In this conversation, Craig, Jack, and Fred delve into the evolving regulatory landscape affecting real estate investments, particularly focusing on local legislative changes and their implications. They discuss the impact of the Tenant Opportunity to Purchase Act (TOPA) in Washington, D.C., and how it has created challenges for investors. The conversation also touches on the growing scrutiny of institutional ownership in real estate and its relationship with affordability issues. Furthermore, the speakers explore the role of technology in enhancing operational efficiency and customer experience in real estate, emphasizing the importance of product quality and customer-centric approaches. Finally, they discuss the future of lending, highlighting the shifts in market dynamics and the increasing significance of risk management in the industry.