I’ve been watching this number for a while, and I want to be direct about what it means. This isn’t a Miami story. It’s a New York story that’s playing out through Miami’s balance sheet.The trade that built “Wall Street South” was never really about Miami. It was...
I have spent more than 25 years building, lending, and investing across housing markets, from my start in Detroit in 1992 to the work my firms are doing today in Vermont, Nashville, Philadelphia, Steamboat, and Texas. When you have been through this many cycles, you...
On Tuesday, New York became the first state in the country to freeze new data center construction outright. Governor Kathy Hochul signed an executive order imposing a one-year moratorium on any new data center that draws 50 megawatts or more — the threshold that...
I dropped a teaser on Instagram today for a new mountain resort concept we have been developing, and I wanted subscribers to hear the reasoning before the marketing.Regular readers know the thesis. Mountain resort communities have a structural housing problem, demand...
I have spent more than 25 years on job sites, in lender meetings, and across the table from general contractors, and I can tell you the current cost environment is not a blip. It is a structural repricing of what it costs to build in America, and owners who treat it...
