Milstein Real Estate In the News

Columbia Business School’s Tomasz Piskorski spoke with Marketplace about the potential effects of changes to federal mortgage regulations. Discussing the possibility that the Federal Reserve could ease certain bank home-loan requirements, Piskorski explained how regulatory adjustments could influence banks’ lending behavior and the availability of mortgages for homebuyers. His insights highlight how shifts in financial regulation can affect both banking institutions and the broader housing market. 

Markets Group reported on Simon Property Group’s appointment of Martin J. Cicco to its Board of Directors, noting his prior role as a member of Columbia Business School’s Paul Milstein Center for Real Estate advisory board. The article highlights Cicco’s professional background and governance experience, underscoring the School’s connections to leadership across the real estate industry. The mention reflects the continued influence of CBS’s real estate network within major global firms. 

Columbia Business School’s Tomasz Piskorski spoke with Bloomberg News about how high-leverage private credit loans have fueled speculative home-flipping deals that are now showing signs of stress. Piskorski discussed how easy access to capital enabled aggressive investment strategies that have yet to be tested in a broader economic downturn. His commentary highlights the risks embedded in segments of the housing market where rapid credit expansion and rising interest rates are beginning to intersect. 

Propmodo highlighted research by Columbia Business School’s Stijn Van Nieuwerburgh examining the economics and environmental implications of converting underutilized office buildings into residential housing. The article references his work on how office-to-residential conversions can help address urban vacancy while advancing climate goals through more sustainable building use. His research provides a framework for evaluating the financial viability and environmental benefits of transforming aging office stock into energy-efficient housing. 

Columbia Business School Professor Tomasz Piskorski spoke with Curbed reporter Kim Velsey about the Compass–Anywhere merger and what it could mean for the residential brokerage industry. Piskorski explained that consolidation at this scale may reshape competitive dynamics by increasing bargaining power, altering commission structures, and accelerating platform-driven efficiencies. He noted that while large brokerages could benefit from scale and technology integration, the long-term effects on agents and consumers will depend on how competition and service quality evolve in a more concentrated market. 

Professor Tomasz Piskorski's research is cited. 

Habitat cited Columbia Business School Professor Tomasz Piskorski in an article examining how the mortgage “lock-in” effect is shaping today’s co-op and condo market. Piskorski explained that homeowners who secured historically low mortgage rates in recent years are reluctant to sell and refinance at higher rates, reducing housing turnover and constraining supply. He noted that this dynamic can temporarily benefit some buyers in specific segments, but it also limits mobility and contributes to broader affordability challenges across urban housing markets. 

City Journal contributor Jarrett Dieterle cited Columbia Business School research in an article examining the potential economic consequences of New York City Mayor Zohran Mamdani’s proposed rent freeze. Referencing the CBS study The Mamdani Rent Freeze and Its Impact on New York City’s Multifamily Market, the piece highlights findings that suggest such a policy could discourage investment in rental housing, reduce long-term supply, and place pressure on building maintenance and quality. The research is used to contextualize broader debates over affordability, market incentives, and unintended consequences of rent regulation in high-demand urban markets. 

Columbia Business School Professor Stijn Van Nieuwerburgh was quoted in The Wall Street Journal by reporters Will Parker, Rebecca Picciotto, and Nicole Friedman in an article analyzing former President Donald Trump’s new housing strategy, which emphasizes boosting demand from buyers. Van Nieuwerburgh noted that policies focused primarily on stimulating buyer activity—without meaningfully expanding housing supply—are unlikely to resolve affordability challenges. He emphasized that zoning constraints, construction costs, and limited inventory remain the dominant forces shaping housing outcomes, suggesting that demand-side measures alone may have limited impact. 

Columbia Business School Professor Tomasz Piskorski spoke with The Washington Post reporter Julie Z. Weil about the growing “mortgage lock-in” effect and its implications for the U.S. housing market. Piskorski explained that homeowners who secured ultra-low mortgage rates in recent years are reluctant to sell and take on higher borrowing costs, reducing housing turnover and limiting available supply. He noted that this dynamic can dampen mobility, constrain affordability for buyers, and slow broader housing market adjustments even as interest rates evolve. 

The U.S. housing market recently reached a key milestone that could lead to more buying and selling

Columbia Business School Professor Stijn Van Nieuwerburgh spoke with ABC News reporter Max Zahn about former President Donald Trump’s proposal aimed at lowering home prices by restricting Wall Street ownership of residential housing. Van Nieuwerburgh explained that while institutional investors often attract public attention, they account for a relatively small share of the overall housing market. He noted that the primary drivers of affordability challenges remain structural supply shortages, zoning constraints, and higher interest rates—factors that such a proposal would not meaningfully address. As a result, he argued, the policy is unlikely to produce significant relief for homebuyers.