I organize semesterly events bringing together real estate experts from the industry, public, academic, and non-profit sectors as part of the Yale ICF Real Estate Colloquium series.
Fall 2024 ICF Real Estate Colloquium [Tuesday, Nov. 12, 2024]
The Crisis We Can't Avoid? Implications of Population Aging for Real Estate Markets
Presentation slides
The United States and many other countries are experiencing a rapid aging of their populations, with those aged 65 and over accounting for 27% of all U.S. households as of 2022. As the baby boomer generation enters retirement, population aging is having profound effects on healthcare, social services, and particularly the real estate market.
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This demographic shift coincides with a crisis in housing affordability, exacerbated by an aging housing stock and a shortage of new residential development. In dense urban areas, lackluster permitting for new construction has failed to keep pace with population growth and changing housing needs. Simultaneously, the rising costs of long-term care and senior living arrangements are prompting many older adults to age in place, remaining in their homes for longer. The cost of care associated with Alzheimer’s disease and related dementias (AD/RD) is projected to almost triple over the next two decades, reaching $1 trillion per year by 2050. Such trends have significant implications for real estate market dynamics, potentially reducing the inventory of homes available for younger generations, leading to higher prices for prospective first-time homebuyers, and increasing demand for spaces designed for healthcare and life sciences research.
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Our interdisciplinary panel -- featuring perspectives from public health, government, and investment management -- will examine potential solutions to the demographic imbalances the real estate market faces today. We will delve into how population aging is influencing housing demand, affordability, and the need for specialized senior living arrangements, as well as innovative ways to finance the burden of elderly healthcare and housing needs. The discussion will cover the complexities of updating the existing housing stock to meet the needs of an aging population while addressing the broader housing shortage at all stages of the life cycle.
Spring 2024 ICF -- CBEY Real Estate Colloquium
Opportunities for Green Property Retrofitting in a Post-COVID World
Presentation slides Yale Insights Link to YouTube recording
Real estate generates 40% of global carbon emissions, with 29% arising from the energy usage of existing buildings. The pandemic resulted in a surge in investments in home improvements, including solar panels, energy-efficient technologies, and disaster-proofing measures such as wildfire and seismic strengthening. This trend is likely to continue, as more homeowners are staying in their homes for longer to avoid taking out mortgages at higher rates -- a phenomenon known as the “lock-in” effect. To help ease credit access for retrofitting, new state-level programs such as Property Assessed Clean Energy (PACE) offer loans for environmentally conscious property improvements with fewer restrictions than traditional credit lines.
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At the same time, the work-from-home revolution has lowered commercial office and retail property values by over 40% in some major metro areas, creating a strong set of financial incentives for owners and local governments to redevelop space and reduce building vacancies. In October 2023, the White House unlocked new resources towards a mission to encourage zero emissions conversions and increase the housing supply, hoping to render housing more affordable while tackling the climate crisis.
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Can we escape the real estate lock-in effects resulting from the COVID-19 pandemic by improving the energy efficiency of the building stock? Join us for this lunch panel conversation, where, to answer this question, our panelists will explore the latest financial innovations, sustainable technologies, and policy initiatives shaping the future of eco-conscious property redevelopment.