The Real Estate Espresso Podcast

Episoder

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  Affordable Housing wiht Nathaniel Kiger 04.10.2026 16min

  Nathaniel Kiger is based in Seattle Washington. He specializes in affordable housing using government subsidies. On today's show we are talking about the criteria that make for a viable project versus one that meets demand, but loses money. Ton connect with Nathaniel, visit https://www.lee-associates.com/northwest/nate-kiger/------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Oops! The Jobs Report Missed Again 03.10.2026 5min

  On today’s episode, we’re peeling back the layers on the latest U.S. Nonfarm Payroll report. If you turn on the news or listen to government officials at the podium, the narrative remains steadfast: the economy is robust, the labor market is resilient, and the elusive "soft landing" has been achieved.But as real estate investors and market operators, we know that headline figures are written for optics, while the truth is buried in the revisions. When you dig into the hard numbers from the Bureau of Labor Statistics, a starkly different economic picture comes into focus—one marked by underlying contraction, vanishing jobs, and a sharp deceleration in consumer-facing sectors.July’s payroll numbers were quietly revised downward by 31,000 positions. That single adjustment flipped July from a previously reported gain of +21,000 jobs into a net loss of 10,000 jobs. August wasn’t spared either—it was revised down by 29,000 jobs, bringing its total down from +162,000 to +133,000.In total, 60,000 jobs that were previously announced to great fanfare were erased retroactively.Throughout the summer, official initial estimates painted a picture of an unbroken consumer spending spree at restaurants, bars, and resorts. But remember the FIFA World Cup was hosted in June and July. Does it make sense that hiring in hospitality would accelerate after the World Cup was over? Does it make sense that hospitality is growing at the same time that arlines like American Airlines and United Airlines reduce capacity and cuts flight? Airlines do not cut flights or trim seat capacity on a whim. They do so because forward bookings are softening and corporate travel budgets are being tightened. Airline capacity is a premier leading indicator for hospitality performance.Expect more revisions. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  BOM - The Hard Thing About Hard Things by Ben Horowitz 02.10.2026 6min

  Our book this month is The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz. Ben  co-founded Loudcloud, a cloud computing company launched during the technology boom of the late 1990s. Soon afterward, the dot-com crash created an extremely difficult operating environment. The company faced declining markets, financial pressure, layoffs, strategic changes, and the constant possibility of failure. Loudcloud was eventually transformed into Opsware and later sold to Hewlett-Packard for approximately $1.6 billion.His book is a practical, candid examination of what it really means to lead a company through uncertainty, crisis, rapid growth, and difficult decisions. Unlike many business books that focus on formulas for success, Horowitz concentrates on the situations where formulas stop working. His central message is simple but powerful: the hardest problems in business usually do not have obvious solutions, and leadership is often defined by how a person responds when every available choice carries risk.----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  The AI Balance Sheet Is Broken 01.10.2026 7min

  I’m seeing some scary parallels between the dot com era and today. I was part of the dot com era and there were some powerful lessons from that time. It’s tempting to say this time is different. But even if there is demonstrable customer demand and revenue, there are still some what where the same troubling trends are showing up. When I was at Nortel we had numerous strategy meetings about how we could compete more effectively  on a global basis. Back then, companies like Alcatel and Ericsson were doing much better globally than we were at Nortel. The folks at Ericsson would show up with their banker in the meetings who could offer them favourable financing terms. The folks at Nortel didn’t have any such offer. So both Nortel and Lucent went out and borrowed money in the bond market on the strength of their balance sheet and income statement. They in turn provided financing to their customers on terms that were much better than those customers could secure on their own. When the dot com bubble burst, those bonds became a problem and ultimately resulted in the failure of Nortel and the merger of Lucent with Alcatel. So here we are in 2026, there is a massive build-out of AI infrastructure. So when I draw a comparison to the dot com bubble, this is where I am seeing the strongest correlation. If Anthropic and OpenAI were to stumble along the way, all of these companies, Amazon, Microsoft, Google, AMD, XAI, Broadcom, Nvidia, would all be negatively affected. These companies have assumed debt on behalf of their customers. The hyperscalers together represent about $3T of off-balance sheet risk. The debt in 2000 was 1T but the collateral had much more durable value than the collateral backing today’s debt. Therein lies an extreme level of risk in my opinion. If these companies don’t earn nearly 1T per year in real operating margin for the next 3 years they stand a very high chance of defaulting on that debt. ----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Property Tax Out of Bounds 30.09.2026 6min

