinated adults to receive a Covid-19 booster shot as soon [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-1675","post","type-post","status-publish","format-standard","hentry","category-general"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Real Estate Industry Weighs in on Vaccines - Deeds.com<\/title>\n<meta name=\"description\" content=\"Vaccine requirement decisions have also entered the real estate sphere. 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