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<v Speaker 1>For thirty five years, Cindy Stumpo has been a female

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<v Speaker 1>home builder with a passion for design, a mastery of detail,

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<v Speaker 1>and a commitment to her crack. With daughter Samantha Stumpo

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<v Speaker 1>by her side, I don't need my.

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<v Speaker 2>Whole family on a date with me.

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<v Speaker 3>That's a good note.

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<v Speaker 1>It's goddymn weird.

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<v Speaker 4>See.

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<v Speaker 1>Stumpo Development is the only second generation female construction company

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<v Speaker 1>in the country.

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<v Speaker 4>You're crazy, You're a wacko, You're insane.

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<v Speaker 5>I mean, it just doesn't end together.

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<v Speaker 1>Cindy and Samantha welcome guest to explore the world of construction,

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<v Speaker 1>real estate, development, design and more.

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<v Speaker 4>Unpredictable.

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<v Speaker 5>Every time I think I know what you want, you

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<v Speaker 5>switch it out. But that's what makes sure houses.

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<v Speaker 1>All your They discuss anything that happens between the roof

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<v Speaker 1>and the foundation. Nothing is off limits. You truly do

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<v Speaker 1>care about everybody. She can yell at chicken scream, but

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<v Speaker 1>when you get her alone, she's the best person on

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<v Speaker 1>the planet. Cindy Stumpo is tough as nails.

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<v Speaker 3>Welcome to Ciddy Stumpo Nails on waz News Radio and

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<v Speaker 3>I Am in the studio tonight with Samantha if Ross.

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<v Speaker 3>Would get his head out of his ass.

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<v Speaker 2>What's a regular occurrence?

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<v Speaker 3>I got Jimmy Cumm's information in front of me. I

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<v Speaker 3>want to like, thank God, I know who Gilbert is. Gilbert,

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<v Speaker 3>introduce yourself to everybody. Please explain what in who you are?

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<v Speaker 4>Sure, Gilbert? When you live here in Boston, we have

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<v Speaker 4>a company called Win Companies, which is one of the

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<v Speaker 4>leaders in the country and building and operating affordable housing.

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<v Speaker 3>Would you say you're wanted the lodges out there for

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<v Speaker 3>affordable We are the lodgest Yeah.

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<v Speaker 4>I think we're the largest operator of income restricted housing

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<v Speaker 4>in the country.

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<v Speaker 3>Pretty amazing.

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<v Speaker 4>Huh, Yeah, it's pretty exciting. We're in twenty seven states.

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<v Speaker 4>I get to work with forty five hundred folks who

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<v Speaker 4>share the same passion as I do. And we've been

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<v Speaker 4>in business for fifty three years after my father started

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<v Speaker 4>the company.

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<v Speaker 3>Okay, so let's set the record straight, right now. I'm

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<v Speaker 3>at the record straight. People always think, oh, yeah, you

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<v Speaker 3>know Lucky Smurr Bank, he walked into all this, right,

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<v Speaker 3>which it's great, but somebody got to keep it going.

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<v Speaker 3>It's getting old.

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<v Speaker 2>Now, right, and yeah, you're getting old now.

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<v Speaker 3>Yeah. I don't need you to remind me I'm getting

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<v Speaker 3>old now either you told me to speak, so when

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<v Speaker 3>she does speak, it's like a right hook to the chin.

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<v Speaker 4>Okay.

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<v Speaker 3>But the truth is that there's a lot of pressure

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<v Speaker 3>on you, right, and people can say because people are always

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<v Speaker 3>going to talk and you're not going to stop to talk. Right.

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<v Speaker 3>It's just how it is that, oh, you know, Gilbert this,

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<v Speaker 3>and I don't like that type of talk. So when

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<v Speaker 3>I hear talk like that, I'm like, okay, yeah, you

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<v Speaker 3>go full people's shoes, go see how hard it is

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<v Speaker 3>and how easy it is. Not right, But the room

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<v Speaker 3>or on the street is you're doing a great, great

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<v Speaker 3>job out there, and you've got a big project coming out. Yeah,

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<v Speaker 3>so tell my audience what you're working on right now.

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<v Speaker 4>Sure. So the biggest project we're working on is a

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<v Speaker 4>three thousand unit development in South Boston. It's over well.

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<v Speaker 3>The actor that just it was on last weekend, he

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<v Speaker 3>just he's from South Boston.

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<v Speaker 4>Was that right? Yeah? So I'd say this is South Boston,

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<v Speaker 4>not the seaport, Real South Boston.

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<v Speaker 6>What they call real Sealthyal, I live in real sealthe well,

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<v Speaker 6>they tell me, I live in the news.

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<v Speaker 3>So don't be doxy yourself one radio, go ahead.

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<v Speaker 4>So this is absolutely the Old Southeast. So this is

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<v Speaker 4>right by Moakley Park off Old Colony Avenue, Carson Beach,

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<v Speaker 4>thirty acres of land that for eighty years has been

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<v Speaker 4>home to the Mary Ellen McCormick housing project used to

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<v Speaker 4>be called Old Harbor, and it hasn't.

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<v Speaker 3>So do you know what that is?

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<v Speaker 2>You know where he's talking about.

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<v Speaker 3>Okay, so those are pretty bad projects first for Irish

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<v Speaker 3>projects back in the day.

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<v Speaker 4>Yeah. So they started off, i would say as veterans

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<v Speaker 4>housing actually after the Second World War, and HUD sort

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<v Speaker 4>of which funded it originally, sort of got out of

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<v Speaker 4>the housing business and started funding new construction but not

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<v Speaker 4>really taking care of their old properties. So really, over

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<v Speaker 4>the last fifty years, it's not gotten any money invested

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<v Speaker 4>into it. We were designated by the Boston Housing Authority

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<v Speaker 4>to redevelop it and we won that seven years ago.

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<v Speaker 4>It's not been easy. We're going to start this year,

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<v Speaker 4>but we were designated seven years ago to demolish all

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<v Speaker 4>those buildings and rebuild them block by block with mixed

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<v Speaker 4>income housing.

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<v Speaker 3>Okay, so let's talk about that for a minute, because

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<v Speaker 3>I understand construction. We are the families right now, where

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<v Speaker 3>do they go while you're doing all this?

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<v Speaker 4>Well, that's like the key complication. So our first building,

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<v Speaker 4>there's going to be about sixteen new buildings built there.

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<v Speaker 4>Our first building is on a piece of land that

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<v Speaker 4>doesn't have any housing, so that we can have a

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<v Speaker 4>relocation resource for the folks in the next phase. So

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<v Speaker 4>we're basically going to move one hundred people in from

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<v Speaker 4>the second phase into the first and then tear down

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<v Speaker 4>the third phase and rebuild it and move the people

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<v Speaker 4>that were off side in the third phase into the

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<v Speaker 4>second phase and so on until we're completely full. So

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<v Speaker 4>it's pretty incredible. There are a thousand families that live

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<v Speaker 4>there today at maximum, there's only going to be one

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<v Speaker 4>hundred off side at any one time.

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<v Speaker 3>Wow, this is all going on.

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<v Speaker 4>This is all going on.

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<v Speaker 3>That's pretty cool.

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<v Speaker 4>Yeah.

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<v Speaker 3>And then you you're able to put them in other

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<v Speaker 3>units that you guys have.

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<v Speaker 4>Yeah, so we manage, you know, tens of thousands of

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<v Speaker 4>units in Massachusetts, so we have plenty of places to

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<v Speaker 4>put them. But generally what happens is the rule of

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<v Speaker 4>thumb on these other developments is you get relocated to

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<v Speaker 4>either a Boston Housing Authority site or you get a

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<v Speaker 4>voucher and you move to another town. Only about half

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<v Speaker 4>the folks actually moved back to the development. They choose

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<v Speaker 4>to just continue living where they're living.

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<v Speaker 3>Oh, mister Crouchie's walked into the door. That's very good.

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<v Speaker 3>Take it late, okay, yeah, okay, this is what happens.

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<v Speaker 6>Yes, taught me what to do a broke the like

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<v Speaker 6>be late and then you make the sale be late.

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<v Speaker 4>So you're the main entrance.

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<v Speaker 3>Nice jacket, Carucci.

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<v Speaker 7>Queen Bee, that's Queen Bee.

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<v Speaker 3>You know how I got that name?

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<v Speaker 4>He'll tell you earned it.

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<v Speaker 3>How do I get the name Queen Bee? Talking to

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<v Speaker 3>his mic? You need to talk to the mic.

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<v Speaker 7>It was on a job site maybe, I don't know,

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<v Speaker 7>twenty five years. You see all these men buzzing around her,

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<v Speaker 7>and they look like little bees.

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<v Speaker 4>I can see that.

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<v Speaker 3>That makes sense, And I was Queen Bee?

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<v Speaker 7>Then, Am I wrong?

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<v Speaker 3>No, that's what happens. Still happens all day every day

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<v Speaker 3>to the party. I'm a little crazy out there. I'm

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<v Speaker 3>a little crazy. Okay, So we'll go back to this.

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<v Speaker 3>How many who's hitting me a thing? I think I am?