  On today’s show we’re examining a form of apartment distress that can hide in plain sight. One of our team members recently visited , a 500-unit apartment complex in Pflugerville, Texas, just north of Austin.It is relatively new. Construction began in 2021 and the completed project was turned over in May of 2023. This isn’t a tired 1970s apartment complex suffering from decades of deferred maintenance.Let’s follow the property through the tax records.In 2021, while the project was getting underway, the assessed value was about $5.3 million.In 2022, it increased to $6.8 million.By 2023, with construction well underway, the assessment had reached $34.8 million.Then the project was completed.The following year, the assessed value jumped to $114.4 million.Think about that.In a single year, the taxable value increased by nearly $80 million.The resulting 2024 property tax bill was approximately $2.53 million.For 2025, the assessment was reduced to $105 million and the tax bill fell to roughly $2.36 million.Austin experienced extraordinary population and rent growth during the pandemic years. Interest rates were low, cap rates were compressed and developers responded to the demand by building thousands of new apartments.Eventually that new supply arrived.Rents softened. Concessions increased. Occupancy became more competitive. At the same time, interest rates increased and multifamily cap rates expanded.Today, It is advertising one-bedroom apartments starting around $1,100 per month. More importantly, the property has been advertising concessions of up to ten weeks free.Ten weeks free on a twelve-month lease is nearly a 19% concession.So we have two very different things happening at the same property.The tax records say the property was worth $114 million in 2024 and $105 million in 2025.The rental market is simultaneously forcing ownership to compete for residents using lower rents and substantial concessions.That raises a simple question.If you were buying It today using today’s rents, today’s concessions, today’s expenses and today’s cap rates, would the income support a $105 million valuation?--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  The Next Stock Market Crash 28.09.2026 6min

  I’m going to go on record with a prediction that’s somewhere in the next six months, we will see a major pull back in the stock market specifically tied to artificial intelligence. My reasoning for this is three-fold:There was a change to the generally accepted accounting principles (GAAP), a few years ago. Data center investments have been delayed due to community opposition.We have a large amount of hardware that has already been delivered that is yet to be installed. The combination of these three factors will appear on company earnings statements within the next two quarters which will have a negative impact on stock valuations. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Due Diligence with Shane Pogue 28.09.2026 13min

  Shane Pogue is based in Dallas Texas. He has a background in criminal investigation from his years at Fidelity. Today he helps real estate investors with all forms of due diligence. To connect with Shane, visit his website at Aegis Risk Solutions Investigations or on Linkedin at https://www.linkedin.com/in/shane-pogue-6b900a11a/------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Live Talk - Land Development Pitfalls 26.09.2026 22min

  On today's show I'm sharing a segment of the Land Development Mastermind hosted by Brandon Cobb. We're touching on a subset of the top 10 land development pitfalls. -----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Should I Wait For The Midterms? 26.09.2026 5min

  On today’s episode, we are tackling a question that is front and center for almost every capital allocator, developer, and buy-and-hold investor right now: Should you freeze your major investment decisions until after the upcoming U.S. midterm elections?When you turn on the news, the message seems clear: danger ahead. The equity markets get jittery. Bond yields swing unpredictably, taking mortgage interest rates along for the ride. Capital providers start tightening their underwriting standards, and institutional money pauses to see which way the political wind is blowing.In times like this, the natural human instinct is risk aversion. Many investors decide to step back, lock their cash in treasuries or high-yield savings, and say, 'I’m just going to wait until the dust settles before making my next acquisition.'Some will. In fact, many will.But today, I want to challenge that line of thinking. Is waiting for election clarity actually a prudent risk-management strategy, or is it just market timing in disguise?The illusion of 'waiting for clarity' assumes that after the election, certainty will magically return to the market. But historically, does it? If one party wins a narrow majority, you might see months of lawsuits, recounts, or legislative standoffs. If power shifts, you face potential shifts in tax law, capital gains treatment, or environmental regulations. If power remains divided, you get gridlock—which, ironically, Wall Street often likes because it prevents radical policy shifts, but it also means long-standing issues like housing affordability and infrastructure funding go unaddressed.Clarity is a mirage. If you wait for complete political and economic clarity before deploying capital, you will be waiting forever.----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Outsource or Vertical Integration? 25.09.2026 5min

