Stuart Saft on Real Estate Challenges and Solutions in 2025

Stuart Saft, Partner and New York Real Estate Practice Group Leader at Holland & Knight, with decades of experience in real estate law, provides a deep dive into the current state of the real estate industry and its future. His work on converting the Crown Building into Aman New York highlights the complexities of real estate development in urban settings, especially when unforeseen events like political campaigns disrupt construction plans.

Saft's perspective on the 2025 real estate market is particularly insightful. He notes the unusual nature of the year, with initial optimism dampened by tariff-related pessimism, reflecting the volatile economic climate. His observation that New York often leads the country into and out of economic downturns underscores the city's role as a bellwether for the national real estate market.

The biggest challenge facing the industry, according to Saft, is the lack of housing development, which exacerbates supply shortages and drives up prices. He criticizes price controls as ineffective and advocates for increasing housing supply to naturally reduce costs and stimulate economic growth. Saft also addresses broader economic issues, suggesting the creation of factory zones and high-speed rail systems in the Northeast and Midwest to reduce reliance on Asian supply chains and lower carbon emissions.

His solutions, while long-term, aim to revitalize the U.S. economy by bringing manufacturing back to American soil and improving infrastructure. Saft's expertise and forward-thinking approach offer valuable insights for industry professionals and policymakers alike, as they navigate the challenges of 2025 and beyond.