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2 posts
Affordable Housing Is a Financing Problem Before It Is a Building Problem
Why affordable and market-rate multifamily share the same construction process but completely different economics — and how layered financing, tax credits, and California density tools change the math.
The Capital Stack Is Where Real Estate Deals Actually Get Decided
Debt and equity want different things, leverage amplifies both ways, and lender ratios — LTV, DSCR, debt yield — are how lenders translate risk into hard caps on what a deal can carry.