Rental housing economist Jay Parsons dives into the remarkable story of Equity Residential, starting with two fraternity brothers at the University of Michigan in the 1960s through its IPO in the 1990s, its scaling to 225,000 units in 2001 (which included investments in 36 states, in affordable housing and in ranch-style apartments) to its shift to focus entirely in coastal urban markets to its latest chapter retuning to select Sun Belt markets. Jay in joined in the program by EQR's CEO, Mark Parrell, who worked under the late great Sam Zell beginning in the late 1990s. Mark takes us inside EQR and shares the factors that drove the latest pivot, and why Equity Residential is now building attainable housing on the outskirts of Atlanta — a big shift from high-rises in major coastal cities. Additionally, in this week's "In the News" segment, Jay breaks down the latest headlines and happenings related to the proposed ban on institutional investors in single-family rental homes — and how the latest legislation could effectively crush most build-to-rent construction as well. What could the implications be, and why are housing analysts opposing a bill that was initially intended to boost housing supply?
