What shaped Related California’s approach to housing, and how has it adapted across market shifts?

William A. Witte and Gino A. Canori (Related California) join Richard K. Green (USC Lusk Center for Real Estate) to reflect on more than three decades of development, from pioneering uses of tax-exempt bonds to navigating today’s capital markets.

The conversation begins with policy and finance, including tax credits, bond cap programs, and the long-term value of rehab versus new construction, before moving to operations, the shifting geography of multifamily demand, and today’s market reset.

Highlights include:

• How Related carved out a niche by combining market-rate housing with affordable units under the 80/20 program.
• Post-COVID shifts in multifamily demand from urban cores to suburban, amenity-rich destinations.
• Underwriting is still absorbing the spike in insurance and labor costs while the new normal continues to emerge.
• Signs of recovery in San Francisco leasing and investment.
• The economics and operational tactics of managing mixed-income buildings.

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How can cities adapt to rising climate risks and shifting infrastructure needs?

Christopher Boone (USC Price School of Public Policy) joins Richard K. Green (USC Lusk Center for Real Estate) to discuss how sustainability and resilience are reshaping housing, cities, and policy. From rebuilding after California wildfires to lessons from London’s limited social housing, the wide-ranging conversation highlights the tradeoffs between affordability, risk, and durability facing communities across the US.

Highlights include:

• Why mentors are crucial to career development.
• The gap between data and difficult decisions to achieve sustainability goals.
• Fostering resilient communities by addressing jobs and health.
• Baltimore’s unique reversal on neighborhoods exposed to toxic releases.
• How communities relocate and rebuild after natural disasters and the implications for the recent Los Angeles wildfires.
• Eminent domain and the importance of community engagement.
• Lessons in sustainability from abroad for US policy.

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Selma Hepp (Cotality) joins Richard K. Green (USC Lusk Center for Real Estate) to unpack the third year of low home sales as affordability and insurance reshape demand across the US.

From Florida’s downturn to California’s inventory bump, the conversation explores local shifts and their contributions to national trends. Hepp also shares how new climate risk tools could change pricing and property insurance in the future.

Highlights include:

• Why home sales today look worse than in the aftermath of the Great Recession
• What makes Austin’s home value decline so unique
• Why the Midwest and New England lead the nation in home price growth
• How climate risk and insurance are impacting migration
• The growing role of small investors, especially in housing markets with constrained supply

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