People need housing, so building apartments should be a reasonably certain activity for developers. Find a place in need, secure land, acquire funding, and get to work.

Just one problem on step three: lenders are reluctant, even though the subject isn't the uncertain office market. Ask Texas-based Howard Hughes Corp. CEO David O'Reilly recently told Bloomberg that after approaching 48 lenders about a new project, "Zero showed up and gave me a bid."

The company is a recognized player that describes itself as developing "on a massive, ambitious scale that is transforming American cities by planning and designing intimate communities and lived experiences that are at once personal, organic, and authentic." It operates across six states with 6.8 million square feet of office, 2.6 million square feet of retail, 5,587 multifamily units, 36,000 acres of remaining land, 9% historical yield on cost, and 21% historical return on equity. Board chair Bill Ackman is also CEO and portfolio manager of Pershing Square Capital Management, which owned about 31.9% of the business at the end of 2022.