“We’re focused on the latter – we’ve long believed in the power of forward-thinking public-private partnerships that can accelerate housing creation, job growth, and long-term economic impact.”

Interest Rates Aren’t Predictable

Meanwhile, deals will be predicated on interest rate movement, Lang says.

“It’s challenging to predict the direction of rates, but we’re not basing our business decisions on predictions,” he said.

“The truth is, it’s extremely difficult to forecast where rates are going in the next 90 days. There’s a lot of noise in the market – economic data, Fed signals, geopolitical tensions – and much of it is contradictory.

“While we do see pressure building for potential rate cuts, there’s limited evidence to support a return to materially lower rates over the long term. We stay focused on fundamentals and a margin of safety rather than trying to time the market.”

‘Stay in Motion’

Taking a wait-and-see approach is not necessarily prudent, he says.

“We strive to stay in motion and advance development projects whenever possible, so we’re well-prepared when the market shifts,” Lang says.

“For long-term investors, like ourselves, this is a buying opportunity. We’re looking to structure deals on a basis that protects against downside and allows for future upside when conditions shift. We’re not trying to call the bottom.

“If you wait until things are crystal clear, it’s already too late; you’ve missed the window. We remain highly selective and are seeking opportunities that make sense across various cycles. We expect more clarity once the next federal tax policy is shaped and trade policies stabilize. Until then, we’re viewing this as a time of opportunity. While some players are on the sidelines, we’re positioning ourselves for what comes next.”