Think partners are starting to just ngaf. Despite plenty of data indicating the contrary, I’m to believe the “market will turn” and the current discounts to replacement cost are substantial enough to go in +/- 75bps of negative leverage.
We’ve not yet even had the recession we’re already “recovering” from, incomes are flat and delinquency continues to permeate the portfolio/put a ceiling on rent growth, population growth is anemic in many of the markets I’m being told to get more aggressive in, and more firms in those same markets are laying folks off than hiring.
The only thing bailing us out would be rate cuts. There’s no fundamental recovery coming like there was for 01 or 08. The market will turn, yes, but there has been too much supply added in both the sfh and Multifamily markets for there to be this Herculean turnaround the old guard is used to.
Anyone else having or beginning to have this issue? Call me a fkn square but the math is what it is.
Partners want that sweet, sweet fee money even if they never sniff the promote.
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