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<v Speaker 3>How many units or how many thousands of square feet

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<v Speaker 3>does win properties. Okay, you're settled down there, you're making

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<v Speaker 3>a lot of noise. Somebody's like blowing out my head

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<v Speaker 3>from here. It must be you, okay, Oh yeah, blame

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<v Speaker 3>me for everything. No, Mike, I'm blaming Mike. Okay. Throughout

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<v Speaker 3>the country. Yeah, if we had to go buy square

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<v Speaker 3>footage or we go buy units.

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<v Speaker 4>Yeah. So by units, we we operate about one hundred

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<v Speaker 4>and ten thousand units in twenty seven states.

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<v Speaker 3>One hundred and ten thousand units yep and homy states.

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<v Speaker 4>In twenty seven states, District of Columbia and now Puerto

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<v Speaker 4>Rico as well.

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<v Speaker 3>Actually all affoodable on that way.

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<v Speaker 4>My wife's people here, yes, Marisol's people. So I would

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<v Speaker 4>say eighty percent of what we do is somehow income restricted,

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<v Speaker 4>and the about twenty thousand units are middle and market

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<v Speaker 4>rate housing.

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<v Speaker 3>Okay. And then what about commercial property?

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<v Speaker 4>A couple of million square feet of commercial property.

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<v Speaker 3>No big deal. I just want you to know, a

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<v Speaker 3>couple million square feet, a.

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<v Speaker 4>Couple million, which is generally speaking, it is under you know,

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<v Speaker 4>it's ground full or retail of of market rate or

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<v Speaker 4>affordable housing. And then we have one million square foot

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<v Speaker 4>building in of all places, Rochester, New York, that we

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<v Speaker 4>bought and have redeveloped into housing, office and retail.

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<v Speaker 7>It's a campus, wasn't it before?

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<v Speaker 4>It was a campus. It was a community college campus.

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<v Speaker 4>And it was the largest department store between New York

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<v Speaker 4>and Chicago. And when Rochester no longer had Kodak and

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<v Speaker 4>other you know, large businesses, it shot down and we

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<v Speaker 4>bought a million square feet for five million dollars and

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<v Speaker 4>started to rebuild it over the last decade.

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<v Speaker 3>You're having a panic attack over there was.

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<v Speaker 7>Did you run out of coke?

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<v Speaker 3>Did you get out a giant coch Do you want

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<v Speaker 3>me to go to break? Do you want me to

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<v Speaker 3>go for a break? Okay? Hold that thought, We're going

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<v Speaker 3>to break? He ran the clock.

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<v Speaker 1>I love it.

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<v Speaker 3>You were in the clock. What do you think this

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<v Speaker 3>is Monday night football? You were in the clock in

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<v Speaker 3>that case? Okay, all right, okay, And you're listening to

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<v Speaker 3>Sidney Stumpo on Toughest Nails with Samantha Stumpbo Go ahead.

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<v Speaker 4>Gilbert when and Michael.

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<v Speaker 3>Carucci and Samantha stem Okay, Sydney name twice yep, it

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<v Speaker 3>will be right back.

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<v Speaker 5>Sponsored by Floor and Decor, National Lumber and Village Bank.

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<v Speaker 6>Show one scream.

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<v Speaker 3>And welcome to Sidney stump On Toughest Nails on w

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<v Speaker 3>b Z News. And I'm Cindy and I'm here with

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<v Speaker 3>Samantha and Michael Gilbert. Okay, there we go.

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<v Speaker 2>We just go an like a law firm.

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<v Speaker 3>We could do that and Gilbert hold on, no, we

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<v Speaker 3>need an Irish person. It would be Stumpo court Caruci

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<v Speaker 3>and win and win those two Maiteans in one room. Okay,

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<v Speaker 3>but okay, so it's a million square footage of commercial.

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<v Speaker 3>Here's my question if I go into the questions that

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<v Speaker 3>I like to ask my own questions, is there ever

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<v Speaker 3>a time that you just want to say, you know what,

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<v Speaker 3>we own enough property, I'm going to go live my

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<v Speaker 3>life and go enjoy it. Or what is it you

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<v Speaker 3>want to just keep developing, building that generational well for

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<v Speaker 3>your kids, because you know what happens by the third generation?

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<v Speaker 4>Right, Yeah, I heard it could go a little sideways.

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<v Speaker 7>No, not what the winds kids got?

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<v Speaker 3>How old your kids?

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<v Speaker 4>I got a twelve year old and a nine year old.

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<v Speaker 3>Well, we don't know how they're going to turn out yet, Okay, I.

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<v Speaker 7>Know all the grandkids. Yeah, and they're all like, oh

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<v Speaker 7>my god, speaking Mandarin this language. Oh god.

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<v Speaker 3>Okay, so they're brilliant kids.

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<v Speaker 4>Yeah, no, I'm not worried about the third generation. It's

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<v Speaker 4>a good question. I my wife asked me it all

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<v Speaker 4>all the time. Why am I working so hard? Why

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<v Speaker 4>do I care to grow the company? I don't have

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<v Speaker 4>any specific goals, like I want to get to a

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<v Speaker 4>certain unit count or a certain number of properties.

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<v Speaker 3>It's the leading in the country for affordable housing.

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<v Speaker 4>We are.

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<v Speaker 3>Let's just let's just play that in our brain a

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<v Speaker 3>couple of times. Okay, yes, but I can anybody catch

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<v Speaker 3>up to you at this time?

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<v Speaker 4>We're not going to let them. How about that?

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<v Speaker 3>I love that. Yeah, I think the natural.

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<v Speaker 7>You know, but I think I think what has not

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<v Speaker 7>been stated enough is the impact of companies like when

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<v Speaker 7>in companies in Boston in general, that has been on

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<v Speaker 7>the forefront. So affordable housing started in the in the

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<v Speaker 7>nineteen thirties, and the first two projects coincidentally was one

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<v Speaker 7>of Win's current biggest undertaking at the time is the

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<v Speaker 7>Mary McCormick Housing project, So that that was one of

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<v Speaker 7>the first in nineteen thirty nine, along with Langston Terras

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<v Speaker 7>out of DC. It came it came about in the

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<v Speaker 7>nineteen thirty seven nineteen thirty eight where they had under

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<v Speaker 7>FDI the New Deal where they started the US Housing Act,

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<v Speaker 7>and then some of the thresholds, and then in nineteen

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<v Speaker 7>sixty five HUD was created. And then and Gilbert correct

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<v Speaker 7>me if I'm wrong. And then in nineteen seventy four

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<v Speaker 7>Section eight was created, and the big.

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<v Speaker 3>Were talking about Massachusetts or throughout the country.

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<v Speaker 7>Well, we have to talk about throughout the country because

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<v Speaker 7>it sort of started the what we now know is

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<v Speaker 7>affordable housing.

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<v Speaker 3>But who started?

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<v Speaker 7>And then in nineteen eighty six started that New York

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<v Speaker 7>and New York and Massachusetts were the first two states. Yeah,

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<v Speaker 7>but nineteen eighty six the Low Income Tax Credit came about,

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<v Speaker 7>which really revolutionary whatever, maybe not using the right word.

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<v Speaker 7>And then of course in the nineties the WHOPE program

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<v Speaker 7>and the HUD program started, and so those were sort

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<v Speaker 7>of the thresholds of what we know I don't know

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<v Speaker 7>is national affordable housing. And I think a good topic

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<v Speaker 7>is how companies like like WIN in particular, and what

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<v Speaker 7>your dad did early on, because Win was it nineteen

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<v Speaker 7>seventy one exactly seventy one?

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<v Speaker 3>Yeah, Yeah, how did dad start in nineteen seventy one

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<v Speaker 3>who was how old.

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<v Speaker 7>He was afraid of failure?

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<v Speaker 4>That yeah, Mike. Mike's one of my father's best friends.

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<v Speaker 4>Knows them as well as anyone, and that's exactly right.

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<v Speaker 4>So he started in this business because it was public

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<v Speaker 4>private partnership. He didn't have to show up with a

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<v Speaker 4>wad of cash and a big bank account, which he

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<v Speaker 4>didn't have at the time. So he could actually build

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<v Speaker 4>housing in partnership with the government who would supply the capitol.

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<v Speaker 4>So that's really how it got off the ground. That's

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<v Speaker 4>that's why he did the first project, why he was

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<v Speaker 4>able to do the second.

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<v Speaker 3>They could have chose somebody else too.

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<v Speaker 7>They wasn't a mature industry back then, and they took a.

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<v Speaker 4>Chance on him.

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<v Speaker 3>Yeah, so there was another out the win out there

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<v Speaker 3>that could have been at the wind, but they chose

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<v Speaker 3>out the win.

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<v Speaker 7>Well, some of the there was the x cognitives of

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<v Speaker 7>the work. It was the Ron Druka who your dad

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<v Speaker 7>worked for a dollar a year. He paid him bertruck

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<v Speaker 7>his father a dollar a year.

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<v Speaker 5>What was that?

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<v Speaker 4>Yeah, this was it was almost it was like going

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<v Speaker 4>to the best real estate school you could go to.

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<v Speaker 4>You would pay to play, right, So yeah, he said Bert,

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<v Speaker 4>pay me whatever you think I'm worth and and make

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<v Speaker 4>me successful so I can start my own company.

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<v Speaker 3>He said, you're worth a dollar.

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<v Speaker 7>But you know what, you know what Bert did that

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<v Speaker 7>it was really admirable. Is that your dad stayed on

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<v Speaker 7>an extra year. I think you said to Bert, I'll

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<v Speaker 7>give you five, and your father stayed for six. But

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<v Speaker 7>when Arthur exited, what happened probably doesn't happen a lot now.

