Mike Fellman
@mikefellman.bsky.social
Economist. Real Estate. Investor. Hispanohablante. Puerto Rico Statehood. Fide FM/USCF NM
Pinned
Mike Fellman
@mikefellman.bsky.social
· Dec 14
Don't share your housing takes until you understand this chart.
Veteran's Day Post
Are VA Home Loans a Good Deal?
Mostly yes, with some caveats
open.substack.com/pub/precon/p...
Are VA Home Loans a Good Deal?
Mostly yes, with some caveats
open.substack.com/pub/precon/p...
Are VA Home Loans a Good Deal?
Mostly yes, with some caveats
open.substack.com
November 11, 2025 at 7:53 PM
Veteran's Day Post
Are VA Home Loans a Good Deal?
Mostly yes, with some caveats
open.substack.com/pub/precon/p...
Are VA Home Loans a Good Deal?
Mostly yes, with some caveats
open.substack.com/pub/precon/p...
Housing production suffers from diseconomies of scale, which helps explains high housing cost.
open.substack.com/pub/precon/p...
open.substack.com/pub/precon/p...
Diseconomies of Scale Plague Dense Housing
And make it tough for density to address affordability
open.substack.com
November 5, 2025 at 2:09 PM
Housing production suffers from diseconomies of scale, which helps explains high housing cost.
open.substack.com/pub/precon/p...
open.substack.com/pub/precon/p...
Reposted by Mike Fellman
I support proposals 2-4 on the NYC ballot, which would make it moderately easier adjust zoning for higher-density housing development. I have to say, seeing how controversial this is among people I know is giving me some new sympathy for the angry YIMBYs online.
October 30, 2025 at 3:01 PM
I support proposals 2-4 on the NYC ballot, which would make it moderately easier adjust zoning for higher-density housing development. I have to say, seeing how controversial this is among people I know is giving me some new sympathy for the angry YIMBYs online.
New Housing Hell
Tokyo is not a YIMBY dreamland, it's a deflated asset bubble.
open.substack.com/pub/precon/p...
Tokyo is not a YIMBY dreamland, it's a deflated asset bubble.
open.substack.com/pub/precon/p...
Tokyo is not a YIMBY Dreamland
It's just a deflated bubble
open.substack.com
October 29, 2025 at 5:22 PM
New Housing Hell
Tokyo is not a YIMBY dreamland, it's a deflated asset bubble.
open.substack.com/pub/precon/p...
Tokyo is not a YIMBY dreamland, it's a deflated asset bubble.
open.substack.com/pub/precon/p...
New Housing Hell
I analyze the impacts of the Texas and California real estate tax regimes on housing production.
Spoiler alert:
Cali comes out better than critics would expect.
open.substack.com/pub/precon/p...
I analyze the impacts of the Texas and California real estate tax regimes on housing production.
Spoiler alert:
Cali comes out better than critics would expect.
open.substack.com/pub/precon/p...
Evaluating the Impact of Fees, Property Taxes, and Construction Delays in California and Texas
The much anticipated Rand Corporation report comparing multifamily housing in Texas and California came out in April 2025.
open.substack.com
October 25, 2025 at 5:22 PM
New Housing Hell
I analyze the impacts of the Texas and California real estate tax regimes on housing production.
Spoiler alert:
Cali comes out better than critics would expect.
open.substack.com/pub/precon/p...
I analyze the impacts of the Texas and California real estate tax regimes on housing production.
Spoiler alert:
Cali comes out better than critics would expect.
open.substack.com/pub/precon/p...
New Housing Hell
Stop comparing rent control in Argentina to US Rent Stabilization
open.substack.com/pub/precon/p...
Stop comparing rent control in Argentina to US Rent Stabilization
open.substack.com/pub/precon/p...
Stop Comparing Argentina's Rent Control to Rent Stabilization in the United States
Argentina’s President Javier Milei is a libertarian darling who abolished rent control by decree in late 2023 upon taking office.
open.substack.com
October 19, 2025 at 5:02 AM
New Housing Hell
Stop comparing rent control in Argentina to US Rent Stabilization
open.substack.com/pub/precon/p...
