Course Syllabus

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SYLLABUS

CLASS TITLE: Joint MArch & MSRED Clinic - Housing Scarcity

SEMESTER YEAR: Spring 2025

COURSE NUMBER: PLANA6853

CALL NUMBER: 10973

NUMBER CREDITS: 3 Credits

DAY, TIME, ROOM: Thursdays, 4:30PM-6:30PM, 209 Fayerweather

Instructor: Christopher W. Munsell, cwm2132@columbia.edu

Office Hours: Thursdays, 2:30PM-4:30PM in 320M Fayerweather (beginning 1/30)

Class Assistant: Sara Elnour, sae2150@columbia.edu

 

I. COURSE DESCRIPTION

There are not many reliable estimates of how many single-family homes are institutionally owned, however, there are regions of the country where more than 50% of recent sales were to institutional investors. HUD’s Office of Policy Development and Research publication, Evidence Matters, offers both current estimates and projections from a variety of real-estate investment firms.[i] MetLife Investment Management, for example, estimates institutional investors own as many as 700,000 single-family houses and forecasts ownership of as many as 7.6 million homes by 2030. There are approximately 80 million single-family houses in the US.

This GSAPP Clinic will seek to address the question of housing scarcity. Students will evaluate the scale of the SFR thesis and whether private equity and its vast resources have the power impact housing. In addition to private equity, we will also examine the following topics/drivers of housing: its renewable energy potential, its potential architectural transformation, mass production of housing and the impact of automation on affordability and labor. This Clinic would benefit from the contribution of all GSAPP Programs.

GSAPP Clinics - This course is offered as a GSAPP Clinic. The course will merge with an MArch design studio led by Michael Bell, Professor of Architecture. The studio segment will meet on Monday and Thursday between 1:30 pm and 6:30 pm and the clinic portion (open to all) will meet on Thursdays between 4:30 pm and 6:30 pm.

 

II. COURSE REQUIREMENTS AND ASSIGNMENTS

Students are expected to attend every class and complete and submit each homework assignment (if due) prior to the start of class. All students are expected to complete their work individually. 

Office hours are always open. Please do not hesitate to come by, especially if you are struggling with the homework or concepts in class. 

Reminder - Columbia Counseling and Psychological Services are always there to help - especially if you feel things are getting too much. There is no shame in asking for help. For their resources, please click HERE. 

Policy on ChatGPT and other AI Tools: Students are not allowed to use generative Artificial Intelligence (AI) or machine learning tools to complete deliverables for this course. Individuals must complete their own work and properly acknowledge the circumstances, ideas, sources, and assistance upon which the work is based. The use of AI is prohibited in this course and shall be treated similarly to unauthorized assistance and/or plagiarism per Columbia University’s academic policy.

 

III. COURSE GRADING CRITERIA

Below is a breakdown of the course grade:   

  • Completion of Homework Modules: 30%
  • Attendance and in-class participation: 20%
  • Final Project: 50%

Only exceptional performers will receive a High Pass.

 

IV. COURSE OUTLINE (dates and topics are subject to change)

PART I – SCARCITY AND SCALE

Class 1: January 22 – Introduction, Course Structure and Background for the Multi-Disciplinary Approach to Solving the Housing Crisis

Homework Due: None

 

Class 2 : January 30 – Syllabus Overview, Key Terms, and the Potential Scale of Private Equity and Housing. What we hope to accomplish and why it matters.

Homework due: None

Is housing scarce?

  • What does the term scarcity mean in markets and more specifically in housing markets?
  • Are there breakthroughs in Scarcity? National Science Foundation and others on renewable energy and access to it; abundance, scarcity, and technologies that alter the equation of scarcity. Are there emerging assets and asset classes outside the monetization of architectural space as shelter?

 

Class 3: February 6th Continuation of Class 1 and a Deeper Exploration of Supply, Scale, Continuity and Disruptions to Markets

Homework Due: None

  • What is the scope of housing as an asset class or economic denominator?
  • What is the size of the market?
  • What constitutes scarcity in an asset or commodity; in food or in shelter; healthcare.
  • Rent innovation: Nest or other smart hub devices, tracking as a new means to control

 

PART II – REAL ESTATE & HOUSING TECHNICAL ANALYSIS

Class 4: February 13th – Real Estate Technical Skills I – Excel and The Development Budget - How does a real estate deal come together? How is it structured? How do capital sources affect pricing?

Homework due: None

 

Class 5: February 20th – Real Estate Technical Skills II – The Operating Pro Forma and the Time Value of Money - CASE STUDY - How to analyze a market using rents and cap rates.

Homework due: Revere Street Case Study

  • How do we gauge scale in housing: as number of units, as populations
  • How many households exist in the United States

 

Class 6: February 27th – Real Estate Technical Skills III – Solving for Return and the Private Equity Waterfall - Preparation for the SFR Guest Speakers.

Homework due: None

  • What do we mean by economics vs. finance, political frameworks or policy?
  • What is private equity?
  • How do they make a profit, and why are they interested in SFR?

 

Monday March 3rd STUDIO FINAL REVIEWS: 300 Buell North – From 1:30-6:30pm ET

(Clinic students are required to attend when not in class)

 

 PART III – THE 21ST CENTURY AND DISRUPTION

Class 7: March 6th –  Modeling the Single Family Home. With the industry expand or contract? What is it most dependent on to succeed and can it innovate? The problem with CMBS & RMBS

Homework due: Guest Speaker Prep (3 Questions) The Flaw - One Page Brief

Guest Speaker: Andrew Peterson, Sundance Bay & Sam Barlow formally of American Homes 4 Rent

  • What characteristics make up a good market?

 

Class 8: MARCH 10th-14th – STUDENT TRAVEL.

Homework due: None

 

PART IV – NEW MARKETS / NEW ECOLOGICAL SCALE

Class 9: March 27th – Return to the 2008 Housing Crisis, how did we get here? What happens when a market crashes? The timeline of household debt and why is home ownership crucial for the average American.

 Homework due: The Power of The Fed – One page brief

  • Why does the current policy fail?
  • Group travel debrief and how it should inform our research approach.

 

Class 10: April 3rd – How can we rethink the single-family home? Who should we be building for? What is needed to help increase home production?

DISCUSSION OF FINAL PROJECTS

Homework due: Speaker Prep (6 Questions)

Guest Speaker: Frederick Cooper, SVP – Strategic Partnerships at Toll Brothers

 

PART IV – RESEARCH AND FINAL PROJECTS

Class 11: April 10th – Working Session NOTE: CLASS WILL TAKE PLACE AT STUDIO DESKS IN AVERY

Homework Due: None

 

Class 12: April 17th – Synthesis for Final Project and Market Selection. Energy and the Environment

Homework due: MSA/Market Selection Due

  • How do we use publicly available data?
  • What is the TRUE SCALE of institutional ownership

  • Climate

    • Can green energy be the new wealth generator and can it scale?

                                                                                           

Class 13: April 24th – Group working session

Homework due: Data Analysis & Partner Selection Due

 

Wednesday April 10th STUDIO FINAL REVIEWS: 300 Buell North – From 1:30-6:30pm ET

(Clinic students are required to attend when not in class)

 

Class 13: May 1st (CLASS START AT 6:30pm Until LATE) - PROJECT PRESENTATIONS

Homework due: Final Project

 

 

Course Summary:

Date Details Due