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<v Speaker 7>Bert made a call to his bankers and he said,

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<v Speaker 7>author's going out on his own. I want you to

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<v Speaker 7>help him. Wasn't envious, wasn't competitive, and I think that's

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<v Speaker 7>incredibly ration.

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<v Speaker 3>Those were the days, my friend men, We men were men.

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<v Speaker 3>It's just like the guy's Julius Cohen, Danny Rottenberg and

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<v Speaker 3>that whole group.

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<v Speaker 7>Julian Cohen was very good friends with Atha.

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<v Speaker 4>That's a great name too.

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<v Speaker 7>They could have bought the Boston Celtics for five million

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<v Speaker 7>dollar remember that.

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<v Speaker 4>If you told you that, it's only five billionaire. So

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<v Speaker 4>it might have been a good about.

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<v Speaker 7>Julian plan and Altha could have bought the Celtics for

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<v Speaker 7>five million dollars.

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<v Speaker 3>I bought land from them, and it was actually a

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<v Speaker 3>funny little funny story is that Cohen said, and Danny

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<v Speaker 3>Rottenberg goes, why do you want this piece of land?

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<v Speaker 3>I said, I like diamond and the roughs. He goes,

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<v Speaker 3>but you can't do anything with it. I go, don't

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00:15:36.879 --> 00:15:38.879
<v Speaker 3>you worry about it. I will do something with it.

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<v Speaker 3>Only do I do something with it. I ended up with,

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<v Speaker 3>I bought you a little over two acres. End up

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00:15:44.919 --> 00:15:48.200
<v Speaker 3>subdivide them, which they said it would never happen. Subdivide

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00:15:48.279 --> 00:15:53.679
<v Speaker 3>them and no, this is old historical chestnhel And Danny

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<v Speaker 3>Rottenberg calls me back in the office. The young lady goes,

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<v Speaker 3>what did you know that I didn't know? I go,

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00:15:59.480 --> 00:16:02.519
<v Speaker 3>you playing commercial and I play in residential. And he

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<v Speaker 3>got up and he game with this big hug. He goes,

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<v Speaker 3>I'm glad you did well on that deal, Sindy. So

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00:16:07.080 --> 00:16:11.840
<v Speaker 3>there's a difference that a lot of those guys helped

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<v Speaker 3>each other right, like they took Stephen right under his

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<v Speaker 3>bell too and brought him right up right. They were

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<v Speaker 3>good guys. It was a different generation of men that

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<v Speaker 3>will never happen again. Well, I think the new ones

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<v Speaker 3>in just see the jealous of each other. I want

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00:16:26.919 --> 00:16:29.399
<v Speaker 3>you to eat lobster. Right, I want to eat steak,

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<v Speaker 3>but you know what I mean, Like you eat steak,

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00:16:31.480 --> 00:16:33.919
<v Speaker 3>but I eat lobster. Now, if you really care, I want

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00:16:33.960 --> 00:16:37.559
<v Speaker 3>you to eat lobster with me. And the world's changing,

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00:16:38.159 --> 00:16:41.159
<v Speaker 3>and unfortunately men aren't the same as they were. And

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<v Speaker 3>I keep saying that, like my dad's generation is probably

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<v Speaker 3>the best generation and the last generation. He's eighty four

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<v Speaker 3>of what I call wheal men, and then my generation

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00:16:51.639 --> 00:16:54.000
<v Speaker 3>and half men. And then for me down as no men.

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<v Speaker 4>You are talking to a man right now.

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<v Speaker 3>Okay, we got one hair in the studio. Okay, personally,

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<v Speaker 3>the generations have changed, right, it's changed. You're still at

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<v Speaker 3>that age that it's like that thirty what do you

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<v Speaker 3>say me?

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<v Speaker 2>Thirty seven?

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<v Speaker 3>There's seven and down?

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<v Speaker 4>How old you forty six?

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<v Speaker 3>That's a difference. So it's that you're the last of

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<v Speaker 3>the last, and then it's just ca.

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<v Speaker 7>Is that bringing that comes in.

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<v Speaker 3>I don't know, Michael. Look what I'm seeing out there is.

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<v Speaker 7>That generationally speaking, You're probably right.

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<v Speaker 3>Well, I will tell you what I'm saying now is sixteen, seventeen, eighteen,

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00:17:34.640 --> 00:17:38.400
<v Speaker 3>nine year old kids, it's turning and they want to

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<v Speaker 3>get into the trades. They don't want to go to

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<v Speaker 3>college if they're not college material. Right, there's a shift

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<v Speaker 3>going on, and I think they're going to be better

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<v Speaker 3>than the generation of my daughter, my son that's thirty

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<v Speaker 3>seven and thirty one.

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<v Speaker 4>You and I didn't talk about this ahead of time.

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<v Speaker 4>It's amazing. I feel the exact same way this generation alpha.

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<v Speaker 4>I figure it is going to save society. I think

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<v Speaker 4>they're backlashing.

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<v Speaker 3>You won't be just okay, and you'll see it, yeah,

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<v Speaker 3>but maybe I won't, you know what I mean. Like,

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<v Speaker 3>by the time they get leveled up to where they're going,

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<v Speaker 3>you will see that being in your forties, right, so,

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00:18:12.119 --> 00:18:15.680
<v Speaker 3>and you'll have them to come out and still be

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<v Speaker 3>building and working and developing and do what you're doing.

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<v Speaker 3>It's this, it's this, I don't know, it's that twenty

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<v Speaker 3>gap eight to thirty to thirty seven. What is it, Sammy?

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<v Speaker 7>Is it like dating sam too?

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<v Speaker 3>Oh?

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<v Speaker 6>Yeah, Well, I have a lot of friends that are like,

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<v Speaker 6>go from like twenty two to like twenty eight, and

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<v Speaker 6>they all want to hustle. And then I have other

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<v Speaker 6>friends that go from my twenty eight to thirty five,

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<v Speaker 6>lost in space and they want to love what they do.

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<v Speaker 6>If I ever came home and told you that, I

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<v Speaker 6>think you would have told me to what does that mean?

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<v Speaker 2>Never heard of that? Like I would have been afraid to.

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<v Speaker 3>Tell you that, Yeah, you love what you do. Just

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<v Speaker 3>go to work. Yeah, just go to work and you

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<v Speaker 3>love what you do.

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<v Speaker 6>Okay, But they also like can't get out of their

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<v Speaker 6>own way, like everything is like the end of the world.

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<v Speaker 3>So that's what I'm saying, Like there's just a generation

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00:19:06.000 --> 00:19:07.839
<v Speaker 3>that I grew up with, Like you grew up with

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<v Speaker 3>your dad, and he made a big impression on you.

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<v Speaker 3>And that's why you say I'm a real man, Cindy,

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<v Speaker 3>because you're around a real man.

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<v Speaker 7>Talk about when you stole the car.

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<v Speaker 3>We're all going to do stupid things when we.

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<v Speaker 4>Can kill the car. The car you steal a car

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<v Speaker 4>from your own parents, because.

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<v Speaker 3>That's what we do.

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<v Speaker 2>If okay, I stole keys and through and through parties.

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<v Speaker 3>Yeah she did that too. I mean, I'm all going

400
00:19:31.000 --> 00:19:33.559
<v Speaker 3>to do stupid things. All that thought. Welcome to Yeah,

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00:19:33.880 --> 00:19:36.440
<v Speaker 3>all that thought, I'm gonna break. It's a city stampo

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00:19:36.519 --> 00:19:38.160
<v Speaker 3>and you listen to Top of Nails on w b

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<v Speaker 3>C News and will be right back.

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<v Speaker 5>Sponsored by Pellow Windows of Boston.

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<v Speaker 8>Next day, Molding and Kennedy Carpet.

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<v Speaker 3>And welcome back to Cidy Stumbo toough his nails on

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<v Speaker 3>WBZ News. And I'm Cindy Stumpo and I'm with Samantha Stumpo.

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<v Speaker 7>And Michael Carucci and s Gilbert When.

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<v Speaker 3>Okay, so we're talking about upbringings. So maybe that's why

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<v Speaker 3>you are the man you are because you had author

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<v Speaker 3>Now would you do you stole a car?

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<v Speaker 4>How was this a segment? I borrowed a car? How

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<v Speaker 4>it happened to have gotten a bit of a fender bender?

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<v Speaker 4>And that's now family lore. I was licensed license still

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<v Speaker 4>emitting at the time.

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<v Speaker 7>I want to ask some relevant questions.

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<v Speaker 4>Also looking question you just gave me. Yes, I was fifteen,

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<v Speaker 4>Like it was.

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<v Speaker 7>A Porsche, right, was it as you stole the porsh borrowed?

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<v Speaker 3>Yeah, and then you cracked it up.

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<v Speaker 4>A little bit. That tree got in the wast Okay, I.

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<v Speaker 3>Cracked a lot of cars up, she said, everything but

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<v Speaker 3>ash trays. I don't think they put ash trays and

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<v Speaker 3>cars anymore. We've all done stupid things.

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<v Speaker 4>You stupid. I was there for me.

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<v Speaker 3>That was one of the biggest stupid things. I was

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<v Speaker 3>the stupidest.

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<v Speaker 2>Well, I thought that was the stupidest.

