I have been doing this since 1992. I have watched three separate media cycles declare the American mall finished. Time magazine did it in 1998. The trade press did it again in...

For the better part of five years, our real estate thesis has been pretty simple.Go smaller.Smaller cities. Smaller metropolitan areas. Markets where the fundamentals make sense,...

There is a strange thing happening in America right now.We are preparing to spend extraordinary amounts of money building infrastructure for artificial intelligence while...

Every year the National Low Income Housing Coalition puts out Out of Reach, and every year I look for one number, what does a full time worker need to earn to afford a modest two...

I read a lot of headlines like that. I also read the actual data behind them, because that's the job. And three years of regional business survey data just told a very different...

Here's the thing about this newsletter. We're not selling a seminar. We're not gatekeeping a strategy behind a paywall or a course fee. Every idea in here is the same thing we're...

I've spent more than 25 years building and financing housing, from Detroit in the early 90s to the mountain resort towns I work in today. In that time I've watched manufactured...

There is a comfortable story America tells itself about the 1970s and 1980s, that our factories left for China because of cheap labor and unfair trade. That's part of it. But it...

If you follow the mainstream real estate narrative, you would think nobody wants to build apartments anymore.Interest rates are too high. Construction costs are too high. Banks...