18. (TIE)
George W. Bush, president, United States of America. If you build homes, you’re likely a fan of President Bush, whose speeches often cite the goal of promoting an “ownership society” in America. Example: “If you own your own home, you have a vital stake in the future of the country.” Accordingly, Bush signed a $200 million American Dream Act to help first-time buyers cover down-payment and closing costs. The administration also has proposed zero down payment FHA mortgages and tax credits for building homes for low-income families. Among those who own and manage apartments, though, many view the Bush record as disappointing. “It took Mel Martinez (the former HUD secretary) two years to even utter the word rental,” says one apartment expert. Under Bush’s watch, HUD also changed the reimbursement formula on Section 8 vouchers for low-income renters, putting a greater cost burden on housing authorities. And, despite an undeniable need for affordable apartments, the low-income housing tax credit, established in 1986, remains the only major production stimulus for workforce rental housing.
18. (TIE)
Jerry Seinfeld, Monica Geller, and Carrie Bradshaw, television characters. In the ’50s and ’60s, shows that glorified family life in small towns or quiet suburbs dominated television. But in the ’90s, things started to change. “Seinfeld” premiered, only to be followed by such urban-centered programs as “Friends” and “Sex and the City.” “So many of these cutting edge shows are about life in the city,” says John K. McIlwain, senior resident fellow and ULI/J. Ronald Terwilliger chair for housing at the Urban Land Institute. The common thread: Each show glamorized the life of young, urban singles living in apartments. McIlwain and others believe the shows helped draw many of today’s twenty- and thirtysomethings to apartments and condos–and created a thriving market for today’s apartment owners and condo developers.
17.
Doug Bibby, president, National Multi Housing Council. While there’s a wave of consolidation going on right now, the apartment industry is still a widely scattered group. Topping the list are the big players: REITs, pension funds, institutional owners, and large, private companies. Then there are the affordable housing developers, regional players, and mom-and-pop owners and managers. That’s a pretty big group to fit under one tent, right? Well, as head of the association representing the apartment industry, Doug Bibby tries to make room for everyone, according to many apartment executives. But that’s only part of Bibby’s job. He also helps set the agenda for the industry and serve as a spokesperson to the outside world, whether that’s Capitol Hill, local governments, or the media. “Doug takes the lead in shaping discussions,” says Geoffrey L. Stack, managing director of Irvine, Calif.-based Sares-Regis Group.
16.
Steve Winn, chairman, CEO, and president, RealPage. For some people, real estate is in their blood from the beginning. For others, it’s something they find later in life. But that doesn’t mean they can’t become big players in the business. Just look at Steve Winn. He started as president of the hugely successful Research Institute of America and, later, Computer Language Research. As CLR expanded, it scooped up a variety of firms, including Rent Roll, the predecessor to RealPage, and Winn immediately became intrigued with the multifamily business. Now it’s hard to find a product with which Winn’s RealPage isn’t involved. The company offers software for property management, property marketing, revenue management, and cash management. But Winn’s influence can’t just be judged by the scope of his products. It’s also fortified by his desire to improve them and meet his users’ needs, say some of his key customers.
15.
Constance B. Moore, president and CEO, BRE Properties. Joining the California-based apartment REIT in 2002 as executive VP and COO, Moore took over the CEO reins in January 2005. Cited by many as one of the industry’s “rising stars,” Moore previously served as managing director of Security Capital Group. While many REIT executives rose through the ranks as transactions specialists, Connie is known as a broad-based executive, equally at home with finance, marketing, construction, management, and technology concerns. “She had about six different major jobs at Security Capital,” noted one former colleague. “She’s great at seeing the big picture.” At BRE, Moore has been shifting the portfolio out of commodity-type properties in the mountain states and focusing more on upscale complexes in California. A stickler for good tenant relationships, Moore also has targeted an apartment-building campaign valued at about $250 million annually.
