In this week’s episode, we discuss rising rates, a jump in risk premiums, and several painful comps in the commercial real estate market. The Trepp team searches for silver linings in a tough CRE market, we share positive retail stories, a lot of green shoots and crab grass for office, multifamily comps galore, and an industrial story to note. We also talk about NYC rent control and the retail apocalypse version in the office market. Tune in now.

Episode Notes:

•	Economic update: stagflation, jobs, rates (0:23)
•	NYC rent control discussion (3:27)
•	Risk in the market (5:25)
•	Banks' unrealized losses (8:00)
•	Positive news for the retail market (10:24)
•	Office green shoots (21:18)
•	Office crabgrass (28:35)
•	The retail apocalypse of the office market (32:48)
•	Multifamily news and comps (39:28)
•	Industrial story (45:10)
•	Shoutouts (47:55)

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Rates Up, Risk Premiums Jump, and Lots of Painful CRE Comps

220. Rates Up, Risk Premiums Jump, and Lots of Painful CRE Comps

The Best of 2023 continues with historian Jo Guldi on her Boston Review article, "The Earth for Man," on land redistribution which is adapted from her Yale University Press book, "The Long Land War: The Global Struggle for Occupancy Rights." Following the interview, we read the rest of your answers to the Question from Hell and select our favorite of the week and Sebastian Wuepper delivers another timely Past Inside the Present.

Check out Jo's article here: https://www.bostonreview.net/articles/the-earth-for-man/

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Best of 2023: The Long Land War / Jo Guldi

Key factors to a successful rent strike include people doing it at the same time, and being organized for collective action when the cops come to try to evict.  It worked in the 1930's, but since then society and the laws have backtracked a whole lot.

Rent Strike

Amid national political turbulence and big proposals for commercial real estate regulation, we wanted to dig into the implications of the latest data and major trends on CRE markets. In this episode, we discuss the American consumer and findings from the Fed Beige Book, large stories across the property types from recent CMBS data, "the largest CRE loan sale ever in US banking," and a rundown on rent control. Tune in now.

Episode Notes:

- Economic Update (0:50)
- Fed Beige Book: Regional Digest (2:20)
- Office trading alerts (9:16)
- Lodging news (25:28)
- Retail stories (28:25)
- Q2 Bank Earnings review (30:35)
- National rent control (33:52)
- Shoutouts (44:03)

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Questions or comments? Contact us at podcast@trepp.com.

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267. Regional Fed Beige Book Update, CMBS Trading Alerts, Rent Control Rundown

If NIMBY is the classist rejection of affordable housing ("Not in my back yard”), then YIMBY is sold as the progressive counter to it: “Yes, in my back yard; because I believe affordable housing should be widely available, even in my own neighborhood.” But of course, housing development has nothing to do with the needs of the poor or the working class. It has nothing to do with the public purpose. 

Steve’s guest, political economist David Fields, explains: 

“YIMBY is yes to housing in my backyard, but housing for developers to extract profit from land value.  So build as much as possible within a given area and, in the end, extract as much as possible through rent extraction and land value appreciation. It's not, in my view, yes to actual affordable housing in my backyard to house working class folks. No, it's yes to luxury skyscrapers, luxury this, luxury that. Build as cheaply as possible for vested interests to maximize gain.” 

YIMBY’s want us to believe that sheer quantity will bring prices down, because that’s how the market works.  Those who object are accused of NIMBYism. In addition,  

“They're economically illiterate, they're economically stupid, they don't know, they don't pay attention, and they're not letting the magic do its magic. Which, anybody who knows a modicum of economics and knows that supply and demand is institutionally configurated - not natural  - should be flabbergasted and say, how did this get to be so popular, so celebrated?  Well, there are vested interests involved.” 

The episode explores the misleading narratives of YIMBYism and compares the market-driven approach to housing to trickle-down economics, emphasizing the constructed scarcity and profit motives behind urban planning. David points out the misuse of economic models like the Marshallian Cross, highlighting flaws in the market logic often used to justify YIMBY policies.  

David and Steve talk about the broader neoliberal agenda of privatization and deregulation, and its stranglehold on government policies. Awareness and organization are needed to combat systemic class inequality in housing and beyond. 

David Fields is from a critical realist and genetic structuralist ontology and epistemology. His work centers on the intricacies concerning the interactions of foreign exchanges and capital flows, with economic growth, fiscal and monetary policy and distribution, whereby critical attention is paid to the notion of endogenous money. He also delves into the political economy of regional development to study patterns with respect to the nature of housing, social stratification, and community planning.

YIMBYism is Code for Gentrification with David Fields

This podcast explores the nuanced topic of rent control and its impact on landlords, tenants, and housing markets. The perspectives shared reveal how different regulatory environments can shape investment strategies and housing dynamics. Here’s a summary of the key points:

1. The Definition and Forms of Rent Control
Varied systems: Rent control may cap increases at a set rate tied to the property or allow market resets when tenants vacate.
Examples of systems: Alberta operates without rent control, while Ontario and many U.S. states have prescribed limits on rent increases.

2. Landlords' Perspective on Rent Control
Investment decisions: Many landlords, including those in the U.S., prefer markets without rent control due to greater flexibility in setting rents and managing evictions.
Challenges under rent control: Strict controls may discourage reinvestment in properties, potentially leading to deteriorating housing quality.
Operating costs: Rising costs—such as taxes, insurance, utilities, and garbage services—often consume a significant portion of rental income, leaving landlords with limited funds for property upgrades.

