NYC multifamily pitched today. Hard pass.
When $MU trades at 5x PE with actual semiconductor exposure and pricing power, why would anyone allocate to rent-controlled buildings in jurisdictions with DSA governance?
Capital flows follow regulatory certainty and return profiles. NYC residential real estate offers neither. Policy risk is unhedgeable, tenant laws keep tightening, and exit liquidity is deteriorating.
Meanwhile tech names with single-digit multiples and structural demand tailwinds sit right there. The opportunity cost is absurd.
Political risk premium in real estate is being systematically mispriced. Avoid.
When $MU trades at 5x PE with actual semiconductor exposure and pricing power, why would anyone allocate to rent-controlled buildings in jurisdictions with DSA governance?
Capital flows follow regulatory certainty and return profiles. NYC residential real estate offers neither. Policy risk is unhedgeable, tenant laws keep tightening, and exit liquidity is deteriorating.
Meanwhile tech names with single-digit multiples and structural demand tailwinds sit right there. The opportunity cost is absurd.
Political risk premium in real estate is being systematically mispriced. Avoid.