  If you look back through the history of modern business, you’ll notice a distinct pendulum swing. There are eras where vertical integration is the ultimate gold standard, and there are eras where asset-light outsourcing is the only way to survive.So, where does real estate fit into this pendulum swing? And more importantly, as a real estate business owner, should you be building everything on your own, or should you be outsourcing everything but the core strategy?-----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Another Law Struck Down By Supreme Court 24.09.2026 7min

  On today’s show we’re going to talk about a Washington Supreme Court decision that, on the surface, is about natural gas.But I think the much more interesting story is what this ruling could mean for the way laws are written, and by extension, for real estate investors trying to understand the rules under which they are making long-term investment decisions.The case is called Climate Solutions versus State of Washington. On September 17, the Washington Supreme Court struck down Initiative 2066, a ballot initiative that Washington voters had approved in 2024. The initiative was broadly aimed at protecting access to natural gas and limiting government policies that would discourage its use.But the court did not strike it down because of the merits of natural gas policy.It struck it down because of the way the initiative was constructed.Washington’s Constitution contains a remarkably simple sentence. Article II, Section 19 says:“No bill shall embrace more than one subject, and that shall be expressed in the title.” Historically, courts have allowed fairly broad legislation. A bill dealing with transportation, for example, can obviously contain provisions governing roads, transit, bridges and funding.But the Washington court emphasized that it is not enough for every provision merely to relate to some enormously broad title.There must be what the court calls vertical rational unity — the provisions have to relate to the overall subject of the legislation.But there must also be horizontal rational unity. In other words, the provisions need to relate meaningfully to each other.43 states have similar single subject provisions in their constitution. So this is not just a Washington issue. This ruling will likely be cited in other jurisdictions. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Multifamily From The Curb Appeal? 23.09.2026 5min

  When I first started investing in real estate, I was taught a very simple technique.Drive the neighborhoods. Look for the houses where the lawn is overgrown, the gutters are falling off, the paint is peeling, and the maintenance has clearly been deferred.The year was 2010. We were in the middle of the aftermath of the Global Financial Crisis, and hundreds of thousands of homeowners were in financial distress. Sometimes the first evidence of trouble was not in a foreclosure filing. It was visible from the street.I think we need to start applying that same thinking to multifamily.One of our team members recently visited a relatively new Class A apartment complex in Pflugerville, Texas. There were plenty of cars in the parking lot. This was not some abandoned property.But the property wasn't showing like Class A.The landscaping was neglected. Cleanliness was below what you would expect from a relatively new luxury property. There were visible signs of deferred maintenance.The question is, what does that tell us?----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Too Old For News. Too New For History 21.09.2026 5min

  On August 2, I published an interview with Dr. Anas Alhajji on this podcast. Dr. Alhajji is an energy economist, and during our conversation one thing was clear: a shortage of oil tankers was coming, and it was going to ripple through the global energy supply chain.That was the story in early August for anyone who was paying attention.Now it's mid-September, and this is a front-page story in the Wall Street Journal.Let me be clear: I'm not criticizing the Journal. It's a great newspaper. But look at the timeline. The information was available. The analysis was available. The mechanism was understood. And it took roughly six weeks for the story to cross the threshold from "specialists are discussing this" to "this is headline news."That gap is the subject of today's episode.-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  The Broken Environment with Mark Shuler 21.09.2026 19min

  Mark Shuler is based in Seattle, Washington. He currently has over 4,000 apartments in his portfolio, largely in Texas. On today's show we are talking about the irrational exuberance of the past few years and the reckoning that is taking place in the market. To connect with Mark you can visit is architecture peactice at https://www.shulerarchitecture.com/ or his investment firm at https://sgreinvestments.com/.--------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  New Retail with Tim Dowling 20.09.2026 14min

  Tim Dowling is. based in Austin Texas. He is building a shopping center in a suburb of Austin along the I-35 corridor. On today's show we are talking about what is driving the demand and the design of the project. To connect with Tim, reach out to him on LinkedIn at https://www.linkedin.com/in/dowlingtim/ or at https://budacapitalpartners.com/-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Supreme Court Squashes Referendum 18.09.2026 5min