Stop comparing rent control in Argentina to US Rent Stabilization
open.substack.com/pub/precon/p...
New Housing Hell
Developers are not the enemy of landlords. Landlords are their customers
open.substack.com/pub/precon/p...
Developers are not the enemy of landlords. Landlords are their customers
open.substack.com/pub/precon/p...
Developers and Landlords Interests Largely Align
Rising rents are needed for private multifamily development to deliver required rates of return and secure financing.
open.substack.com
October 16, 2025 at 9:45 PM
New Housing Hell
Developers are not the enemy of landlords. Landlords are their customers
open.substack.com/pub/precon/p...
Developers are not the enemy of landlords. Landlords are their customers
open.substack.com/pub/precon/p...
New article.
SB 79 brings some welcome changes, but don't expect a building boom.
open.substack.com/pub/precon/p...
SB 79 brings some welcome changes, but don't expect a building boom.
open.substack.com/pub/precon/p...
SB 79 is Law. Don't Expect Much Building
SB 79 is now law, having been signed by Governor Newsom.
open.substack.com
October 13, 2025 at 7:33 AM
New article.
SB 79 brings some welcome changes, but don't expect a building boom.
open.substack.com/pub/precon/p...
SB 79 brings some welcome changes, but don't expect a building boom.
open.substack.com/pub/precon/p...
New Substack
Wall Street didn't cause the housing crisis, but YIMBYs still get the economics wrong (per usual)
open.substack.com/pub/precon/p...
Wall Street didn't cause the housing crisis, but YIMBYs still get the economics wrong (per usual)
open.substack.com/pub/precon/p...
Wall Street did not cause home prices to surge. But the Internet still gets it wrong.
Every few weeks, a viral tweet blaming institutional investors incenses YIMBYs.
open.substack.com
October 10, 2025 at 10:18 PM
New Substack
Wall Street didn't cause the housing crisis, but YIMBYs still get the economics wrong (per usual)
open.substack.com/pub/precon/p...
Wall Street didn't cause the housing crisis, but YIMBYs still get the economics wrong (per usual)
open.substack.com/pub/precon/p...
New substack
No matter what some YIMBYs say, the quantity of buildable land does not determine its price.
open.substack.com/pub/precon/p...
No matter what some YIMBYs say, the quantity of buildable land does not determine its price.
open.substack.com/pub/precon/p...
The Quantity of Buildable Land doe not Determine its Price.
People in the YIMBY movement have at times asserted that upzoning magically reduces land prices, or at least the price of apartment-zoned land.
open.substack.com
October 6, 2025 at 8:55 AM
New substack
No matter what some YIMBYs say, the quantity of buildable land does not determine its price.
open.substack.com/pub/precon/p...
No matter what some YIMBYs say, the quantity of buildable land does not determine its price.
open.substack.com/pub/precon/p...
JW and I have a paper on housing coming out soon, and we agree on this.
I've thought about how land speculation would drive up rents, and I just don't see it.
Quick thread
I've thought about how land speculation would drive up rents, and I just don't see it.
Quick thread
A lot of people on the left, to whom I otherwise feel close politically, want to tell stories where land speculation (or low interest rates) increase land values and thereby drive up rents. And I’m sorry, but I just do not think that’s possible.
October 4, 2025 at 8:40 PM
JW and I have a paper on housing coming out soon, and we agree on this.
I've thought about how land speculation would drive up rents, and I just don't see it.
Quick thread
I've thought about how land speculation would drive up rents, and I just don't see it.
Quick thread
@jameskerlindsay.bsky.social
Why did you take "statehood" out of your intro?
Your videos on state emergence are some of your very best!
Why did you take "statehood" out of your intro?
Your videos on state emergence are some of your very best!