429
00:21:04.039 --> 00:21:08.119
<v Speaker 7>I really apologize a life.

430
00:21:09.359 --> 00:21:14.519
<v Speaker 3>That's the stupidest thing. You brought up grouching. Okay, so

431
00:21:14.599 --> 00:21:18.680
<v Speaker 3>now you are the CEO of Win Companies. Yes, and

432
00:21:18.720 --> 00:21:19.799
<v Speaker 3>you became the CEO.

433
00:21:19.640 --> 00:21:21.960
<v Speaker 4>Win about six years ago.

434
00:21:22.519 --> 00:21:23.920
<v Speaker 3>And when you got out I'm sorry.

435
00:21:23.720 --> 00:21:25.559
<v Speaker 4>Geez, it was more like eight years ago.

436
00:21:25.960 --> 00:21:29.680
<v Speaker 7>But five years it related. So let's talk about baptism

437
00:21:29.680 --> 00:21:30.160
<v Speaker 7>by fire.

438
00:21:30.839 --> 00:21:34.240
<v Speaker 4>Yeah. So my first job at a school was at

439
00:21:34.279 --> 00:21:37.039
<v Speaker 4>Related Companies in New York, and I don't think there's

440
00:21:37.079 --> 00:21:39.880
<v Speaker 4>a better company to learn from. They were doing Steve

441
00:21:40.200 --> 00:21:41.839
<v Speaker 4>Columbus Circle at the time.

442
00:21:41.839 --> 00:21:43.599
<v Speaker 3>So you went and learned through another company, not with

443
00:21:43.680 --> 00:21:44.039
<v Speaker 3>your dad.

444
00:21:44.480 --> 00:21:47.519
<v Speaker 4>My first three years in the business was with Related.

445
00:21:48.880 --> 00:21:50.880
<v Speaker 3>It was three So that was the best move, not

446
00:21:50.960 --> 00:21:52.039
<v Speaker 3>coming writing with your dad.

447
00:21:52.480 --> 00:21:56.079
<v Speaker 4>I felt I needed my own expertise and in relationships.

448
00:21:56.079 --> 00:21:59.000
<v Speaker 4>And to this day, Mike mentioned how New York and

449
00:21:59.079 --> 00:22:02.640
<v Speaker 4>Massachusetts oft have led the way historically with the affordable housing. Correct,

450
00:22:03.119 --> 00:22:06.839
<v Speaker 4>So many of my contacts are from those years in

451
00:22:06.880 --> 00:22:08.680
<v Speaker 4>New York, and so I have the Boston and the

452
00:22:08.680 --> 00:22:10.440
<v Speaker 4>New York contacts which have been very helpful.

453
00:22:11.960 --> 00:22:14.039
<v Speaker 3>I always say that Chad needs to go work for

454
00:22:14.119 --> 00:22:18.000
<v Speaker 3>somebody else, right, Sammy, absolutely so, and go not work

455
00:22:18.039 --> 00:22:20.359
<v Speaker 3>with me. And that's the only way this is going

456
00:22:20.440 --> 00:22:22.319
<v Speaker 3>to work. And I've been saying it for years.

457
00:22:22.279 --> 00:22:24.319
<v Speaker 4>Only if you can be like an overbearing parent. But

458
00:22:24.359 --> 00:22:25.799
<v Speaker 4>I don't think that that would be true.

459
00:22:25.799 --> 00:22:29.160
<v Speaker 3>If you I'm shot to go work, right. I want

460
00:22:29.200 --> 00:22:31.160
<v Speaker 3>him to go work with my buddy Anthony Rossi, because

461
00:22:31.160 --> 00:22:33.000
<v Speaker 3>if he works with Rossi, I mean even you'll be

462
00:22:33.000 --> 00:22:34.079
<v Speaker 3>begging to come back to me.

463
00:22:34.200 --> 00:22:35.720
<v Speaker 2>You didn't want me to work for you. I begged

464
00:22:35.759 --> 00:22:37.000
<v Speaker 2>my way and pushed.

465
00:22:36.880 --> 00:22:39.799
<v Speaker 3>Yes, but you work for us, work for Krucci. She

466
00:22:39.880 --> 00:22:43.559
<v Speaker 3>did learning from the melody that's true, that they're really dumb,

467
00:22:43.640 --> 00:22:45.480
<v Speaker 3>and that was done right. And they wouldn't hire her.

468
00:22:45.640 --> 00:22:48.480
<v Speaker 3>She graduated because she was a threat.

469
00:22:48.880 --> 00:22:50.400
<v Speaker 7>She was perceived threat.

470
00:22:50.559 --> 00:22:52.920
<v Speaker 3>She was perceived to be a threat. So because she

471
00:22:53.039 --> 00:22:55.960
<v Speaker 3>was my daughter, you know, a pretty woman. When they go,

472
00:22:56.079 --> 00:22:58.519
<v Speaker 3>when he walks in, when she walks back in and goes,

473
00:22:58.559 --> 00:23:02.119
<v Speaker 3>we should get yeah when she walks no, when she goes,

474
00:23:02.359 --> 00:23:04.480
<v Speaker 3>big mistake, big mistake?

475
00:23:04.519 --> 00:23:06.440
<v Speaker 7>Would you spend an obscene amount of.

476
00:23:06.400 --> 00:23:08.799
<v Speaker 3>Ye when he says that, But she first got turned

477
00:23:08.799 --> 00:23:11.720
<v Speaker 3>away from the fancy store with the fancy ladies.

478
00:23:11.359 --> 00:23:13.640
<v Speaker 7>That thought, we all know money.

479
00:23:13.880 --> 00:23:18.400
<v Speaker 3>So Samantha got got the pushback. Actually, you just did

480
00:23:18.400 --> 00:23:21.119
<v Speaker 3>an AI, Mike, just an AI the day on YEA,

481
00:23:22.799 --> 00:23:25.240
<v Speaker 3>what happens? Would you give it? A command that said what.

482
00:23:25.680 --> 00:23:30.119
<v Speaker 7>Who the most prominent Boston luxury real estate brocus using AI?

483
00:23:31.160 --> 00:23:31.799
<v Speaker 3>And what came up?

484
00:23:32.039 --> 00:23:33.000
<v Speaker 7>Sam? Myself?

485
00:23:33.079 --> 00:23:35.440
<v Speaker 3>And I think you came up for us?

486
00:23:35.480 --> 00:23:41.039
<v Speaker 7>Sam one? Sam was second. It's interesting, you know, because

487
00:23:41.039 --> 00:23:42.400
<v Speaker 7>everyone's doing Google searches.

488
00:23:42.440 --> 00:23:47.920
<v Speaker 6>You know, what did Kennedy work for Daron Kennedy?

489
00:23:47.960 --> 00:23:50.440
<v Speaker 2>They didn't, They wouldn't hire me. But now she says it.

490
00:23:50.680 --> 00:23:53.160
<v Speaker 4>Yeah a minute, So how did Sam do for you?

491
00:23:53.880 --> 00:23:54.440
<v Speaker 4>She did great?

492
00:23:55.079 --> 00:23:58.839
<v Speaker 7>Yeah, we had one deal with the two point.

493
00:23:57.160 --> 00:23:58.400
<v Speaker 4>S won't take.

494
00:23:59.119 --> 00:24:01.759
<v Speaker 2>He told me to write it up right first.

495
00:24:02.279 --> 00:24:04.119
<v Speaker 7>You ended up trading it at like two four. Because

496
00:24:04.160 --> 00:24:05.839
<v Speaker 7>your first offer is almost always your best.

497
00:24:06.000 --> 00:24:08.720
<v Speaker 2>Yeah, I remember the lesson learn though.

498
00:24:08.759 --> 00:24:10.960
<v Speaker 6>I was sitting at open house for free, which nobody

499
00:24:10.960 --> 00:24:13.000
<v Speaker 6>does now, sat there for free just because I wanted

500
00:24:13.039 --> 00:24:15.519
<v Speaker 6>to meet people in Belmont, and this woman kept coming

501
00:24:15.559 --> 00:24:17.599
<v Speaker 6>back with their family and I was like, they want,

502
00:24:17.720 --> 00:24:21.240
<v Speaker 6>they want to offer this, and the owner said, don't

503
00:24:21.240 --> 00:24:23.680
<v Speaker 6>write it up, and I was like, I'm so confused.

504
00:24:24.279 --> 00:24:26.480
<v Speaker 7>It was early in the development, which was a mistake.

505
00:24:27.480 --> 00:24:28.640
<v Speaker 7>That was a valuable lesson.

506
00:24:28.839 --> 00:24:32.400
<v Speaker 3>Yeah, figure stuff out. She just but again it's the

507
00:24:32.480 --> 00:24:35.160
<v Speaker 3>type of kid that you are. I always say, if

508
00:24:35.200 --> 00:24:38.559
<v Speaker 3>you have that burning desire, you will be successful. If

509
00:24:38.559 --> 00:24:41.920
<v Speaker 3>you don't have the burning desire, the tenacity forget about it.

510
00:24:42.000 --> 00:24:45.160
<v Speaker 7>But your challenge isn't different now though, Gilbert, you you're

511
00:24:45.200 --> 00:24:48.400
<v Speaker 7>in a mature industry. The Ballooon is sort of off

512
00:24:48.400 --> 00:24:52.720
<v Speaker 7>the road in the affordable housing space. It's a mammoth company.

