NYC's Pied-à-Terre Tax Is Now a Budget Line — Every Major City Is Taking Notes
Mamdani's $124.5B executive budget locks in America's first owner-status property tax — a template San Francisco, Boston, and Miami are already studying.
Immigration Enforcement Isn't Filling Construction Jobs. It's Emptying Them.
U.S.-born construction employment dropped 3% in high-enforcement metros — twice the cross-sector average — because finish trades disappear when framing labor does.
Healthpeak Just Proved Every Diversified REIT Is Leaving Money on the Table
A 32% IPO pop and $1.9B above target valuation answered what no blended balance sheet could — pure-play senior housing NOI commands a premium the diversified structure permanently suppresses.