September 26, 2025 at 2:02 AM
@jameskerlindsay.bsky.social
Why did you take "statehood" out of your intro?
Your videos on state emergence are some of your very best!
Why did you take "statehood" out of your intro?
Your videos on state emergence are some of your very best!
Reposted by Mike Fellman
You remind me of the UK state’s fetish for signing long-term contracts for public services with private providers to avoid taking debt onto its balance sheet, then having to pay the private companies’ (much higher) finance costs/risk premiums instead of financing it themselves.
September 13, 2025 at 4:00 PM
You remind me of the UK state’s fetish for signing long-term contracts for public services with private providers to avoid taking debt onto its balance sheet, then having to pay the private companies’ (much higher) finance costs/risk premiums instead of financing it themselves.
What in the actual fuck?
You were on the campaign stage with Harris while simultaneously giving money to other candidates?
You were on the campaign stage with Harris while simultaneously giving money to other candidates?
That's why I spent money getting Cornell West on ballots. That's what makes democracy work. Not letting incumbent parties control ballots.
You do realize this. Right ?
You do realize this. Right ?
“Any candidate”…Cuban out here telling on himself. Being rich makes elections a gigantic game.
July 6, 2025 at 5:27 PM
What in the actual fuck?
You were on the campaign stage with Harris while simultaneously giving money to other candidates?
You were on the campaign stage with Harris while simultaneously giving money to other candidates?
All through the 19th century, cause célebre cases of Antisemitism would dominate the headlines.
European political leaders, be they elected or monarchs, would cynically condemn the injustice while simultaneously passing/supporting antisemitic laws in they own countries.
European political leaders, be they elected or monarchs, would cynically condemn the injustice while simultaneously passing/supporting antisemitic laws in they own countries.
July 4, 2025 at 9:23 PM
All through the 19th century, cause célebre cases of Antisemitism would dominate the headlines.
European political leaders, be they elected or monarchs, would cynically condemn the injustice while simultaneously passing/supporting antisemitic laws in they own countries.
European political leaders, be they elected or monarchs, would cynically condemn the injustice while simultaneously passing/supporting antisemitic laws in they own countries.
Reposted by Mike Fellman
As far as I can tell, not a single Republican in Congress has said a word about Trump using the antisemitic slur "shylock" at a rally yesterday. I wonder how quickly someone like Rep. Elise Stefanik would speak out if someone on a college campus had said it.
July 4, 2025 at 2:46 PM
As far as I can tell, not a single Republican in Congress has said a word about Trump using the antisemitic slur "shylock" at a rally yesterday. I wonder how quickly someone like Rep. Elise Stefanik would speak out if someone on a college campus had said it.
Look, I hate Trump but the Social Security Trust Funds are accounting tools.
"Insolvency" is a statutory issue. Meaning it's a matter of appropriating the funds.
They are an intra-government account. They have no bearing on the economic ability to pay benefits.
"Insolvency" is a statutory issue. Meaning it's a matter of appropriating the funds.
They are an intra-government account. They have no bearing on the economic ability to pay benefits.
Trump is running the government like one of his old casinos in Atlantic City.
June 27, 2025 at 11:59 PM
Look, I hate Trump but the Social Security Trust Funds are accounting tools.
"Insolvency" is a statutory issue. Meaning it's a matter of appropriating the funds.
They are an intra-government account. They have no bearing on the economic ability to pay benefits.
"Insolvency" is a statutory issue. Meaning it's a matter of appropriating the funds.
They are an intra-government account. They have no bearing on the economic ability to pay benefits.
It was discussed at length and the drafters of the 14th understood they were granted citizenship to children born to immigrant parents regardless of their status and said so at the time
Trump: "If you look at the end of the Civil War -- the 1800s, it was a very turbulent time. If you take the end day -- was it 1869? Or whatever."
June 27, 2025 at 10:59 PM
It was discussed at length and the drafters of the 14th understood they were granted citizenship to children born to immigrant parents regardless of their status and said so at the time