3. Tenants' Perspective and Benefits of Rent Control
Affordability: Rent control can provide stability and affordability for tenants, particularly in low-vacancy markets.
Challenges: Some systems incentivize landlords to prefer tenant turnover to reset rents, potentially creating tension.

4. Market Dynamics and Supply
Role of supply: Expanding housing inventory is seen as a key solution to stabilizing rents without heavy regulatory intervention.
Case studies: Saskatoon and Edmonton were highlighted as examples where market adjustments (rather than strict rent controls) led to periods of affordability and recovery.

5. Broader Economic and Social Impacts
Social assistance: Inadequate government support for vulnerable populations often exacerbates housing struggles, overshadowing the role of landlords.
Political narratives: The dialogue critiques oversimplified portrayals of landlords as exploitative and tenants as victims, emphasizing the need for balanced discourse.

6. Preferences in Investment
Landlord-friendly markets: Investors like those speaking in this discussion prioritize jurisdictions with minimal rent control and clear rules around evictions.
Flexibility and fairness: Landlords often strive to keep rents competitive to retain tenants while balancing operational costs.

This discussion underscores the complexity of rent control policies and their far-reaching implications. It highlights the importance of balanced regulation that supports tenants’ needs while ensuring landlords can sustainably maintain and improve housing stock.

EP176 How Do You Invest Where There Is Rent Control

Brian Johnson, chief executive officer of the Board of Realtors, and City Council member Meagan Harmon join the genial host for an in-depth conversation about Santa Barbara’s proposed “right to return” ordinance, the latest landlord-tenant battle in the city, which would allow renters to return to their unit after a property owner makes major repairs or renovations, at no more than a 10 percent increase in the original rent they were paying.

Episode 486: Rent control  debate; March 27, 2025

It's been a year since Catalunya implemented rent control. How well is it working, and why have tenants rallied for more protections? Olivia Haber Greenwood reports.

Read the full story at https://shelterforce.org/2025/04/03/in-barcelona-rent-control-shows-promise-but-short-term-rentals-limit-progress/

In Barcelona, Rent Control Shows Promise—But Short Term Rentals Limit Progress

Albany's Tulip Festival draws tens of thousands to see the tulips, enjoy music and food, and check out the arts and crafts. It is also an opportunity for various advocacy groups to educate the public about their causes. We hear from Canyon Ryan of United Tenants of Albany discuss the push for rent control; Jane Fanning of the Guilderland Chapter of March for our Lives talk about the need for gun control; and Riley Hart of United NY about the need for political reform. With Mark Dunlea for Hudson Mohawk Magazine.

Voices from Albany's Tulip Festival on Tenants, Gun Violence, Political Reform

On Tuesday, May 20 justice advocates and tenants rallied on the steps of Albany City Hall to demand urgent action in response to federal housing cuts and to call on New York State to strengthen protections for renters and the homeless.

The action was part of a national day of action organized by the Right to the City Coalition to bring attention to the devastating impact of proposed HUD funding cuts, and growing housing insecurity across NYS. Issues included defense of public housing and section 8 programs and expansion of rent stabilization statewide. We hear from 
•	Melinda Piece, Danker Village Tenants Union
•	Richard Johnson, Albany Chapter of the National Union of the Homeless
•	Canyon Ryan, United Tenants of Albany
•	Alfredo Balarin, Albany Common Council Member for the 11th Ward and
•	Tammera King, Ida Yarbrough Tenants Union


Tenants Rally in Albany vs HUD Cuts, To Expand Rent Control

Shelterforce is nonprofit news publication that covers affordable housing in the U.S., as well as community planning, racial equity, community development, and more. Here you can listen to authors read their latest Shelterforce articles, as well as our interviews with folks on the ground. For more, go to shelterforce.org.

To support our nonprofit newsroom, make a tax-deductible donation at https://shelterforce.org/donate.

Singer/songwriter, writer, podcaster (on Spotify, Substack & Patreon), libertarian socialist, dad, lover of life.

Hudson Mohawk Magazine is a local volunteer-produced news hour that provides sanctuary for the discussion of a wide range of topics, scaling from the global to the hyper-local. The show is broadcasted from The Sanctuary for Independent Media on WOOC 105.3 FM.

Thanks to listeners like you, the Sanctuary is able to use art and participatory action to promote social and environmental justice and freedom of creative expression.

Veteran journalist Jerry Roberts interviews Santa Barbara media figures and  public officials about local issues and politics.

Macroeconomics has never been so ... delish!  Macro and Cheese explores the progressive movement through the lens of Modern Monetary Theory, with hot and irreverent political takes, spotlights in activism, and the razor sharp musings of Real Progressives Founder and host Steve Grumbine.  The cheese will flow as experts come in for a full, four course deep dive into the hot queso. 

Comfort Food for Thought!

Leveraging Trepp’s market expertise and proprietary data sets, The TreppWire Podcast enables listeners to stay up-to-date on all things commercial real estate, structured finance and banking. 

Featuring Trepp subject matter experts and guests from across the industry, the weekly podcast explores how recent events have impacted both the markets and the daily lives of market participants. 

Questions or comments? Please contact us at podcast@trepp.com.

New tracks tagged #Rent Control