Family offices are supposedly cutting real estate, from roughly 11% of portfolios down to 8%. Read as a single number, that looks like a retreat. It's not. Inside that number are two opposite moves: family offices are shrinking core and office exposure while buying multifamily at 20 to 30% discounts to replacement cost and adding data centers and logistics. One allocation percentage cannot describe two opposite strategies, and averaging them erases the story. The number hides a barbell Every...

Why Family Offices Are Becoming Property Companies, Not Fund LPs The mechanics now favor direct ownership over fund LP positions on every axis that matters to a family office. Three reasons why. Structure beats speed. Family offices closed 55 direct real estate transactions in the first half of 2026, across 39 buyers, according to FINTRX. Thirty-one of those buyers were single-family offices, versus eight multi-family offices. SFOs have no investment committee cycle, no fund duration clock,...

While I generally believe that rent control is a bad idea, there are gradiations of horrible. That said, rent control done well and rent control done badly are sitting side by side right now, and the contrast is instructive. Jersey City ties its annual cap to CPI or 4%, whichever is lower. Capital improvements at vacancy get a fixed, self-executing surcharge, $1.35 per $100 of cost up to $5,000 and $1.55 per $100 above that, no board hearing required. Spend $10,000 renovating a unit at...