Rick Brunson is the true MVP(arent)

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I may have just inadvertently run the most Jewish search in the short history of AI searches. Happy Passover!

This is exactly right, not just for great neighborhoods, but for affordable ones too. For example, Houston consistently ranks among the top five MSAs for in-migration, yet its rent growth remains below CPI. The reason is simple: with no zoning constraints, developers can build enough housing to meet demand, and often exceed it.

Barry Sternlicht gives an insightful view about the challenges of real estate right now - and how to still make a lot of money in the current environment Here's what he said: "I think people, as they always do, tend to look in the rear view mirror and they look at a suboptimal performance of the real estate asset class across the last 3-4 years. Nvidia goes up a trillion dollars in four months. Like the hot kids on the block are everything AI, everything chatbot, etc... There are meme stocks that go from zero to $7 a share on a tweet. Crypto - there's worthless coins with $20 billion dollar market caps. There's a coin called Useless. It's [literally] useless. It debuted in March 2025 and it went to a $700 million value. And the coin says "we are completely useless" In real estate people get rich but it's boring. You get rich holding on to it over long periods of time. It's not a day trading asset. The country right now is very impatient. So people want to play the hot thing. Real estate looks sort of sad in your portfolio right now. The only thing it beats is treasuries. And even then, it's not even beaten that. But you'll do well picking properties in the right cities... Everything is micro in real estate. For example, I built a building in South Beach. The first lease was $54. It's on the beach, and nobody built a new office building in 20 years. We leased it up in the pandemic. It's 100% leased. A tenant actually needs to grow, and they called us last week. They're paying $125 and we'll re-lease it at $175. I mean, you can still make a lot of money if you get the micro market right."

Shelter has been dropping for two years. Our reporting system on shelter needs to be torn down and rebuilt from scratch.

Thank you for the plug, David! If you need third party PM services by a team who will treat your property as their own, please reach out. DMs are open.

Once obtained a building permit for a new ground up grocery store in a South Florida town in two weeks.

What does this mean about evictions and missed rent? Do missed payments that are 30 days late adversely affect credit scores and are reportable to the agencies? What’s the process with reporting positive results?

The reason no one is buying houses right now is because U.S. housing market affordability is literally at the worst level in the past 35 years. Today, an American making median income needs to spend 39.7% to afford the monthly mortgage, tax, and insurance payment. The long-term norm is 29%. And during the depths of the last housing crash, it became as cheap as 22%. For a rebound in the housing market to take place, this Mortgage Payment/Income Ratio needs to get cheaper, probably closer to 30%. To get there, home values need to drop 15%, and mortgage rates need to drop 1.5%.

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Thank you, Uncle Larry!

I prefer “slightly under half full”

I’m the furthest thing from an expert in sovereign bonds, but for sovereign bond investors US long-term treasuries seem like an incredible bargain at this moment in time.

For years, landlords have warned that rent-stabilization laws are financially unsustainable. Now, for the first time, they’re proving it — with receipts. In an investigation by Bisnow reporter Sasha Jones, two major New York City property owners managing 4,300 rent-stabilized apartments across the outer boroughs handed over their financials. What they reveal is bleak ... bisnow.com/new-york/news/aff…

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This was a fun one! Looking forward to doing this state of the market recap with @maxsharkansky and Mitch more often.

We’re in the market for a senior accountant. Please DM me if you know of any great candidates. Yardi experience is a prerequisite.

I spent the day yesterday in San Francisco and the City feels as good as it’s ever felt. Amazing what political will can do when it’s moving in the right direction.