Mike Wagoner

@dcyimbys @EJGoulet Different buckets of capital finance development versus a stabilized asset purchase. If developers can’t recycle capital by selling profitably they may not come back for next cycle. Look at who builds apartments and who they are supporting for mayor.

@dcyimbys @EJGoulet Zoning reform is great but 5,000 annual deliveries in recent years surpassed demand and led to huge concessions to stabilize occupancy. Appraisal values are brutal right now. Don’t discount effect of eviction law, changes to applicant screening, HCV, & IZ on investor sentiment.

The government doesn't pay for the vast majority of new homes. The private market builds them and the government gets tax revenue from property/income/other taxes. A world in which 72k homes get built in DC in the next five years is a world in which we are flush with new cash.

@dcyimbys @EJGoulet Job growth a huge concern right now, yes. But investment sales data absolutely shows investor hesitancy about DC relative to NoVA. Regulatory environment for apartment operators a huge part of that. This existed pre DOGE.

@mbwagoner @EJGoulet 1. Part of the point of the private market is you don't need to identify who will build things ahead of time. 2. DOGE put our economy in the toilet and froze construction. It's not about fears of a rent freeze.

@dcyimbys @EJGoulet Who is will privately finance 18,000 market rate units a year? Very little construction now because projects don’t pencil. Investors hesitant to invest in DC over concerns about landlord-tenant law and rent freeze. Supply at 1/3 that level recently led to 2-4 month concessions.

@EJGoulet The tweet you're responding to says 7k is too high. A world in which we build 72k units means over 95% of them are privately financed.

@MattZeitlin Explanation I heard when I spent a summer there was taking the army money and investing it in education.

Why is Costa Rica so much more stable than its neighbors

@BarredinDC Adaptive reuse kinda counts. *et al

@mbwagoner Great call with those examples Navy Yard (BJ was existing building)

Aside from Lauriol, what are the other standalone restaurants built in DC in last several decades in BRAND NEW structures that weren’t part of a residential/office/mixed use building?? Wharf has several of these which are a cool part of the architecture so other than that

@PEWilliams_ @MattZeitlin Did you not live through 2006-2008? The underwriting standards for CMBS loans were abysmal. Animal spirits. -guy who spent 2010 working out defaulted loans

@MattZeitlin In an ideal world the sickness would be contagious so that developers can infect banks and investors

this is why yimbyism can work contra those who say for-profit developers need guaranteed rent growth and appreciation in order to build, no they don't! they're real estate developers! they're sickos!

@OPinDC Makes no sense for near northeast to stay as moderate scale residential zoned at 35 foot height limits within 1/2 mile of metro. This plan lacks ambition.

To keep housing prices from rising relative to inflation, OP estimates that DC needs capacity to support at least 460,000 households by 2050. Through DC 2050, we're planning to add capacity for an additional 15,000 households. Read more: dcgis.maps.arcgis.com/sharing/rest/c…

@SharpFootball Interesting chart. But eagles sent a first rounder to Titans for AJ Brown so this undersells their capital allocation a little. Also lol GB.

total capital used to draft WRs since 2022

@ajlamesa @JHWeissmann @RyanRadia Demand at high rents. The views from the south side of the building are phenomenal. The Hepburn behind it has some of the highest rents in city. This is a desirable place to live.

@mbwagoner @JHWeissmann @RyanRadia There will be some demand, sure.

@LetDCBuild Start with the congressional surface parking lots. Prime real estate.

Announcing the official launch of Let DC Build America is a nation of builders. We have carved great cities out of the wilderness, split the atom, and put men on the moon. Our country was built by men and women with limitless ambition. But today, that spirit of boundless ambition has been strangled by a culture that rewards obstruction and protects a broken status quo. Nowhere is this toxic attitude more pervasive than in our own capital, Washington, DC. The skyscraper was invented in the United States. Yet today, it is illegal to build one in our Nation's capital. President Trump is transforming our capital city. Crime has plummeted. Our trains and buses are safe. Passengers are paying their fares. People are back to work. Now it's time to build. President Trump is one of our generation’s greatest developers. He has built incredible Trump Towers across the world. Visionaries like the President can bring our great capital to new heights, if we let them. Today, a group of patriotic DC residents is launching a new movement, Let DC Build, to usher in a new era of building in Washington. Our first target will be the FULL REPEAL of the Height of Buildings Act, a Congressionally-imposed cap on DC's growth. It's time we give the world's greatest Nation the capital city it deserves. Let's get to work. 🇺🇸

@jayparsons Thanks. These summaries are great.

Here's a running thread recapping Q4 2025 earnings call highlights for the apartment and SFR REITs. Will be adding to this as I get to them. 🧵

@mattyglesias Tom Davis

@geoffschwartz Playing for the Jets is a big risk.

Moore turning down being the second pick in the draft is a big risk. We all know that. However it's clear that as a football player he could use another year. With NIL + insurance and playing with the Oregon roster it makes the decision to come back easier.

@jakesauser @mattadler81 @BarredinDC I don’t. This doesn’t seem super common in DC? Fixing occupancy costs if you are owner/user. If you need to lease it, being a retail landlord is tough. Lots of capital req’d up front . Tough competition for good operators. Rent only as good as sales revenue.

@mattadler81 @mbwagoner @BarredinDC I certainly don't have any. Same guy has owned our retail space since the building opened, so we have no recent sale to cite. Hopefully Mike can shed some light?

Interesting - Carmines bought its 20,000 SF space for nearly $11 million, Rasika nearly $3 million. I haven’t seen this before - landlord broke out their leased space and sold it to them as retail condos in larger buildings. bizjournals.com/washington/new…

@jakesauser @mattadler81 @BarredinDC If you do consider this condo structure as a retailer, make sure to do thorough physical and environmental due diligence prior to purchasing.

@jakesauser @mattadler81 @BarredinDC Absolutely. Retailer is an owner now and has to share in capital expenditures related to base building.

@mattadler81 @BarredinDC If I had to guess,they converted the existing NNN pass throughs under the retail lease to condo fees under condo regime. Retail condo will now get its own tax bill rather than an allocation. Utilities were likely already separately metered.

@BarredinDC This is interesting. While this creates a good opportunity for the restaurant in building equity. Think the question is; will these spaces retain value or increase when put up for sale on open market? Will they be able to sell? Also curious how shared costs are structured.