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Dear Friends,
Congratulations to the Class of 2022! You have withstood the many challenges of the pandemic and its impact on your educational experiences. You are to be commended for your resilience and perseverance.
This has been an exceptionally busy time at the Ziman Center, as evidenced by this jam-packed Spring/ Summer edition of Intervals. With all the domestic and global challenges we are facing, I hope our work provides a glimmer of optimism. We are working to address some of society’s most vexing issues, notably concerning education, health care, climate change, affordable housing, homelessness and social equity.
We are particularly grateful this month for a visionary act of philanthropy by Ziman Center founding board members Steve Gordon and Richard Ziman, and The Rosalinde and Arthur Gilbert Foundation, who have jointly donated $1 million to fund the Ziman Center’s economic forecast in real estate. Watch for updates about this breakthrough development we’re so pleased to announce.
With sincere thanks for your support,
Tim Kawahara
Executive Director
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UCLA Anderson Ranks among Top Real Estate MBA Programs of 2023
The UCLA Anderson School of Management has been recognized by U.S. News & World Report for having the 7th Best Real Estate MBA program. The U.S. News Best Business Schools survey is the leading business school survey in the country. Ziman Center faculty director and Anderson Distinguished Professor of Finance Stuart Gabriel said, “The number-seven spot among real estate programs reflects the Ziman Center’s innovative curriculum and continually growing impact in educating new generations of leaders. Our dynamic mix of classroom and experiential instruction, groundbreaking research and public forums enable Anderson to produce some of the finest MBAs possible.”
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Lisa Greer Quateman Honored at UCLA Real Estate Law Association InvestitureThe UCLA RELA hosted the 10th annual Investiture and Networking Reception to honor Voyager Advisory CEO Lisa Greer Quateman (B.A. ’74, J.D. ’78). A proud double Bruin, Lisa has served on the UCLA Ziman Center Advisory Board since 2014. In 2019, she delivered the center’s Howard J. Levine Distinguished Lecture on Business Ethics and Social Responsibility. A retired senior partner of national law firm Polsinelli, Lisa now manages an industrial, retail, hospitality and multi-family real estate portfolio, and serves on public, private and nonprofit corporate boards.
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Cody Kuhne (’22) Receives the 2022 John Long Outstanding Student in Real Estate Award
This prestigious award is named for John S. Long, CEO of Highridge Partners Inc. and founding chairman of the UCLA Ziman Center for Real Estate’s board — known for his rigorous analysis and investing discipline. The award recognizes an MBA student who is a leader on campus and has helped fellow professionals to advance their careers in real estate. Cody Kuhne (’22) served as the president of AREA and, as an Admissions Ambassador, was a significant supporter of his peers while he was a student leader at Anderson. Read about the “triple pivot” Cody undertook to launch his career in the real estate industry.
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Ziman Center Partners with California Integrated Care at Home
Through our Housing as Health Care Initiative, Ziman became a founding partner of California Integrated Care at Home (CICH), a housing-based population health system for older adults and people with disabilities. Led by LeadingAge California and the National Well Home Network, along with an advisory committee comprising Valon Consulting and local, state and national leaders in aging and housing, CICH connects community-based organizations and health care systems to serve entire neighborhoods by embedding care teams at housing sites. “The CICH system provides a bold approach that meets vulnerable populations where it is most convenient and beneficial — at home,” said Meghan Rose, LeadingAge California general counsel and chief governmental affairs officer. “By integrating care with housing services, we can work toward ensuring all Californians can age with dignity.”
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Thank You, Steve Gordon, Richard Ziman, and The Gilbert Foundation
The Ziman Center is extremely excited to announce a joint gift of $1 million from Ziman Center founding board members Steve Gordon and Richard Ziman, and The Rosalinde and Arthur Gilbert Foundation. The gift will enable the Ziman Center to fulfill a longtime ambition to produce a high-level economic forecast in real estate and conduct relevant public policy analysis. Through this generous gift, the Ziman Center will be able to hire an analyst to produce this work in close collaboration with the UCLA Anderson Forecast.
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Wide Streets Are Wasted Real Estate
In the spring 2022 UCLA Economic Letter, UCLA Department of Urban Planning Associate Professor Adam Millard-Ball concluded that wide residential streets are an overlooked asset that could be turned into housing and other crucial uses. Millard-Ball used tax parcel data to quantify the widths, land areas and land value of streets in 20 of the largest counties in the United States and found that the value of residential streets totals $959 billion in the urbanized portion of the sample. “Parklets, protected bicycle lanes, and bioswales to capture stormwater runoff are just some of the innovations that have captured the interest of cities across the United States,” wrote Millard-Ball. “Cities could repurpose their streets’ excess rights -of-way for more affordable housing or other community benefits.”
