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Don Peebles, Peebles Corporation chairman and CEO, joins ‘Power Lunch’ to discuss why he believes the Fed should’ve cut during the last Fed meeting.

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From addressing the ongoing housing shortage to the challenges of rebuilding after devastating wildfires in Los Angeles, Don shared his insights on what lies ahead for California’s real estate market.

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By The Editors

Are you going to buy in `25? If so, what asset class? 

In 2025, commercial office buildings will be the dominant asset class we will be acquiring.

Is there a single “good” sign you see in a distressed property that makes you want to buy it? 

Significant distress can be identified by high vacancies and low occupancy.

What real estate or tax policy would you like to see from a Trump administration? 

I believe profits from short-term property sales should be taxed at the long-term capital gains rate. Currently, if an investor purchases a property, enhances its efficiency, and sells it after a year, the profit is taxed at 20 percent. However, for new construction projects that can take several years to complete, if the property is sold within a year, the profit is taxed at the short-term rate of 37 percent.

If you could stack the new administration with people you know and do business with, who would you choose?

Raymond McGuire, treasury secretary; Earl “Butch” Graves Jr., secretary of commerce; John Hope Bryant, HUD secretary; Ted Wells, attorney general; Cathy Hughes, Federal Communications Commission chairperson; Nicole Kushner Meyer, Small Business Administration administrator; Dr. Keith Black, surgeon general; Mary Callahan Erdoes, Council of Economic Advisors chairperson; Jamie Dimon, chairman of the Federal Reserve; Philip Levine, Environmental Protection Agency administrator; Paul Reilly, Securities and Exchange Commission chairperson.

Let’s talk about multifamily. Do you ever see yourself building normal, middle-class rentals again? What would stop you? 

Yes, we are building multifamily housing in various regions in the country. In New York City, for example, there is a shortage of about 550,000 units. Despite the strong demand, supply remains relatively constrained. City and state leaders need to collaborate with the industry to implement policies which incentivize development of market-rate, workforce and affordable housing.

Which market (outside of NYC) do you like best? 

Charlotte.

Which market (including NYC) are you most fearful of? 

New York.

What’s going to be your biggest expense in 2025? 

Capital.

How’s the financing climate for new development and redevelopment — hot, cold or just right? 

Lukewarm.

What are your predictions for the mayor’s City of Yes, especially given the controversies within the Adams administration? 

The charges against Adams are expected to be dropped once the Trump administration takes over as they view them as politically motivated “lawfare.” As the impact of some of Adams’s policies becomes more evident, they will ultimately work in his favor, positioning him to block Andrew Cuomo’s potential run. The only real challenge to Adams would likely come from an independent candidate or a Republican outsider from the business world. There is a wild card candidate: Public Advocate Jumaane Williams would be the favorite should both Adams and Cuomo enter the race.

Do you still like Eric Adams? (Did you ever like him?) 

Yes, but this should be a contest focused on policies, not a popularity contest. Adams leveraged his experience as a police officer to get elected, advocating pro-business, moderate fiscal policies and quality-of-life improvements. However, the migrant crisis significantly challenged his ability to implement his objectives. He does deserve credit for addressing the city’s economic imbalances, especially given New York’s reliance on real estate, which still lacks meaningful inclusion for African Americans and women.

Lightning Round:

Your social media of choice?

Instagram.

AI: Helpful in CRE or a fad?

Helpful.

Last movie you saw in a theater?

“Elvis.”

You’re going on a six-month expedition into the Amazon rainforest. What’s your last meal before you get on the plane?

Steak frites and blueberry pie à la mode.

Tesla or BMW?

BMW.

Will interest rates be below or above 4 percent on July 1, 2025?

Above.

If you could partner with one person in the business on a property, who would it be?

My son, Donahue Peebles III.

What are you tired of talking about?

Politics.

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