2023 Spring Issue - 23

thisissue
Don't Be Afraid to Go Bold
Because we simply exist as human beings, we have
a universal and inalienable right to safe, stable, and
affordable housing. That's an ideal taken from the Universal
Declaration of Human Rights adopted by the U.N.
General Assembly in 1948 following World War II.
The Spring issue of Urban Land, with the theme
" Urban Suburbs: Innovative strategies to solve the
global housing shortage, " is intended to inspire those
on the front lines of this subject-commercial real
estate professionals who are developing, financing,
and managing housing projects, from big " A " affordable
(low-cost) housing to " attainable " (market
rate) housing.
" The housing crisis facing our industry and cities
continues with an annual deficit of 3.8 million units
(as of 2019). Addressing and resolving this issue will
require the collective ingenuity and collaboration of
public and private participants at every level, " writes
Faron A. Hill, chair of the ULI Foundation and president
of Peregrine Oak in Atlanta. Whatever market conditions,
the industry is tasked with finding solutions.
During Urban Land's Affordable Housing Roundtable
(p. 26), Hill moderated a discussion among key industry
leaders in this space, including Catherine Buell,
former director of the $2 billion Amazon Housing Equity
Fund; Matthew Kwatinetz, director of NYU's Urban Lab;
Lionel Lynch, director of community development banking
capital solutions at JPMorgan Chase; TJ McElroy,
senior vice president of capital markets at Dominium,
one of the largest affordable housing developers in
the United States; and Michael Zukerman, managing
director with Greystone, a top 10 Fannie Mae DUS and
Freddie Mac lender.
" All the individuals who are here on this roundtable-through
our collective thought leadership, as
well as our own balance sheets and our ability to
bring in our networks and partnerships-we actually
can make an incredibly meaningful impact. There is
absolutely optimism, " said Lynch of JPMorgan Chase, a
firm whose innovative solutions have the potential to
reshape how institutions like health care systems think
about their role in alleviating the housing shortage.
Against a backdrop of slowing global deal volume
( " Global Outlook 2023, " p. 32), ULI members in Hong
Kong are looking for ways to create more low-cost
rental housing (p. 33). " A lot of people go to subdivided
cage-home units in central areas like Wan Chai because
they want to be where their families and jobs are, to
benefit from the density of Hong Kong, " says ULI panel
member Eli Konvitz,
adjunct associate professor
at the University of
Hong Kong. " The problem
then becomes: how
do you get more mixed
housing in these existing
densely populated built
areas? "
In some markets, like
Madrid (p. 110), multinational
developers like
Inmobiliaria Colonial are building residential components
into their mixed-use projects to capitalize on the
growing demand for apartments while also diversifying
the development risks.
In Toronto, our 2023 Spring Meeting city (p. 57),
developers like Remington Group are taking advantage
of billions of dollars in mass transit investment that will
redraw regional mobility maps and allow them to build
" urban suburbs " -communities within a transit ride of
the urban core.
We also look at new models for housing (p. 86) that
hold the promise of a more environmentally friendly,
connected, and multigenerational way of living, in our
foundational piece on cohousing by Rachel MacCleery,
co-executive director of the ULI Randall Lewis Center
for Sustainability in Real Estate.
Just as structures for living are being redefined, so
are those for retail, through conversions to housing that
both meet the critical residential demand and create a
consumer base for adjacent retail (p. 103). Cutting-edge
software and technology platforms already are helping
many owners operate apartment buildings more
efficiently and improve services for tenants (p. 70). But
experts say that is just the start of a revolution that
could transform the multifamily segment.
Innovation is front and center for the winners of the
ULI Terwilliger Center for Housing's 2022 Housing
Awards (p. 97)-three for the Jack Kemp Excellence in
Affordable and Workforce Housing Award, four for the
Terwilliger Center Award for Innovation in Attainable
Housing, and two for the Robert C. Larson Housing
Policy Leadership Award. We hope those winners,
showcased in this issue, will offer inspiration as you
continue to deliver on ULI's mission to increase housing
attainability for all. UL
SIBLEY FLEMING is editor in chief of Urban Land.
SPRING 2023
URBAN LAND
23
Before Amazon
created its $2 billion
housing fund during
the pandemic, senior
executives decided
to turn a campus
building into a 200bed
homeless shelter
called Mary's Place.
Catherine Buell, former
director of the fund
and participant in our
Affordable Housing
Finance Roundtable
(p. 26), advised
corporations not to be
afraid to " go bold. "
2023 Spring Issue

Table of Contents for the Digital Edition of 2023 Spring Issue
