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Making more affordable housing is challenging, but it's far from impossible.

Kyle Ransford (Cardinal Investments) joins Richard K. Green (USC Lusk Center for Real Estate) to offer a practical look at operating in today's multifamily market. The conversation covers Ransford's path from early-90s dealmaking to building a portfolio focused on workforce and affordable housing across Southern California.

Ransford explains how Section 8 functions in practice, from lease-up timelines to tenant stability. He also argues that strong management, often more than physical upgrades, drives value in a given property, especially in smaller buildings. The episode also explores rising operating costs, the realities of owning in Los Angeles, and why expanding condo development and homeownership could help ease supply constraints.

Highlights include:

A realistic view of Section 8 housing's challenges and opportunities
The top upgrades tenants feel first, from air conditioning to in-unit laundry
Why property management drives value in the majority of acquisitions
The growing gap between operating costs and achievable rents
How condo development and liability reform could unlock more housing supply

More: https://lusk.usc.edu/perspectives