Milstein Real Estate In the News

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. 

Willamette Week reporter Anthony Effinger referenced research by Columbia Business School Professor Stijn Van Nieuwerburgh in an article examining how the term “doom loop” shaped public debate around Portland’s downtown in 2025. The piece draws on Van Nieuwerburgh’s work on the long-term effects of remote work on urban cores, including declining office demand, reduced tax revenues, and feedback loops that can accelerate citywide economic stress. His research, including The Remote Work Revolution: Impact on Real Estate Values and the Urban Environment, provides a framework for understanding how shifts in work patterns can fundamentally reshape real estate values and urban vitality. 

Columbia Business School Professor Stijn Van Nieuwerburgh spoke with Washington Post reporter Julie Weil about the growing number of Americans who are abandoning the goal of homeownership amid rising prices and higher interest rates. Van Nieuwerburgh explained that worsening affordability, limited housing supply, and increased borrowing costs have fundamentally altered the economics of buying a home—particularly for younger and middle-income households. He noted that these pressures are reshaping long-term wealth accumulation and could have lasting consequences for inequality, household stability, and the structure of the U.S. housing market. 

Bloomberg reporter Leslie Kaufman cited Columbia Business School research in an article examining a congressional inquiry opened by three U.S. senators into Demotech, a key insurance rating firm for Florida insurers. The piece references data from a 2023 CBS study co-authored by Pari Sastry, which analyzed Demotech-rated insurers and highlighted vulnerabilities linked to climate-driven losses. Drawing on findings from When Insurers Exit: Climate Losses, Fragile Insurers, and Mortgage Markets, the article underscores how insurer instability can ripple through housing and mortgage markets—raising concerns for homeowners, lenders, and regulators as climate risks intensify. 

Bloomberg News reporter Benjamin Schneider highlighted research and analysis from Columbia Business School Professor Stijn Van Nieuwerburgh in a feature on New York City’s proposed Interborough Express transit line. Van Nieuwerburgh discussed how major transportation investments have historically reshaped economic activity across the city’s boroughs, influencing housing demand, commercial development, and neighborhood growth over decades. He explained that improved cross-borough connectivity—particularly between Brooklyn and Queens—could unlock new labor-market access and rebalance development patterns, underscoring how infrastructure plays a central role in long-term urban evolution. 

Columbia Business School’s Professor Stijn Van Nieuwerburgh spoke with PolitiFact reporter Louis Jacobson about how a proposed 50-year mortgage option could reshape the U.S. housing market. Van Nieuwerburgh explained that while longer-term mortgages may reduce monthly payments for buyers, they also extend debt burdens, limit equity accumulation, and could inflate home prices by increasing purchasing power without increasing supply. He emphasized that such policies risk worsening affordability challenges if not paired with measures to expand housing inventory. 

The Reason Foundation’s Jen Sidorova cited thought leadership research from Columbia Business School’s Professor David Aviram in an analysis examining how a decade of New York City housing policies has contributed to rising rents. Drawing on findings from The Mamdani Rent Freeze and Its Impact on New York City’s Multifamily Market, the piece highlights how regulatory constraints have reduced new construction, limited supply elasticity, and intensified pressure on the rental market. Aviram’s research illustrates how well-intentioned policies can produce unintended consequences, particularly in cities already grappling with affordability challenges. 

Columbia Business School’s Adjunct Professor Oliver Chen provided commentary to CNBC reporter Melissa Repko on the appointment of Michael Fiddelke as Target’s new CEO. Professor Chen highlighted that the leadership change comes at a pivotal moment for the retailer, amid mounting competition, shifting consumer preferences, and underwhelming same-store sales. He explained that Fiddelke’s priority to revitalize Target’s merchandise, enhance in-store experience, and accelerate tech adoption reflects a broader imperative in retail: standing still is no longer an option. “You can’t stand still,” Chen noted when discussing the company’s need to evolve in the age of TikTok and rapid trend-cycling.

Columbia Business School’s Professor Stijn Van Nieuwerburgh spoke with CNBC reporter Robert Frank about new data showing that one in three Manhattan condo owners sold their units at a loss over the past year. Professor Van Nieuwerburgh explained that excess inventory, elevated mortgage rates, and shifting buyer preferences continue to weigh on condo values, particularly in luxury segments of the market. He noted that these trends reflect broader structural challenges in New York City real estate and indicate that the market may face a longer adjustment period before prices stabilize. 

Professor Tomasz Piskorski is quoted. 

Columbia Business School professor Stijn Van Nieuwerburgh authored an op-ed in The Financial Times analyzing the economic and social implications of a proposed rent freeze in New York City. He argued that while the policy aims to protect tenants, it could inadvertently reduce housing supply, discourage new development, and exacerbate long-term affordability challenges.

Professor Stijn Van Nieuwerburgh wrote an op-ed for the Financial Times on New York City’s mayoral election.