The CEO of a $1.4 Billion REIT Explains The Surprising Year In Housing
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 24 August 2020
⏱️ 37 minutes
🧾️ Download transcript
Summary
When COVID hit, people had visions of a plunge in home prices and a massive wave of evictions. So far, that largely hasn’t played out. On this episode, we speak with Ivan Kaufman, the CEO of Arbor Realty Trust, a $1.4 billion player in the real estate finance market, about what’s going on, and how the industry has weathered the storm.
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| 0:00.0 | On December 4th and 5th, against the backdrop of the United Nations Climate Change Conference, |
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| 0:25.1 | battle against climate change. Register at Bloomberg Live.com slash B Green Radio. Hello and welcome to another episode of the Odd Lots podcast. |
| 0:44.7 | I'm Joe Eisenthal. |
| 0:46.5 | And I'm Tracy Allaway. |
| 0:48.4 | Tracy, one of the really interesting things about this crisis is that the real estate market hasn't |
| 0:55.4 | exactly behaved as one might expect during a typical downturn. We have sort of |
| 1:00.8 | depression levels of unemployment, a major plunge in economic activity, |
| 1:05.0 | and yet not all aspects of the real estate market have done badly. |
| 1:10.0 | Yeah, I guess it depends on what you're looking at, right? |
| 1:14.2 | So housing or residential housing has been surprisingly resilient. |
| 1:19.9 | You know, some of the stimulus has helped people actually stay in their homes, keep up with the mortgage payments. |
| 1:26.0 | In some places we're actually seeing a housing boom, but if you look at the other half of real estate, which would be commercial real estate there are a lot of |
| 1:35.9 | concerns out there. Right so if you're a retail landlord in New York City you have a lot of ground-level tenants. |
| 1:45.0 | That's probably trouble. |
| 1:47.0 | On the other hand, if you want to sell your house from the suburbs, |
| 1:50.0 | this is an amazing time to do it. |
| 1:52.0 | And of course, it's further complicated because there have been all these temporary moratoriums on evictions for certain types of renters. |
| 2:03.3 | There's also been the stimulus, |
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