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First West Coast Spatial Workshop
In collaboration with USC and UC San Diego, the Ziman Center hosted a workshop with 30 West Coast researchers working on spatial economics research with urban economics or real estate applications. A developing network of researchers will participate in regular meetings in the future and forge closer collaborations in this growing research area. This first edition gathered researchers from UC Berkeley, Stanford, USC, UCLA and UC San Diego. It featured nine presentations covering various topics of interest, including the political economy of the California High-Speed Rail, the effects of exposure to trade on earning dynamics, the spatial implications of telecommuting and the impact of immigration on social behaviors.
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Spring 2022 Real Estate and Urban Economics Seminar Series Visiting Scholars
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| Lu Han University of Wisconsin-Madison
| | Arpit Gupta NYU Stern School
of Business
| | Johannes Stroebel NYU Stern School
of Business
| | Henry Friedman Wharton School
University of Pennsylvania
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From the Macroeconomy to Inside the Beltway and Out to the Future of Creative Office Space
The Ziman Center’s 2022 spring board meeting featured several captivating presentations, including a macroeconomic forecast from the UCLA Anderson Forecast’s senior economist Leo Feler and keynote address by Jeff DeBoer, CEO of the Real Estate Roundtable. Clare DeBriere, executive vice president at Skanska USA, and Victor Coleman, chairman and CEO of Hudson Pacific Properties, added their industry perspectives on innovation in creative office real estate.
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The Ziman Center was pleased to welcome five new board members:
• Peter Belisle, Market Director, Southwest Region, JLL • Donald Kaplan, Partner and Co-Founder, CJA Corporation • Thomas Malayil, Managing Director, Indo-Pacific Partners LLC • Kevin McKenzie, Chief Investment Officer, Sabal Capital Partners LLC • David Millard, Executive Vice President and Managing Director, Washington Holdings
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| Overcoming Bias and Protecting Black Wealth
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| How Can the Real Estate Industry Navigate Return to Work and Lead from Innovation?
The real estate industry has shown a remarkable recovery from the COVID-19 pandemic, and the built environment provided an essential foundation for communities as they worked, lived and adapted during an uncertain time. Leslie Reed, associate general counsel for global real estate at Amazon Real Estate, moderated a panel of distinguished leaders from the industry, including representatives from Equity Office, Hudson Pacific Properties and Prologis.
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| AREA and AnderTech Property Technology Conference
Together with the Technology Business Association (AnderTech) and Entrepreneur Association at Anderson, the UCLA Anderson Real Estate Association hosted the Property Technology Conference. A distinguished lineup of speakers included Ben Miller (CEO, Fundrise), Lew Feldman (CEO, Heritage CRE Tech and Chair, UCLA Ziman Center for Real Estate Board), Mike Loretz (Partner, Inertia Ventures), Damian Langere (CEO, Domuso/Gelt) and Ilan Buckman (Head of Expansion, Block Renovation), as well as recent Anderson graduates Nick Marino (’19) (CEO, Truliv) and Kyle Ruane (’20) (Co-Founder, Pathway Homes).
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| Creating Inclusive, Disability-Forward Housing
A diverse and engaging panel of developers, academics, architects and community members unpacked why prioritizing accessibility and inclusivity in affordable housing projects from the start can create a better resident experience while simultaneously saving costs and time for developers. The cross-sector panel discussed how designing for people with disabilities provides a more equitable approach to housing for everyone. They covered the practical elements of bringing projects that incorporate disability-forward features to life, and the relevant policy issues and academic discussions needed in this space.
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| Adaptation and Resilience
In the second installment of our Climate Change, Health and the Built Environment discussion series, panelists explored how solutions come to life, from research and design to partnership and implementation, especially the need to accelerate the adoption of green technology and use public health as a tool to mobilize at the local level. Experts in climate, health policy and the built environment, provided an overview of both available and anticipated policies, and practices and technologies that are designed to build climate resilience and adaptation. “It is important to humanize our resistance to climate change,” said Ben Stapleton, executive director of the U.S. Green Building Council – Los Angeles. “This is our generation’s struggle and we need to find joy in the small moments of triumph.”
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| Preparing, Responding and Rebuilding
In 2021, the nonprofit Internal Displacement Monitoring Center reported that 1.7 million people in the U.S. were newly displaced in 2020, primarily by extreme weather and climate events — which means they were refugees in their own places of residence, owing in most cases to devastating storms, floods and wildfires. In this third installment of our Climate Change, Health and the Built Environment discussion series, panelists discussed whether, when and how to build and rebuild in areas at high risk of climate disaster. Professionals in urban planning, environmental conservation and academia turned their attention to the promise and effects of climate solutions that incorporate cross-sectoral practices.
