When will we see change? Will there be a vacancy reset? Nobody knows the timing, and anyone who tells you they do is guessing. The current path is not sustainable so with that in mind, something will change – what it looks like and when it happens is anyone's guess. But what won’t change is compliance and enforcement. There are not going to be fewer regulations. There will only be more. The compliance costs only go in one direction, and that direction is up. Facades, elevators, boilers, lead paint, union…

On almost every transaction you get to the point where you’re close and both sides start digging their heels in and rationalizing why their last counter offer should be the final price. Here is some advice to both buyers and sellers of rent stabilized buildings. Sellers (Including Lenders): If you put a rent stabilized building on the market with the intention to sell – just sell it. Every day since June of 2019 the price has gone down and there’s nothing in the forecast indicating that help is on the…

Wall Street will sell you SpaceX at a $1.75 trillion valuation on roughly $18.7 billion of revenue. That’s almost 100 times revenue for a company that lost nearly $5 billion last year. Meanwhile, rent-stabilized apartment buildings in New York City are trading around 5 times gross rent roll. Comparable metric. One is priced at 5x. The other at 100x. And the one at 5x is the one people are afraid to buy. What SpaceX is actually asking you to believe.   SpaceX wrote in its own S-1 filing that it…