<![CDATA[Owner-Occupied with Peter Yoder]]>https://podcasters.spotify.com/pod/show/pete24Riverside.fm (https://riverside.com)Thu, 28 May 2026 06:14:57 GMTTue, 28 Apr 2026 17:38:54 GMT60Peter YoderWhat does American housing finance actually require, and what has it merely gotten used to? Owner Occupied is a long-form interview podcast that treats that question seriously. Each episode sits with one practitioner and works through a single piece of the system from first principles. When you dig deep enough, a lot of what looks structural is actually habit, and the way to tell the difference is to ask.episodicPeter Yoderpeter@serieshomes.comno<![CDATA[Everything You Know About 2008 is Wrong]]>In 2014, Kevin Erdmann was a value investor sizing up micro-cap homebuilders, expecting a two week study on the recovery trade. The data didn't cooperate, and two weeks turned into a decade, two books, and a thesis the housing agencies and the Fed have spent years failing to confront: 2008 wasn't a bubble. The crisis everyone remembers was a chronic housing shortage in five coastal cities, which regulators turned it into a generational catastrophe by destroying the construction capacity needed to fix it.

We cover:

- How the Big Short got the story backwards
- Why 14 million adults are living with their parents
- Compton got more expensive, not Beverly Hills
- Why the 2008 crisis was the most popular public policy event of our lifetime
- Synthetic CDOs existed because the supply of real mortgages had collapsed
- Why half of America's $58 trillion in residential real estate isn't wealth
- Builders can't meet demand even with prices high enough to justify it
- How homes in low-end Atlanta lost 60% of value purely from credit policy
- Why the 30-year fixed mortgage is a forced inflation derivative.

]]>9f30ac15-efd5-4a70-a8ac-0352b7179118Sun, 03 May 2026 10:12:01 GMT<p>In 2014, Kevin Erdmann was a value investor sizing up micro-cap homebuilders, expecting a two week study on the recovery trade. The data didn't cooperate, and two weeks turned into a decade, two books, and a thesis the housing agencies and the Fed have spent years failing to confront: 2008 wasn't a bubble. The crisis everyone remembers was a chronic housing shortage in five coastal cities, which regulators turned it into a generational catastrophe by destroying the construction capacity needed to fix it.<br /><br />We cover:<br /><br />- How the Big Short got the story backwards<br />- Why 14 million adults are living with their parents<br />- Compton got more expensive, not Beverly Hills<br />- Why the 2008 crisis was the most popular public policy event of our lifetime<br />- Synthetic CDOs existed because the supply of real mortgages had collapsed<br />- Why half of America's $58 trillion in residential real estate isn't wealth<br />- Builders can't meet demand even with prices high enough to justify it<br />- How homes in low-end Atlanta lost 60% of value purely from credit policy<br />- Why the 30-year fixed mortgage is a forced inflation derivative.</p>no02:23:03Everything You Know About 2008 is Wrongfull<![CDATA[The Last Asset Class Without Equity]]>Brian Elbogen has spent a decade building the financial product that housing forgot. After studying operations research and financial engineering at Princeton and quant investing at Two Sigma, he cold-emailed the founders of Unison with a single claim: he'd thought more about equity financing for housing than almost anyone alive. They hired him. He went on to serve as Chief Investment Officer at Unlock, and now leads Jubilee — a company bringing institutional ground leases to American homeownership at scale.

This conversation is a clinic in capital stack design, duration matching, and the structural reason housing remains the last major asset class without an equity option.

Here's what we cover:

  • Why housing is the only major asset class where consumers can access debt but not equity and what that distortion has cost a generation of buyers
  • The trillion-dollar commercial ground lease market hiding in plain sight, from the Empire State Building to Chick-fil-A drive-thrus, and why the same structure has never reached residential at scale
  • How bifurcating land from improvements unlocks two fundamentally different risk-return profiles and why life insurance companies with fifty-year liabilities are the natural counterparty for the land tranche
  • The four pillars of institutional adoption: legal perfectibility, risk-return, financeability, and liquidity, and why most new financial products die on the first one
  • Why cherry-picking alpha through home price forecasting is a losing game, and what actually drives cost of capital down over time
  • The fundamental break between today's buyers and the advice their parents gave them and why "own everything or own nothing" is no longer a workable frame
  • Whether broad homeownership is still a defensible societal goal, and where the alignment argument breaks down
  • The coming wealth transfer, the limits of the lock-in narrative, and why existing supply will never unlock the way policy hopes it will
  • Starter Home 2.0: ADUs, cross-mods, systematic lot splits, rolling tiny houses and why solving new supply is a policy problem, not a venture problem
  • The 203K renovation loan, why it's structurally broken at the point of purchase, and the bridge product that would make it work
  • Why "if you can't beat them, join them" is the only viable path for new housing finance products competing against agency execution

]]>c4aefab9-3c48-49af-abb5-7630eec76feeSun, 03 May 2026 10:10:28 GMT<p>Brian Elbogen has spent a decade building the financial product that housing forgot. After studying operations research and financial engineering at Princeton and quant investing at Two Sigma, he cold-emailed the founders of Unison with a single claim: he'd thought more about equity financing for housing than almost anyone alive. They hired him. He went on to serve as Chief Investment Officer at Unlock, and now leads Jubilee — a company bringing institutional ground leases to American homeownership at scale.<br /></p><p>This conversation is a clinic in capital stack design, duration matching, and the structural reason housing remains the last major asset class without an equity option.<br /></p><p><b>Here's what we cover:</b></p><ul><li>Why housing is the only major asset class where consumers can access debt but not equity and what that distortion has cost a generation of buyers</li><li>The trillion-dollar commercial ground lease market hiding in plain sight, from the Empire State Building to Chick-fil-A drive-thrus, and why the same structure has never reached residential at scale</li><li>How bifurcating land from improvements unlocks two fundamentally different risk-return profiles and why life insurance companies with fifty-year liabilities are the natural counterparty for the land tranche</li><li>The four pillars of institutional adoption: legal perfectibility, risk-return, financeability, and liquidity, and why most new financial products die on the first one</li><li>Why cherry-picking alpha through home price forecasting is a losing game, and what actually drives cost of capital down over time</li><li>The fundamental break between today's buyers and the advice their parents gave them and why "own everything or own nothing" is no longer a workable frame</li><li>Whether broad homeownership is still a defensible societal goal, and where the alignment argument breaks down</li><li>The coming wealth transfer, the limits of the lock-in narrative, and why existing supply will never unlock the way policy hopes it will</li><li>Starter Home 2.0: ADUs, cross-mods, systematic lot splits, rolling tiny houses and why solving new supply is a policy problem, not a venture problem</li><li>The 203K renovation loan, why it's structurally broken at the point of purchase, and the bridge product that would make it work</li><li>Why "if you can't beat them, join them" is the only viable path for new housing finance products competing against agency execution</li></ul><p></p>no00:55:03The Last Asset Class Without Equityfull