In this episode of Ground Rules, Belkin Burden Goldman LLP attorneys David Shamshovich and Camila Almeida sit down with Joe Safdie, founder of JSAF Capital Management, to discuss a career path that spans nearly every corner of the real estate industry. From his start as a rental broker and construction contractor to building a vertically integrated platform that includes property management, development, brokerage, and ownership, Joe shares the lessons learned from growing a real estate business in New York City. The conversation explores entrepreneurship, rent stabilization, property management, affordable housing, assemblages, development under 421-a and 485-x, and the realities of operating in New York's complex regulatory environment. Joe discusses how he evaluates investment opportunities today, the evolution of Brooklyn development, the challenges facing housing production, and why long-term ownership remains at the core of his strategy. Show Notes & Topics: 01:38 – From Diamond Runner to Rental Broker Joe's upbringing, early jobs, and introduction to New York City real estate through apartment leasing and brokerage.07:13 – Going Out on His Own and Building a Construction Business Taking the leap into entrepreneurship, buying a first building, launching a construction company, and learning through trial and error.11:23 – Creating a Vertically Integrated Real Estate Platform Expanding into property management, environmental services, brokerage, ownership, and development across New York City.16:09 – Rent Stabilization, Regulation, and Changing Market Conditions How the investment landscape has evolved since the 2019 rent law changes and what Joe looks for in acquisitions today.21:24 – Development, Assemblages, and Building in Brooklyn Negotiating complex assemblages, pursuing ground-up development projects, and navigating MIH and affordable housing requirements.27:08 – Affordable Housing, 485-x, and Making the Numbers Work A candid discussion on prevailing wage requirements, development economics, and the challenges of creating new housing in New York City.32:11 – Long-Term Ownership, Investment Strategy, and What's Next Evaluating opportunities in today's market, managing risk, passing assets from generation to generation, and lessons for the next phase of growth.