513
00:24:52.720 --> 00:24:55.279
<v Speaker 7>Will you are three three thirty five hundred employees for

514
00:24:56.640 --> 00:24:59.440
<v Speaker 7>five yes, And so you know, when you're running an

515
00:24:59.480 --> 00:25:04.680
<v Speaker 7>operation that size, it's inevitable that you lose some nimble nimbleness.

516
00:25:05.359 --> 00:25:08.839
<v Speaker 7>And so what do you find, uh, your biggest you know,

517
00:25:08.880 --> 00:25:11.079
<v Speaker 7>Cindy asked a very good question like how big is big?

518
00:25:11.200 --> 00:25:11.240
<v Speaker 6>Is?

519
00:25:11.319 --> 00:25:14.839
<v Speaker 7>When do you stop? And but what are your biggest

520
00:25:14.920 --> 00:25:17.640
<v Speaker 7>challenges now? And at the size and the space event

521
00:25:17.799 --> 00:25:18.400
<v Speaker 7>night now would win.

522
00:25:19.039 --> 00:25:21.119
<v Speaker 4>So the biggest challenge, and I don't think that this

523
00:25:21.160 --> 00:25:23.960
<v Speaker 4>would be any different in the construction business, is finding

524
00:25:23.960 --> 00:25:31.160
<v Speaker 4>folks that show up to work. Ye, not alone, you

525
00:25:31.200 --> 00:25:33.359
<v Speaker 4>could work and you can work from home. And but

526
00:25:33.359 --> 00:25:35.240
<v Speaker 4>but the folks that have to actually be there for

527
00:25:35.319 --> 00:25:39.720
<v Speaker 4>you exactly. So we we're in the property management. We

528
00:25:39.759 --> 00:25:42.480
<v Speaker 4>have one hundred thousand units, so we may.

529
00:25:42.400 --> 00:25:45.039
<v Speaker 7>Have the largest manager of military housing in the country.

530
00:25:45.119 --> 00:25:45.640
<v Speaker 7>Did you know that?

531
00:25:45.720 --> 00:25:45.799
<v Speaker 6>No?

532
00:25:45.839 --> 00:25:46.599
<v Speaker 3>I know that either.

533
00:25:46.720 --> 00:25:50.480
<v Speaker 4>And these are folks that can't do their job remotely, right,

534
00:25:50.559 --> 00:25:53.559
<v Speaker 4>So how do you motivate people to show up, have

535
00:25:53.640 --> 00:25:57.799
<v Speaker 4>good customer service, work with their hands, or work you know,

536
00:25:57.920 --> 00:26:00.519
<v Speaker 4>in an office all day and they can't take day off.

537
00:26:00.519 --> 00:26:03.640
<v Speaker 4>You can't go onto a management office and know the

538
00:26:03.680 --> 00:26:06.759
<v Speaker 4>property manager decided to work from home today. That doesn't work.

539
00:26:07.079 --> 00:26:08.920
<v Speaker 4>So how do we get the right people to show

540
00:26:09.000 --> 00:26:11.240
<v Speaker 4>up every day and keep our culture? That's our challenge?

541
00:26:11.279 --> 00:26:13.839
<v Speaker 3>Okay? And the average contract was fifty years old, so

542
00:26:13.880 --> 00:26:16.200
<v Speaker 3>I hope you know that right. So if you take

543
00:26:16.359 --> 00:26:21.160
<v Speaker 3>the average contractor thank you for my donkeys. My donkeys, yeah,

544
00:26:21.240 --> 00:26:25.319
<v Speaker 3>Boston donkeys, thank you. With that being said, if the

545
00:26:25.359 --> 00:26:29.240
<v Speaker 3>average contract is fifty we're going to go through fifteen

546
00:26:29.359 --> 00:26:32.319
<v Speaker 3>years of not a lot of labor coming up. But

547
00:26:32.480 --> 00:26:36.160
<v Speaker 3>after that, but I've been shouting this since twenty ten,

548
00:26:36.880 --> 00:26:40.400
<v Speaker 3>since my TV shorting GTV. We come on this eight

549
00:26:40.480 --> 00:26:42.960
<v Speaker 3>nine ten crisis, and this is twenty eleven when I

550
00:26:42.960 --> 00:26:46.319
<v Speaker 3>said it. We're going to have a skill gap problem

551
00:26:46.440 --> 00:26:48.759
<v Speaker 3>and we're gonna have a housing shortage. And I was

552
00:26:48.799 --> 00:26:51.519
<v Speaker 3>on Bloomberg Radio. Remember Bloomberg came here and they wanted

553
00:26:51.559 --> 00:26:53.880
<v Speaker 3>They did their couple shows and same you're with me.

554
00:26:54.480 --> 00:26:56.799
<v Speaker 3>I was talking right over their heads. They're like, City,

555
00:26:56.839 --> 00:26:58.119
<v Speaker 3>what are you talking about? We're gonna have a skill

556
00:26:58.200 --> 00:27:00.720
<v Speaker 3>gap problem. I said, Okay, listen, break this down. I'll

557
00:27:00.759 --> 00:27:02.920
<v Speaker 3>dumb it down. I'll say whatever you you know, but

558
00:27:03.039 --> 00:27:04.599
<v Speaker 3>this is where we're going. We're gonna have a skill

559
00:27:04.640 --> 00:27:07.119
<v Speaker 3>get problem, and then we're gonna have a housing problem.

560
00:27:07.279 --> 00:27:09.279
<v Speaker 3>Like why we're gonna have a housing problem? I said,

561
00:27:09.279 --> 00:27:12.119
<v Speaker 3>We'll take the four years. We're in twenty eleventh, a

562
00:27:12.119 --> 00:27:15.720
<v Speaker 3>time we weren't even in twelve yet. How many states? Again,

563
00:27:15.759 --> 00:27:18.480
<v Speaker 3>we're a little secluded here in Massachusetts, we're little protected

564
00:27:18.960 --> 00:27:23.519
<v Speaker 3>a lot. When you see excavator stop and buildings stop

565
00:27:23.599 --> 00:27:26.720
<v Speaker 3>going up, that means you lost three to four years

566
00:27:27.240 --> 00:27:30.440
<v Speaker 3>of building. How is that not going to catch up

567
00:27:30.440 --> 00:27:33.559
<v Speaker 3>on us? Right, simmy, right over the heads again. Then

568
00:27:33.920 --> 00:27:35.720
<v Speaker 3>Bloomberg Radio calls me a year ago, would you like

569
00:27:35.759 --> 00:27:38.240
<v Speaker 3>to pick up that conversation from what we had we

570
00:27:38.400 --> 00:27:41.319
<v Speaker 3>we founded, Well, that's nicely that you found it. It's

571
00:27:41.359 --> 00:27:45.359
<v Speaker 3>on the internet. But they didn't see it coming. And

572
00:27:45.400 --> 00:27:48.880
<v Speaker 3>here's a little Cindy stumpo building ultra high end residential.

573
00:27:48.920 --> 00:27:50.359
<v Speaker 3>What do you mean you didn't see it coming.

574
00:27:51.279 --> 00:27:52.640
<v Speaker 4>You're the canary in the coal mine.

575
00:27:52.680 --> 00:27:54.279
<v Speaker 3>If it's that mpath thing, I just want to get

576
00:27:54.319 --> 00:27:56.599
<v Speaker 3>rid of it. It's a Christen a blessing, it really is.

577
00:27:56.640 --> 00:27:57.599
<v Speaker 7>I want to be born by.

578
00:27:57.720 --> 00:28:00.880
<v Speaker 3>Shamini, not a cancer. You're just tell me what your

579
00:28:00.880 --> 00:28:04.799
<v Speaker 3>birth says. Uh Taurus, Okay, you're the bull bulls Okay.

580
00:28:06.000 --> 00:28:08.839
<v Speaker 4>One of the other issues is that these folks are

581
00:28:09.039 --> 00:28:12.119
<v Speaker 4>changing jobs so often. So it's one thing not to

582
00:28:12.160 --> 00:28:14.519
<v Speaker 4>have gone to trade school. It's another thing to not

583
00:28:14.559 --> 00:28:17.400
<v Speaker 4>to have, you know, become a property manager, let's say,

584
00:28:17.480 --> 00:28:20.160
<v Speaker 4>or a maintenance professional, and then you decide three years

585
00:28:20.200 --> 00:28:21.839
<v Speaker 4>later you want to do something else, and two years

586
00:28:21.880 --> 00:28:23.480
<v Speaker 4>later you want to do something else. You don't have

587
00:28:23.519 --> 00:28:25.599
<v Speaker 4>the veterans in the industry that we used to have

588
00:28:25.839 --> 00:28:28.559
<v Speaker 4>that would do the same job and get great at it,

589
00:28:28.720 --> 00:28:30.400
<v Speaker 4>have an expertise for thirty forty years.

590
00:28:30.400 --> 00:28:36.559
<v Speaker 3>But that's generational employees. But here's a generational problem.

591
00:28:36.880 --> 00:28:40.039
<v Speaker 7>You got better retention than at the top level you

592
00:28:40.039 --> 00:28:40.640
<v Speaker 7>get phenomenal.

593
00:28:40.720 --> 00:28:44.000
<v Speaker 3>But he's talking and going forward, rank, drank and file.

