Hugh Frater, the former CEO of Fannie Mae (and Jonathan’s old boss) joins Housing Insiders to offer his blunt take on solving the housing crisis. According to Frater, "I don't think we should be promoting homeownership per se. I think we should just be finding ways to deliver more housing without regard to whether it's rental or for sale." As Chairman of Vessel Technologies, a developer and manufacturer of panelized multifamily apartment buildings that are “Class A housing at a Class B rent,” Frater is trying to do just that.
Vessel has 500-600 units of workforce housing in various stages of development across Connecticut, with expansion plans in Florida and New Jersey in the new year. While Frater admits "the road to hell has been paved with failed modular companies," he believes Vessel's elegant design and simple assembly process, combined with the rising demand for “attainable” housing, makes Vessel a promising player. Frater also shares his thoughts on the future of the GSEs and his “magic wand” wish for zoning in the US.
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