Rent caps feel like protection, but they quietly backfire. When you cap future rent increases, landlords don’t magically earn less. They raise starting rents, stop upgrading units, and hold onto tenants longer. Investors pull back, developers kill projects because the risk

“Stop letting big corporations buy homes!!” No. That’s not the problem with affordability. At a national level, SFR remains one of the least institutionalized real estate asset classes in the U.S. Roughly 70%+ of U.S. single-family rental homes are owned directly by

PSA for those complaining about messy t12s and pdf rent rolls: The only historical financial information you actually need to underwrite a property is utilities.

Too many people say "we don't need more luxury apartments." If you care about affordability, yes you do. Great article from Bloomberg that shows when you build "luxury" apartments, even lower-income renters benefit from the downstream impact. Science > Rhetoric

We need to keep building homes. CRE development contributed 17.5% to the US GDP in 2025. It’s about more than just pushing rents down, it’s about keeping the economy afloat.

Residential is the anchor of the real estate market. Construction spending in 2025 from greatest to smallest is Multifamily (40%), Office (25%), Industrial (15%), Warehouse (13%), Retail (7%).

Interest rates aren’t high, stop waiting to buy. The 10 year historical average is 5.4%, much higher than it is today. The ridiculously low rates between 2020 and 2021 were caused by aberrant monetary policy which would only happen again from a severe financial crisis. You don’t

Bipartisan support for a bill aimed at housing affordability (at least in some small part). The Build Housing, Unlock Benefits and Services Act was introduced in Congress to support transit-oriented development particularly for affordable housing. The bill extends multiple

This guys wants to sell me a 7 cap on SCREAMING VALUE ADD OPPORTUNITY. NOI doesn’t include insurance or taxes. I find the parcel, taxes are delinquent. I’m gonna pass.

J Cole’s swan song. The goat.

$160B of multifamily debt matures in 2026. And transaction volume is still near cycle lows. That seems impossible. It isn’t. We assume loan maturities create sales, but they actually create recapitalizations. Owners don’t sell. They fix the capital stack. Preferred equity.

What’s up with pushing your market rents right before listing? I’m going to see your leased rents. Do you want an unsophisticated buyer who wouldn’t catch something this basic?

$160B worth of multifamily debt matures in 2026 (vs $100B in 2025). Meanwhile FHFA just raised multifamily caps by $15B per agency (20% increase from 2025). Fannie & Freddie will carry this refi wave. Which is exactly why privatization is moving slower than headlines suggest.