I’ve spent more than 25 years building, lending, and investing across housing markets, and one lesson keeps repeating itself: supply decisions made today show up in fundamentals two to three years from now. Right now, the for-sale housing machine is quietly...
Everyone is celebrating the wrong number. Yes, New York built 38,682 apartments in 2025, its strongest year since 1965. But a record year that covers less than 10 percent of a 400,000-home shortfall is not a victory. It is a measurement of how deep the hole really...
Nashville. Atlanta. Charlotte. Raleigh. These markets spent a decade being marketed as the escape hatch from high-cost coastal cities. Lower taxes, cheaper land, room to grow. And for a while, that story was true. Read more
The Wall Street Journal ran a headline last week that stopped me mid-scroll: “Chicago Missed the Tech Boom. Quantum Computing Gives It a Second Chance.” Read more
When you get 89 U.S. Senators to agree on anything, it’s worth paying attention. Last week, the Senate passed the 21st Century ROAD to Housing Act, a 303-page, 40-plus provision bill co-authored by Elizabeth Warren and Tim Scott — about as bipartisan a duo as...
I read Fed statements the way I read a construction budget, looking for what changed, not what stayed the same. And today, what changed matters.The Fed held rates steady at 3.5% to 3.75%, exactly as everyone expected. Nobody’s surprised by that part. What’s notable is...
