‘Existing Housing Programs Are Not Enough’: JPMorgan Chase’s David Walsh At Bisnow’s NYC Affordable Housing Summit
The lack of affordable housing has become a national crisis, and major cities like New York are feeling the impact. As politicians continue to search for solutions, it is more important than ever for real estate industry leaders to come together to discuss the best way forward. How commercial real estate can help solve the housing crisis will be discussed at Bisnow’s upcoming NYC Affordable Housing Summit on Aug. 8. Register here for the event.
David Walsh is passionate about affordable housing. As an executive director at JPMorgan Chase, Walsh and his team work with key industry players to help support community development primarily through the financing of affordable housing.
“The demand for safe, secure and affordable units far exceeds the supply,” Walsh said. “Existing housing programs do not provide enough in the way of resources to help address the need. I’m constantly thinking about how we can continue to tackle this issue."
Bisnow recently spoke with Walsh to learn more about his company’s capital initiative and what he will be speaking out at the upcoming NYC Affordable Housing Summit Aug. 8.
Name: David Walsh, Executive Director at JPMorgan Chase
City: New York City
Bisnow: Why is the upcoming NYC Affordable Housing Summit so important to you and what will you be talking about?
David Walsh: The U.S. is in the middle of an affordable housing crisis, and it’s an issue we need to continue to shine a light on. This upcoming conference is a great opportunity to highlight the work we’re all doing to combat this issue and identify other ideas to accelerate the development of affordable housing.
I’m looking forward to discussing opportunities and hearing different perspectives from experts across the industry.
Bisnow: What’s JPMorgan Chase’s new initiative about?
Walsh: JPMorgan Chase has made a huge commitment to the communities we serve. Whether it’s lending money to a client to build an affordable housing development, which is principally what my team does, or collaborating with other teams at the firm on innovative initiatives.
The firm recently launched AdvancingCities, a $500M initiative to help support communities in need of economic growth, up to $250M of which will be low-cost, long-term capital. We’re excited to help provide flexible capital options to our clients who are making a difference in our communities.
Bisnow: In your opinion, what is the most pressing issue impacting CRE?
Walsh: Over the past 10 years, the commercial real estate sector has experienced exponential growth and, as a result, land values and construction costs have increased substantially, making it harder for affordable housing transactions to pencil out.
As we reach the end of the current real estate cycle, I would expect to see a material change in the way both investors and lenders approach real estate transactions, which will ultimately impact the amount of investment into all property types.
While a slowdown can level the playing field for affordable housing developers, we should always be thinking about new approaches to financing affordable housing. I look forward to discussing this further with the panelists.
Bisnow: If someone reading this wants to do business with you or JPMorgan Chase, what is the best way they can reach you?
Walsh: Anyone who is interested in finding out more about what we do at JPMorgan Chase and how we are working to help solve the affordable housing crisis can visit our website to contact us for more information.