Where real estate meets rhythm | Developer, investor, live music enthusiast, and mountain seeker.

2025 has officially become a banner year for housing reform. Across the country, the conversation around the housing crisis has shifted from "if" we should build to "how fast" we can unlock supply to meet the needs of working families. According to recent data from the Mercatus Center at George Mason University, state legislatures are finally stepping up. In the 12 months leading up to June 2025, 124 pro-housing bills were passed nationwide—a staggering jump from the 40 bills passed during the same period just two years ago. "It’s been a phenomenal year for housing supply wins," says Salim Furth, director of the Urbanity project at Mercatus. From Texas to California, the momentum is moving toward density, transparency, and the fundamental right to build. A National Wave of Reform While every state faces unique challenges, the 2025 reforms centered on a few key "bottlenecks" that have historically stifled new development: Texas: Passed seven signi...

​ Happy New Year’s Eve. Next week I’ll share some predictions for 2026, but before we rush ahead, it feels worth pausing for a moment and looking back at the year we’re closing out. 2025 was… a year. On a personal level, I’m grateful. Everyone in my life stayed healthy. Business was strong. We made real progress on our workforce housing efforts, which continues to be some of the most meaningful work I’ve ever been part of. For me, it was a very good year. But if I’m being honest, the broader mood out there felt heavy. The headlines were unsettling. A lot of people seemed on edge. Between political tension, economic anxiety, and the rapid rise of AI, it often felt like nobody quite knew what the future was going to look like. The vibes, as the kids say, were bad. I asked a simple question on social media recently: How was 2025 for you? About 30% said “okay.” Another 30% said “poor,” “bad,” or “terrible.” That felt about right. So how do we even measure how things are going anymore? I ca...

​ The slopes of ski resorts offer unparalleled beauty and exhilaration, but behind every perfectly groomed trail and steaming hot cocoa lies a complex operation powered by a dedicated workforce. From lift operators and ski instructors to hospitality staff and maintenance crews, these individuals are the lifeblood of the winter economy. Yet, across North America, a silent crisis is threatening this very foundation: affordable workforce housing. We believe in innovative solutions to pressing problems. That’s why we’re thrilled to announce Project Skiway , a groundbreaking initiative to tackle the ski resort housing crunch head-on. Our pilot program kicks off at one of the East Coast’s most beloved destinations: Sunday River in Newry, Maine. The Unseen Challenge: Workforce Housing at Ski Resorts The problem is stark. Ski resorts are often located in remote, picturesque areas where land is scarce and property values are soaring, driven by second-home buyers and vacation rentals. This cr...

​ By Daniel Kaufman In the world of real estate development and investment, we often look at how operating expenses impact the bottom line. A lower expense ratio usually means a higher net operating income (NOI) and, consequently, a higher asset value. Florida Governor Ron DeSantis is currently floating a proposal that takes this concept to the extreme: the total elimination of property taxes on owner-occupied homes. While this sounds like a dream for homeowners, the macroeconomic ripple effects are complex. A new analysis from Realtor.com suggests this move could trigger an immediate 7% to 9% spike in home values. Here is my breakdown of what this proposal means for the Florida market, looking at it through the lens of valuation and long-term stability. The Valuation Jolt: Instant Equity The logic behind the projected price spike is straightforward financial mechanics. Future expenses (like property taxes) are "capitalized" into a home's present value. If you remove a pe...

​ Date: December 2025 From the Desk of: Daniel Kaufman  As the markets closed the final full week of trading on a high note—with the S&P 500 and Nasdaq buoyed by renewed optimism around the AI trade—the real estate landscape tells a much more complex story. 2025 wasn't just another year of fluctuating interest rates; it was the year the market "decoupled." We saw rural equity explode while urban centers stabilized, "accidental luxury" owners get locked into their homes by tax code, and a divergence between the AI-fueled resurgence of San Francisco and the insurance-burdened softening of Florida. Here is my analysis of the trends that defined 2025 and the headwinds we must navigate in 2026. 1. The Heartland Resurgence: Affordability is the New Luxury For decades, the investment thesis was simple: follow the jobs to the big metros. But the post-pandemic era has cemented a new reality. The American heartland is no longer just "flyover country"—it is t...

​ Hi everyone, As we wrap up the year, the November 2025 housing numbers are in, and they paint a picture of a market in transition. As an investor, I’m always looking for data that contradicts the popular narrative. For the last two years, the story has been the "exodus" from expensive coastal cities to affordable hubs. While that trend is still very much alive, November showed us a spark of life in a major market that many had written off. Here is my take on the latest shifts in the landscape and what they mean for us as we head into 2026. The Surprise: San Francisco Wakes Up While the South and West generally trailed behind the rest of the country last month, San Francisco defied the odds. The metro area climbed 36 spots in the Realtor.com Hottest Housing Markets ranking. This is the most dramatic jump among large U.S. markets. Why this matters to us: San Francisco is still pricey (median list price: $915k), but it’s becoming efficient again. Homes there are moving in 50 d...

​ As a real estate developer, I can’t express enough enthusiasm for the proposed Old Port Square project in Portland, which includes the construction of Maine’s tallest building—a 30-story, 380-foot tower. This isn't just about height; it’s about vision, commitment to urban density, and setting a new benchmark for what New England progress looks like. This project, spearheaded by East Brown Cow and designed by the globally renowned Safdie Architects, is exactly the kind of ambitious, transformative development our cities need. 🚀 A Visionary Catalyst for Urban Growth For too long, certain New England cities have been constrained by outdated zoning and a fear of vertical growth. This project is a spectacular signal that Portland is ready to embrace the 21st century: Embracing Density: The tower is a direct outcome of Portland's updated zoning, ReCode. By allowing for higher height allowances, the city is prioritizing smart, urban density over unsustainable suburban sprawl. As de...

​ The news surrounding the proposed private ski area near Steamboat Springs highlights a classic tension: the desire for progress versus the need for preservation. My ethos is rooted in creating Conscious Communities and Bold Spaces, compels us to look beyond the division and focus on the power of intentional design to create long-term value. We support projects that prioritize quality, vision, and a commitment to genuine stewardship—qualities often found in developments that dare to be different. 🏔️ The Case for Intentional Exclusivity At the heart of the community division is the concept of exclusivity. But when viewed through the lens of intentional development, this perceived downside becomes a foundational strength. A private, high-quality development is not simply about keeping people out; it’s about crafting a carefully calibrated experience for those within. This smaller, controlled scale enables: Superior Stewardship: A private ownership model is uniquely incentivized to be a...