  If you’ve been in the development game for more than five minutes, you know the scenario. You find a parcel. You spend eighteen months and hundreds of thousands of dollars on environmental studies, traffic impact analyses, civil engineering, and public hearings. You work tirelessly with the city planning staff, you follow the local comprehensive plan to the letter, and finally—finally—the city council approves your Planned Unit Development, or PUD.You pop the champagne. You start pulling permits.And then, two weeks later, you get the notice. A group of local activists who don't want seeing new construction near their backyards have organized a petition drive. They’ve gathered enough signatures to trigger a public referendum to overturn your project's zoning approval on the next municipal ballot.Suddenly, your multi-million-dollar project, your capital stack, and your entire timeline are held hostage by a local popularity contest.Here’s what happened. A project involved a site-specific Planned Unit Development in Telluride, Colorado. The land was designated for a specific site plan, including an element aimed at addressing local workforce housing—a major need in mountain resort communities.When the local authority moved forward with approving the site-specific modifications to the PUD agreement, opponents organized a petition drive. They sought to use direct democracy—a citizen referendum—to amend or repeal the PUD agreement directly on the ballot.The case went all the way to the state Supreme Court. And the Court came back with a decisive, unanimous answer: No. You cannot use a ballot initiative or public referendum to overturn an administrative land-use approval.-----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Mega Answer to Bonus Depreciation 17.09.2026 5min

  Today’s show is sponsored by the Cost Segregation Guys. To save on taxes, visit the Cost Segregation Guys and learn how they can reduce your taxes. ------------When the media talks about a trade war, the discussion usually focuses on tariffs.The United States puts a tariff on Canadian steel. Canada responds with a tariff on American products. Then economists calculate how much prices might rise and which industries are going to be hurt.But tariffs are only one weapon in a trade war. There is another form of competition taking place that gets far less attention, and it may ultimately have a much larger impact on where companies decide to invest.Yesterday, the Canadian government announced what it calls the Productivity Mega Deduction. The proposal would allow businesses to immediately expense a much broader range of capital investments acquired after September 15 of this year.Instead of buying a piece of equipment and depreciating it gradually over many years, businesses could deduct the entire qualifying investment immediately.The United States has long had an advantage in this area through bonus depreciation.Canada is now effectively responding with its own version.-----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  The Fed Didn't Influence Your Decision 17.09.2026 6min

  Today is Fed rate day. This afternoon Federal Reserve Chairman Kevin Warsh announced a unanimous decision to increase the Fed funds rate by 0.25%. Today we’re going look deeper into the bond market functioning and not focus on the Fed. But the real question is whether the Fed leads the market, or whether the market has in fact determined interest rates independently of any committee decision. Was the Fed announcement merely a reflection of what the market has already been saying for weeks?You see bond yields are determined by the laws of supply and demand, combined with a risk premium layered on top of the coupon rate.The simplest explanation for bond yield and discounting the bond price is to ask each of you listening to this podcast for your own personal decision when presented with a bond offer. Let’s imaging for a moment that the coupon rate on a 10 year bond is 5%. That is the rate to maturity. But now let’s say that inflation is running at zero percent per year. That 5% face value on the bond is real income that is coming to you each and every year for that 10 year period. At the end of 10 years you get the final year of interest along with the full face value of the bond. That’s the ideal scenario that every investor would want. But now let’s imaging a different scenario. Let’s imagine that inflation is running at 4% and the bond has a face value of 5%. The simple math says that your yield is only 1% above the face value of the bond. So while the bond says 5%, the currency is being devalued by 4% leaving a difference of 1%. That might not be so attractive. So instead, you decide you’re going to offer to buy the bond at a discount in order to compensate for the fact that the bond is only giving you a yield that is 1% above inflation. You will notice that the Fed’s opinion of interest rates didn’t come into the conversation for your personal investment. You are merely making a decision about what rate you want the bond to yield in order to meet your investment criteria. ------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Free Help For Builders With New DOE Program 16.09.2026 5min

