Bill Chen on Clipper Realty and the NYC apartment boom

Bill Chen makes his second podcast appearance to discuss Clipper Realty (CLPR). Clipper owns a bunch of NYC apartment buildings, and Bill thinks the current boom in apartment rentals will drive strong returns for the company going forward.Bill's first podcast appearance: https://yetanothervaluepodcast.substack.com/p/bill-chen-breaks-down-frphs-sotp?utm_source=url0:00 Intro2:05 CLPR overview4:35 Where is Bill most differentiated on CLPR?8:20 How does the post-COVID NYC apartment boom help CLPR?14:15 CLPR's leverage and balance sheet16:45 Why CLPR over SLG or another similar REIT?20:30 Are the long term trends against NYC?28:00 Rent control in NYC34:50 Why do people have cable companies and their landlords?39:30 CLPR and inflation41:10 "Regulatory inflation" and NYC's moat43:30 CLPR's controlling family47:15 Discussing cap rate environment for NYC apartment49:40 CLPR's development projects and potential value creation53:40 The safety of CLPR1:00:00 Bill makes me feel bad about my shoebox apartment