594
00:28:44.200 --> 00:28:46.279
<v Speaker 7>Whi's the numbers game. You have forty five employees.

595
00:28:46.319 --> 00:28:49.319
<v Speaker 3>Here's how a person thinks that. I see, I'm going

596
00:28:49.359 --> 00:28:51.759
<v Speaker 3>to give this two three years. If that fails, Sammy,

597
00:28:52.039 --> 00:28:55.000
<v Speaker 3>you've been hearing me say that at public speaking events

598
00:28:55.000 --> 00:28:58.319
<v Speaker 3>fast twelve thirteen years. If I don't make it there,

599
00:28:58.519 --> 00:29:00.839
<v Speaker 3>I'll try this at two three. Isn't that fails, I'll

600
00:29:00.880 --> 00:29:03.559
<v Speaker 3>try something else. Why don't you stick with one thing

601
00:29:04.000 --> 00:29:06.799
<v Speaker 3>and become a master and a maven of it instead

602
00:29:06.799 --> 00:29:08.839
<v Speaker 3>of I'm gonna give it two three years. Well then

603
00:29:08.880 --> 00:29:10.599
<v Speaker 3>what because they want to try something.

604
00:29:10.400 --> 00:29:11.839
<v Speaker 2>Else, they want overnight success.

605
00:29:11.880 --> 00:29:14.119
<v Speaker 3>Well, that's not how life works. Sorry.

606
00:29:14.400 --> 00:29:16.160
<v Speaker 7>It's a sprint, not a Maraica exactly.

607
00:29:16.599 --> 00:29:18.839
<v Speaker 3>Unless you're lucky enough to come up with some really

608
00:29:18.839 --> 00:29:21.039
<v Speaker 3>great thing, a pet rock that sold for millions and

609
00:29:21.160 --> 00:29:24.240
<v Speaker 3>links and millions of dollars, go out and work hard.

610
00:29:24.319 --> 00:29:27.799
<v Speaker 3>It does pay off. It does. It takes your life away.

611
00:29:28.440 --> 00:29:31.160
<v Speaker 3>You don't breathe sometimes. Sometimes you're loaning your own thoughts.

612
00:29:31.200 --> 00:29:33.079
<v Speaker 3>Have you ever got that all the time? And you

613
00:29:33.079 --> 00:29:35.039
<v Speaker 3>could be in a room full of people and you're

614
00:29:35.039 --> 00:29:37.000
<v Speaker 3>still loaning your own thoughts. Right, that's kind of what

615
00:29:37.000 --> 00:29:40.559
<v Speaker 3>we're saying roomful of Yeah, but you say exactly. So

616
00:29:40.640 --> 00:29:42.319
<v Speaker 3>I wasn't thinking. I was thinking about all the problems

617
00:29:42.359 --> 00:29:45.400
<v Speaker 3>I have over here. But it's just it is what

618
00:29:45.480 --> 00:29:48.720
<v Speaker 3>it is. So it's it's gonna get harder and harder

619
00:29:48.759 --> 00:29:50.200
<v Speaker 3>to build those units. Now, it was gonna be my

620
00:29:50.279 --> 00:29:52.559
<v Speaker 3>next question. So we'll go to break and then we'll

621
00:29:52.559 --> 00:29:55.599
<v Speaker 3>come back because I'm gonna that's that question. Is appoint me? Okay,

622
00:29:55.640 --> 00:29:57.440
<v Speaker 3>I'm sending stomp owing and listening to top of Snails

623
00:29:57.480 --> 00:29:58.880
<v Speaker 3>on WBZ. We'll be right back.

624
00:29:58.920 --> 00:30:03.119
<v Speaker 5>Sponsored by new Brook Group, Boston, would Smaller Insurance World

625
00:30:03.160 --> 00:30:20.720
<v Speaker 5>Auto Body and Tosca Drive Auto Body.

626
00:30:14.759 --> 00:30:16.200
<v Speaker 1>In Common happen.

627
00:30:17.400 --> 00:30:22.880
<v Speaker 3>Ultra and welcome back to tap his nails on WBZ.

628
00:30:23.039 --> 00:30:23.759
<v Speaker 3>And I'm here with.

629
00:30:24.319 --> 00:30:27.039
<v Speaker 4>Samantha and Michael Gilbert.

630
00:30:27.400 --> 00:30:30.200
<v Speaker 3>Okay, so let's talk about this big development get going

631
00:30:30.240 --> 00:30:34.839
<v Speaker 3>on in Boston. Right. My question is this, you hire

632
00:30:34.839 --> 00:30:37.000
<v Speaker 3>a construction company or you self performing.

633
00:30:37.759 --> 00:30:41.200
<v Speaker 4>We hired We picked a construction company, Lee Kennedy out

634
00:30:41.240 --> 00:30:41.799
<v Speaker 4>of South Boston.

635
00:30:41.880 --> 00:30:44.920
<v Speaker 3>Yeah, I know the Kennedy. Okay, great, Now where they

636
00:30:44.960 --> 00:30:45.559
<v Speaker 3>getting the help?

637
00:30:47.160 --> 00:30:49.279
<v Speaker 4>Oh? Well, it's a it's a it's an all union job,

638
00:30:49.319 --> 00:30:51.279
<v Speaker 4>so that I think that will help source some people.

639
00:30:51.319 --> 00:30:53.480
<v Speaker 4>But yeah, I don't get into that aspect. That's your

640
00:30:53.519 --> 00:30:54.279
<v Speaker 4>that's your expertise.

641
00:30:54.599 --> 00:30:56.359
<v Speaker 7>So three thousand units.

642
00:30:56.000 --> 00:30:58.839
<v Speaker 3>So they give you their number going in. Okay, you're

643
00:30:58.839 --> 00:31:01.000
<v Speaker 3>gonna build it. What's the timeframe?

644
00:31:01.279 --> 00:31:02.039
<v Speaker 7>Ten years?

645
00:31:02.559 --> 00:31:04.599
<v Speaker 4>Yeah, so we uh, we're going to go right on

646
00:31:04.599 --> 00:31:07.799
<v Speaker 4>top of the game. We're going to start this year

647
00:31:08.119 --> 00:31:11.359
<v Speaker 4>on the first hundred units, and then every eighteen months

648
00:31:11.359 --> 00:31:13.200
<v Speaker 4>after that we're going to build another couple of hundred

649
00:31:13.279 --> 00:31:15.599
<v Speaker 4>units until we get to thirty three hundred units. That's

650
00:31:15.599 --> 00:31:15.960
<v Speaker 4>the plan.

651
00:31:16.279 --> 00:31:17.079
<v Speaker 3>It takes how many years?

652
00:31:17.119 --> 00:31:19.160
<v Speaker 4>You said it's going to take a couple of decades

653
00:31:19.519 --> 00:31:20.160
<v Speaker 4>more than ten.

654
00:31:20.119 --> 00:31:23.359
<v Speaker 3>Okay, Well okay, so let me ask you guys a question.

655
00:31:23.400 --> 00:31:24.960
<v Speaker 7>You can't fix construction costs.

656
00:31:25.279 --> 00:31:28.720
<v Speaker 3>No, you can't hide out very expensive construction, very expense

657
00:31:29.000 --> 00:31:29.480
<v Speaker 3>so long.

658
00:31:29.839 --> 00:31:32.200
<v Speaker 4>So we uh, we're doing it building by building. You know,

659
00:31:32.279 --> 00:31:34.599
<v Speaker 4>we we were designated for the entire site, but you

660
00:31:34.640 --> 00:31:37.319
<v Speaker 4>can only build the project in front of you, So

661
00:31:37.599 --> 00:31:39.519
<v Speaker 4>we have a fixed price cost on the first building.

662
00:31:39.519 --> 00:31:42.200
<v Speaker 3>I just want to get something straight right now, if

663
00:31:42.240 --> 00:31:45.200
<v Speaker 3>we put all of us together, and it's not about politics,

664
00:31:45.440 --> 00:31:48.759
<v Speaker 3>to make a point, can we build three million housings

665
00:31:48.599 --> 00:31:49.680
<v Speaker 3>in four years.

666
00:31:50.160 --> 00:31:51.920
<v Speaker 4>Honestly, it's going to be a little difficult.

667
00:31:52.119 --> 00:31:53.119
<v Speaker 7>Three million.

668
00:31:54.880 --> 00:31:56.640
<v Speaker 2>Now in the country that's needed.

669
00:31:56.880 --> 00:31:59.759
<v Speaker 3>No, I said, if you put us all together, we

670
00:32:00.039 --> 00:32:00.680
<v Speaker 3>couldn't do it.

671
00:32:00.880 --> 00:32:03.680
<v Speaker 4>If you had freeland, all the approvals, all the zoning,

672
00:32:03.680 --> 00:32:04.839
<v Speaker 4>it would still be difficult.

673
00:32:04.960 --> 00:32:07.359
<v Speaker 7>Okay, thank you, that's perfect world stuff.

674
00:32:07.519 --> 00:32:12.799
<v Speaker 3>Okay, and let me ask this question. They want affordable housing, right,

675
00:32:13.160 --> 00:32:17.680
<v Speaker 3>but then they tie our arms, our hands behind usaghood

676
00:32:17.720 --> 00:32:20.559
<v Speaker 3>licensing and everything else, and to get off the ground.

