REAL RETURNS

Headlines are loud. Every new piece of legislation comes with a laundry list of political hot takes and market speculation. The One Big Beautiful Bill Act (OBBBA), signed in July 2025, is not just political noise; it is a direct alteration to the financial mechanics of real estate ownership. It reshapes tax treatment, construction incentives, and financing conditions that flow straight through to multifamily underwriting models.

When the Fed trims rates, headlines often frame it as a green light for investors. The reality for multifamily operators is that a 25 basis point cut is more of a signal than a solution. It helps at the margin, but doesn’t erase risks or transform marginal deals into winners. If anything, it’s a reminder: Discipline matters most when capital feels cheaper.

Birgo's annual impact report for 2024 contains the metrics that we track to seek to fulfill our mission of "improving lives through real estate."