  On September 11, the U.S. Department of Energy launched a new initiative called Building America New Construction Support program.The stated goal is pretty simple.Help builders build faster, reduce costs, and deliver lower-cost, higher-quality buildings.The program is available to residential, commercial, and industrial builders, and it connects participants directly with technical experts from the Department of Energy and the U.S. National Laboratories.According to the Department of Energy, the time and cost required to construct new housing, commercial buildings, data centers, and factories have become barriers to meeting demand.The new program is designed to address specific technical problems that builders are encountering in the field.A builder can bring a particular challenge to the Department of Energy, and DOE will attempt to match that company with subject matter experts who have the expertise to help solve it.And there is an important feature here.The technical assistance comes at no direct cost to the builder.This is not a grant program where the federal government is funding the construction project itself.The value being offered is technical support.-----------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)  
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  Rules Don't Flow Downhill 14.09.2026 5min

  On today's show we're talking about one of the quietest ways a deal gets killed. Not a rate move, not a cost overrun. A city council vote you assumed would never happen.Let's start with the constitutional plumbing, because it explains everything that follows.In the United States, municipalities are creatures of the state. They have no inherent sovereignty. Their zoning power, their taxing power, their permitting authority, all of it is delegated from above. Most states follow some version of Dillon's Rule, which says a city can do only what the state has expressly authorized it to do.Now, if you stop reading there, you would conclude something very reasonable and very wrong. You would conclude that when a state or the federal government creates a housing incentive, it flows downhill automatically. The state says multifamily is permitted near transit, so multifamily is permitted near transit. The state creates a property tax exemption for workforce housing, so the exemption exists.That is not how it works. And I see investors underwrite as though it is.Here's the thing. The fact that a city gets its power from the state doesn't mean the city is obedient. Let me give you real examples.Massachusetts passed the MBTA Communities Act. It requires 177 municipalities in the transit service area to zone at least one district for multifamily as of right. This is a mandate. Not a suggestion. The town of Milton hired a consultant, filed an action plan, and adopted the overlay district in December of 2023. Two months later the voters overturned it by referendum. The Attorney General sued. The Supreme Judicial Court upheld the law. And five years after passage, in January of 2026, the AG had to sue another nine towns for continued noncompliance.So even a hard mandate with an enforcement mechanism took five years and multiple lawsuits. If your pro forma assumed as-of-right entitlement in one of those towns in year one, you were carrying a multi-year hole.Florida' Live Local Act created a seventy-five percent property tax exemption for units between 80%-120% of AMI. Local taxing authorities were allowed to opt out, and thirty-four of the forty-nine eligible counties did exactly that. Their reasoning was straightforward. The state gets the policy win, the county writes the cheque. Because the exemption generally applies only after completion, lenders were discounting it at underwriting. So even where the incentive survived, it didn't reliably show up in the capital stack.Colorado is my favourite case, because it's the trap that looks like a win. Proposition 123 sent about three hundred and fifty million dollars a year at affordable housing. More than two hundred jurisdictions opted in, covering over ninety percent of the state's population. Looks like near-universal adoption. But the piece that actually matters to a developer is the ninety-day fast-track approval commitment, and as of early 2025 roughly five jurisdictions had implemented one. Opting in and building the machinery were two different votes, years apart.-------------**Real Estate Espresso Podcast:** Spotify: [The Real Estate Espresso Podcast](https://open.spotify.com/show/3GvtwRmTq4r3es8cbw8jW0?si=c75ea506a6694ef1)   iTunes: [The Real Estate Espresso Podcast](https://podcasts.apple.com/ca/podcast/the-real-estate-espresso-podcast/id1340482613)   Website: [www.victorjm.com](http://www.victorjm.com)   LinkedIn: [Victor Menasce](http://www.linkedin.com/in/vmenasce)   YouTube: [The Real Estate Espresso Podcast](http://www.youtube.com/@victorjmenasce6734)   Facebook: [www.facebook.com/realestateespresso](http://www.facebook.com/realestateespresso)   Email: [[email protected]](mailto:[email protected])  **Y Street Capital:** Website: [www.ystreetcapital.com](http://www.ystreetcapital.com)   Facebook: [www.facebook.com/YStreetCapital](https://www.facebook.com/YStreetCapital)   Instagram: [@ystreetcapital](http://www.instagram.com/ystreetcapital)