677
00:32:21.000 --> 00:32:23.559
<v Speaker 3>Just give you the permits, just let you go.

678
00:32:24.039 --> 00:32:27.680
<v Speaker 7>Like enough enough, I think, I think, go build.

679
00:32:27.480 --> 00:32:30.400
<v Speaker 3>Bill, but then tie our hands up.

680
00:32:30.680 --> 00:32:34.119
<v Speaker 7>I think what's important to bring up is the stigma

681
00:32:34.200 --> 00:32:38.440
<v Speaker 7>that has been attached to affordable housing. And our wind

682
00:32:38.480 --> 00:32:44.039
<v Speaker 7>has product differential on that. And the stigma is their

683
00:32:44.160 --> 00:32:46.400
<v Speaker 7>tenants they don't own, they're not going to take care

684
00:32:46.400 --> 00:32:50.559
<v Speaker 7>of their homes, their slum lords. And I can tell

685
00:32:50.559 --> 00:32:53.640
<v Speaker 7>you a couple of stories. Your dad told me a

686
00:32:53.680 --> 00:32:57.160
<v Speaker 7>story about the South End development where at some point

687
00:32:57.200 --> 00:33:00.279
<v Speaker 7>they didn't want to put central air conditioning in. Was

688
00:33:00.319 --> 00:33:04.519
<v Speaker 7>that which was that Mission Maine or Castle Square? Castle

689
00:33:04.559 --> 00:33:08.039
<v Speaker 7>Square five hundred, yeah, five hundred. It's a joint venture

690
00:33:08.079 --> 00:33:10.720
<v Speaker 7>with the tenants and would win another brilliant type of

691
00:33:10.720 --> 00:33:13.680
<v Speaker 7>a concept. And at some point they wanted to say, oh,

692
00:33:13.680 --> 00:33:15.759
<v Speaker 7>we don't need central air conditioning, and your dad's like,

693
00:33:16.359 --> 00:33:19.759
<v Speaker 7>they can't live and they without central air conditioning. But

694
00:33:19.799 --> 00:33:22.599
<v Speaker 7>the product differential, you know, you think affordable housing is

695
00:33:23.200 --> 00:33:26.400
<v Speaker 7>a dirty Would you think that there's no pride of ownership,

696
00:33:26.440 --> 00:33:29.079
<v Speaker 7>not titled ownership with the tenants, but prior of ownership

697
00:33:29.119 --> 00:33:31.759
<v Speaker 7>of their home and being proud of the home that

698
00:33:31.799 --> 00:33:35.440
<v Speaker 7>they live in. A story I'll never forget about ten

699
00:33:35.599 --> 00:33:38.759
<v Speaker 7>fifteen years ago and Wind doesn't sell a lot of property,

700
00:33:38.799 --> 00:33:40.519
<v Speaker 7>but they hired me to do one hundred and one

701
00:33:40.559 --> 00:33:42.960
<v Speaker 7>hundred and two units in Lowell. I don't know if

702
00:33:42.960 --> 00:33:45.319
<v Speaker 7>you remember the project. And you had a property manager

703
00:33:45.319 --> 00:33:49.960
<v Speaker 7>of female older woman that was there like forever, and.

704
00:33:49.920 --> 00:33:52.480
<v Speaker 3>We had young like Samantha.

705
00:33:52.640 --> 00:33:53.880
<v Speaker 7>I don't know if you know this story, but your

706
00:33:53.880 --> 00:33:59.240
<v Speaker 7>father definitely knows the story. I text you would quarterfy

707
00:33:59.359 --> 00:34:02.279
<v Speaker 7>this morning. You were still sleeping, just so you know,

708
00:34:03.039 --> 00:34:07.079
<v Speaker 7>well then you were having coffee. So anyway, so we

709
00:34:07.160 --> 00:34:10.239
<v Speaker 7>have multiple bids on the Lowell project and I'll never

710
00:34:10.239 --> 00:34:13.800
<v Speaker 7>forget this. I'm with the one of the final bids

711
00:34:14.039 --> 00:34:17.760
<v Speaker 7>we're standing outside of the management office which was on site,

712
00:34:17.800 --> 00:34:21.599
<v Speaker 7>and I forget the woman's name, No, but it's a

713
00:34:21.599 --> 00:34:24.800
<v Speaker 7>compelling story. A cop pulls up with a bunch of

714
00:34:24.880 --> 00:34:27.239
<v Speaker 7>kids and as they get ready to pull in, the

715
00:34:27.360 --> 00:34:30.000
<v Speaker 7>music was blaring. As that they get ready to pull

716
00:34:30.039 --> 00:34:34.360
<v Speaker 7>into the driveway, they turned the music off and they

717
00:34:34.360 --> 00:34:37.000
<v Speaker 7>put the windows up out of respect that they're pulling

718
00:34:37.039 --> 00:34:40.639
<v Speaker 7>into their home. Now, that might not mean much, but

719
00:34:40.800 --> 00:34:45.039
<v Speaker 7>what it spoken volumes was the quality of the tenets

720
00:34:45.440 --> 00:34:48.599
<v Speaker 7>that were in that development, and those buyers, by the way,

721
00:34:49.199 --> 00:34:50.039
<v Speaker 7>they noticed that.

722
00:34:50.280 --> 00:34:52.599
<v Speaker 4>Yeah, Mike, I would say that this is really starts

723
00:34:52.639 --> 00:34:55.159
<v Speaker 4>back with my father, Arthur Way at the beginning. It's

724
00:34:55.239 --> 00:34:59.840
<v Speaker 4>like affordable housing should be undifferentiated from market, right. Housing

725
00:35:00.000 --> 00:35:02.960
<v Speaker 4>shouldn't be able to go buy that building and say

726
00:35:02.960 --> 00:35:04.840
<v Speaker 4>that must be affordable housing, and then you drive on

727
00:35:04.880 --> 00:35:06.840
<v Speaker 4>you say that must be market. You have to manage

728
00:35:06.880 --> 00:35:08.679
<v Speaker 4>it just as well. You have to put money into

729
00:35:08.719 --> 00:35:10.480
<v Speaker 4>it and you have to care. And that's what I

730
00:35:10.480 --> 00:35:15.079
<v Speaker 4>think differentiates us. And we don't sell very often, so

731
00:35:15.320 --> 00:35:18.760
<v Speaker 4>it's our name on these properties for thirty forty fifty years.

732
00:35:18.960 --> 00:35:21.639
<v Speaker 4>We run it into the grounds. Guess what everyone knows

733
00:35:21.880 --> 00:35:24.719
<v Speaker 4>that win was the reason that that happened. So I

734
00:35:24.760 --> 00:35:25.480
<v Speaker 4>know a lot of.

735
00:35:25.400 --> 00:35:27.559
<v Speaker 6>Your buildings have weightless to get in them, and that's

736
00:35:27.559 --> 00:35:29.039
<v Speaker 6>not the case for everything else.

737
00:35:29.840 --> 00:35:34.719
<v Speaker 4>It's exactly right. There's certainly affordable housing, and so were

738
00:35:35.039 --> 00:35:36.719
<v Speaker 4>we're trying to be the best of its kind in

739
00:35:36.719 --> 00:35:37.840
<v Speaker 4>any neighborhood.

740
00:35:39.280 --> 00:35:42.400
<v Speaker 7>Has the industry maturing helped it our heard at Gilbert.

741
00:35:43.400 --> 00:35:46.519
<v Speaker 4>I think it's actually hurt it in one way, which

742
00:35:46.599 --> 00:35:49.719
<v Speaker 4>is back when two thousand and eight, two thousand and

743
00:35:49.760 --> 00:35:53.880
<v Speaker 4>nine happened and folks got out of the market rate business.

744
00:35:53.880 --> 00:35:56.480
<v Speaker 4>And this has happened during COVID too. They all said, Oh,

745
00:35:56.519 --> 00:35:58.519
<v Speaker 4>this affordable housing game, I'm going to try to get

746
00:35:58.519 --> 00:36:00.440
<v Speaker 4>into it. So you had a lot of wall money

747
00:36:00.480 --> 00:36:02.119
<v Speaker 4>coming in, you had a lot of folks that had

748
00:36:02.239 --> 00:36:05.960
<v Speaker 4>no idea how to operate all these things. And now

749
00:36:06.079 --> 00:36:08.280
<v Speaker 4>they they said, oh, this is an easy way to

750
00:36:08.320 --> 00:36:10.559
<v Speaker 4>make money, except when it isn't and they didn't have

751
00:36:10.599 --> 00:36:12.800
<v Speaker 4>the tools to fix it. And now there's a lot

752
00:36:12.840 --> 00:36:14.280
<v Speaker 4>of folks that are in trouble and a lot of

753
00:36:14.320 --> 00:36:15.639
<v Speaker 4>properties that are suffering because of that.

754
00:36:16.000 --> 00:36:18.000
<v Speaker 7>Are you picking up any of those after the fact?

755
00:36:18.360 --> 00:36:23.800
<v Speaker 4>We are, I mean, that's half our business. Is else's problem?

756
00:36:24.280 --> 00:36:27.960
<v Speaker 3>Okay for every winner, right, every loser, there's a winner.

757
00:36:28.079 --> 00:36:30.199
<v Speaker 3>Every winner, there's a loser. It's just how it works, right.

