Short pieces on how the property market actually prices, written from inside it. Longer arguments live in the working papers.
A building with a seven percent yield is not for sale to the market. It is for sale to the narrow band of people whose required return happens to land near seven percent. Everyone above is priced out, everyone below is outbid, and the industry gave the symptom a taxonomy instead of a solution.
More as they are written. If you want to be told when, write to daniel@btcglobal.com.