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| The Future of L.A.’s Transit-Oriented Communities Program
The City of Los Angeles’ Transit Oriented Communities (TOC) Incentive Program turns five this year. In that time, it has become Los Angeles’ most effective housing production tool, with more than 35,000 units proposed by developers, including roughly 25% reserved for low-income households — all within a half-mile of high-quality transit service. The TOC program includes several innovative policies, such as expedited approvals and encouraging production of homes for extremely low-income households, but it’s also been criticized for lacking tenant protections and not applying to transit-accessible areas where multifamily housing is banned. Panelists, from the UCLA Luskin School of Public Affairs’ Lewis Center for Regional Policy Studies, L.A. City Planning Department, AMCAL/AMTEX Multi Housing and the Alliance for Community Transit-L.A., discussed where the program — and the city — are headed next.
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| Space for People or for Cars?
Cities impose minimum parking requirements to make sure new housing provides sufficient parking, but research shows that these mandates also drive up the price of new homes, harm the environment and often result in more parking than residents actually want. The Ziman Center and UCLA Luskin School of Public Affairs’ Lewis Center for Regional Policy Studies invited a panel of experts to help demystify parking policy and its relationship to housing. California Assemblymember Laura Friedman of the 43rd Assembly District, UCLA Luskin Associate Professor of Urban Planning Adam Millard-Ball, president and CEO of Innovative Housing Opportunities Rochelle Mills and executive director and general counsel of Circulate San Diego Colin Parent discussed the experience of cities that have already eliminated parking minimums, and made the case for statewide reform.
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| Overcoming Barriers to Affordable Housing in Los Angeles
The COVID-19 pandemic exacerbated the already wide gulf in the market between current home prices and what many Angelenos can afford to spend on housing. UrbanizeLA estimates a deficit of 500,000 affordable units in Los Angeles County alone.
For Impact Week 2022, the Center for Impact@Anderson and UCLA Anderson’s award-winning Net Impact MBA chapter, in collaboration with the Ziman Center, welcomed a panel of professionals who have sought to alleviate this divide through government and market interventions. They discussed what has been effective in ensuring the completion of new housing in a challenging city to build in.
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Ziman Students, Alumni, Faculty, Donors and Friends Take Part in Live and Virtual Offerings
After two years, late winter and spring 2022 saw a significant return to in-person Ziman Center events, while audiences continued to enjoy virtual and hybrid events as well:
• AREA and BREA Industry Nights, January 31 and February 22
• AREA D48 with Nick Chitwood (Executive Vice President, LDG Development), June 2; and Justin Guichard (Managing Director and Co-Portfolio Manager, Oaktree Capital), June 7
• BREA D48 with Jed Lassere (Partner, PCCP), March 7; and Richard Pink (President, Richard Pink & Associates), April 18
• BREA Case Competition, May 19
• REAG and ULI SoFi Stadium Tour, May 5
• All Real Estate Student and Alumni Mixer, May 25
• ZC-Riordan Scholar Real Estate Competition, March 19
• Levine Distinguished Affordable Housing Speakers, Deborah LaFranchi (Founder and CEO, SDS Capital Group), February 24; and Nick Chitwood (Executive Vice President, Capital Markets, LDG Development), June 2
• UCLA Anderson Forecast Direct Podcast Interview with Stuart Gabriel, March 28
• 20th LABC Mayoral Housing, Transportation and Jobs Summit, April 13
• ZC-UCLA Anderson Forecast Orange County Regional Economic Outlook, April 28
• ZC-UCLA Anderson Forecast Residential Real Estate Economic Outlook, June 1
• ESCP-TAU-UCLA Conference on Low Income Housing Supply and Housing Affordablility, June 14-16
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“Time for few bidders, wary sellers, cancelled escrows and perhaps frequent re-trading, but not for soooo long.”
Richard S. Ziman
Founder, UCLA Ziman Center for Real Estate, and
Co-Founder and Chairman, Rexford Industrial Realty
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| October 6–7 (in-person, by invitation only) UCLA Real Estate Alumni Group Endowment Circle Inaugural Retreat
UCLA Lake Arrowhead Lodge, Lake Arrowhead, California
November 1–3 and 8–10 (in-person, by application only)
UCLA Levine Affordable Housing Development Program
November 1 @ 12:45 p.m. (hybrid, by invitation only)
UCLA Ziman Real Estate and Urban Economics Seminar Series
Professor Amir Kermani, University of California, Berkeley
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Follow Ziman Center on Social Media
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110 Westwood Plaza, Gold Hall, Suite B100
Los Angeles, CA 90095-1481
(310) 206-9424
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