758
00:36:30.639 --> 00:36:32.880
<v Speaker 3>Somebody said to me one time, well, you're the shock

759
00:36:32.920 --> 00:36:34.679
<v Speaker 3>that comes in. No, no, I'm not the shock. I'm

760
00:36:34.679 --> 00:36:38.639
<v Speaker 3>the barracoudal. Let's get that straight. You're a problem. I'll

761
00:36:38.679 --> 00:36:40.320
<v Speaker 3>take it, but we're going to buy it at the

762
00:36:40.400 --> 00:36:41.760
<v Speaker 3>rate that it's going to be period.

763
00:36:41.880 --> 00:36:42.079
<v Speaker 4>Right.

764
00:36:42.760 --> 00:36:45.000
<v Speaker 3>It's just a little different here in Massachusetts because you know,

765
00:36:45.039 --> 00:36:47.559
<v Speaker 3>our land costs a high right, you can go into

766
00:36:47.599 --> 00:36:49.920
<v Speaker 3>other states where land's not what it is up here.

767
00:36:50.039 --> 00:36:52.480
<v Speaker 6>Yeah, but you knew about going to certain cities. Even

768
00:36:52.480 --> 00:36:55.159
<v Speaker 6>in mass other place people were not going to like

769
00:36:55.199 --> 00:36:56.960
<v Speaker 6>it's a new thing that every wants to build a Worcester.

770
00:36:57.000 --> 00:36:58.159
<v Speaker 2>It was not like that before.

771
00:36:58.679 --> 00:37:02.599
<v Speaker 4>That's a great I wasn't. I was speaking for a long.

772
00:37:02.400 --> 00:37:04.119
<v Speaker 2>Time, but before everybody else did.

773
00:37:04.360 --> 00:37:07.239
<v Speaker 3>Correct. You guys have been in Worcester for a long time.

774
00:37:07.320 --> 00:37:09.559
<v Speaker 4>When it works, it works because of Sam what you

775
00:37:09.599 --> 00:37:12.000
<v Speaker 4>were just saying, which is why were we in Worcester.

776
00:37:12.119 --> 00:37:14.440
<v Speaker 4>We were in Worcester because the city was actually fairly

777
00:37:14.840 --> 00:37:15.719
<v Speaker 4>easy to work with.

778
00:37:16.039 --> 00:37:18.280
<v Speaker 7>The best thing you pulled out of Worcester was Michael Bryant.

779
00:37:18.840 --> 00:37:21.880
<v Speaker 3>We have exactly a former city manager that's a pro

780
00:37:21.960 --> 00:37:26.840
<v Speaker 3>development town, Worcester city town. Whatever they wanted. It's just

781
00:37:26.880 --> 00:37:28.599
<v Speaker 3>like we go out of the areas and then you

782
00:37:28.679 --> 00:37:30.719
<v Speaker 3>got Newton Brookline going stump or get out of here

783
00:37:30.800 --> 00:37:32.519
<v Speaker 3>right like, we don't want you right like. He's like,

784
00:37:32.599 --> 00:37:34.039
<v Speaker 3>well me, I'm not going anywhere.

785
00:37:34.079 --> 00:37:36.280
<v Speaker 2>But it took everybody else how many years to catch up?

786
00:37:36.960 --> 00:37:39.000
<v Speaker 3>Oh my god, thirty years, forty years. Don't want to

787
00:37:39.000 --> 00:37:39.440
<v Speaker 3>touch Worster.

788
00:37:39.840 --> 00:37:42.360
<v Speaker 4>My favorite story I'd say in my career about that

789
00:37:43.320 --> 00:37:47.400
<v Speaker 4>is we built really the first market rate housing component

790
00:37:47.519 --> 00:37:51.280
<v Speaker 4>in downtown Worcester in like thirty years, but we did

791
00:37:51.280 --> 00:37:53.800
<v Speaker 4>it with the state, so half the units were market

792
00:37:53.840 --> 00:37:56.119
<v Speaker 4>rate and half the units were affordable. But we did

793
00:37:56.159 --> 00:37:58.599
<v Speaker 4>such a good job in this old mill building. We

794
00:37:58.639 --> 00:38:01.519
<v Speaker 4>were getting twenty five hundred and three thousand dollars reds.

795
00:38:01.920 --> 00:38:04.599
<v Speaker 4>It was that underwriting that the market rate guys came

796
00:38:04.639 --> 00:38:07.679
<v Speaker 4>in a year later and built three hundred units of

797
00:38:07.679 --> 00:38:10.159
<v Speaker 4>market rate housing off our underwriting. So they would not

798
00:38:10.199 --> 00:38:12.360
<v Speaker 4>have built that had we not built our smaller unit.

799
00:38:12.360 --> 00:38:14.039
<v Speaker 4>And that was the public private partnership.

800
00:38:14.119 --> 00:38:16.719
<v Speaker 3>What is your state outside of Massachusetts, that's your second

801
00:38:16.800 --> 00:38:19.000
<v Speaker 3>biggest state of owning affordable.

802
00:38:19.599 --> 00:38:22.960
<v Speaker 4>So management wise it's California. We manage about fifteen thousand units.

803
00:38:23.119 --> 00:38:24.239
<v Speaker 3>You just love those Blue states.

804
00:38:24.920 --> 00:38:28.000
<v Speaker 4>But development ownership wise, it's it's going to be New

805
00:38:28.039 --> 00:38:29.559
<v Speaker 4>York and New Jersey or the two folks.

806
00:38:29.639 --> 00:38:32.519
<v Speaker 3>Yeah, so blow blue states any Red states.

807
00:38:32.840 --> 00:38:35.320
<v Speaker 4>But that's not a coincidence city. I mean, these are

808
00:38:35.320 --> 00:38:37.960
<v Speaker 4>the states that don't just take the federal money in

809
00:38:38.000 --> 00:38:40.440
<v Speaker 4>build housing. They put in state money and that's what

810
00:38:40.480 --> 00:38:41.159
<v Speaker 4>makes these things go.

811
00:38:41.840 --> 00:38:44.320
<v Speaker 3>And the Red states don't hardly ever.

812
00:38:45.039 --> 00:38:49.199
<v Speaker 4>Really Yeah, I mean they they don't put in hardly

813
00:38:49.400 --> 00:38:54.880
<v Speaker 4>any of the money to build new Essentially, they're funding

814
00:38:54.960 --> 00:38:56.840
<v Speaker 4>you know, public housing and things like that, but they're

815
00:38:57.480 --> 00:38:58.760
<v Speaker 4>not building new construction.

816
00:38:59.000 --> 00:39:02.559
<v Speaker 7>Yeah, what about the send of YOUA familiar with the

817
00:39:02.559 --> 00:39:04.760
<v Speaker 7>forty B said, of course, So I got to give

818
00:39:04.760 --> 00:39:07.880
<v Speaker 7>you it is the carrot, you know, but after I

819
00:39:07.920 --> 00:39:08.519
<v Speaker 7>get through all.

820
00:39:10.239 --> 00:39:10.840
<v Speaker 4>But the idea.

821
00:39:11.079 --> 00:39:13.000
<v Speaker 7>But the idea of Fordy B and the carrot and

822
00:39:13.039 --> 00:39:18.239
<v Speaker 7>the stick sho Win is not known for the threat

823
00:39:18.239 --> 00:39:21.480
<v Speaker 7>of forty B. Correct, Yeah, we we we do friendly

824
00:39:21.519 --> 00:39:24.719
<v Speaker 7>forty friendly fordy B's, which I think we should talk

825
00:39:24.719 --> 00:39:27.239
<v Speaker 7>about that a little bit because it's so unusual.

826
00:39:26.960 --> 00:39:29.320
<v Speaker 3>We're just kicking right now, so we might have to

827
00:39:29.360 --> 00:39:31.360
<v Speaker 3>have a second segment, so we are third or fourth,

828
00:39:32.079 --> 00:39:35.840
<v Speaker 3>one fourth, so you got twenty seconds real fast.

829
00:39:37.599 --> 00:39:39.079
<v Speaker 4>One of the things we do to make it a

830
00:39:39.119 --> 00:39:42.239
<v Speaker 4>friendly forty b is we include a tranch of workforce

831
00:39:42.280 --> 00:39:44.760
<v Speaker 4>housing middle income housing, so we're not just going in

832
00:39:44.800 --> 00:39:47.920
<v Speaker 4>with low end market. We're selling the dream and the

833
00:39:47.960 --> 00:39:51.159
<v Speaker 4>reality of middle income housing. And everybody wants that in

834
00:39:51.159 --> 00:39:53.559
<v Speaker 4>their neighborhood, so they'll take the affordable. If they don't

835
00:39:53.599 --> 00:39:55.960
<v Speaker 4>like that, or if they don't like gentrification, they'll take

836
00:39:56.000 --> 00:39:58.000
<v Speaker 4>the market as long as you have a trance of

837
00:39:58.039 --> 00:40:00.000
<v Speaker 4>middle income. And I think we do more of that

838
00:40:00.079 --> 00:40:00.920
<v Speaker 4>than anyone in the state.

839
00:40:01.360 --> 00:40:05.360
<v Speaker 3>Really amazing. All right, everybody hold that thought. This is

840
00:40:05.400 --> 00:40:08.079
<v Speaker 3>city Stumble. We're going off the break and you're listening

841
00:40:08.079 --> 00:40:36.880
<v Speaker 3>to Tempest Nails on WDZ News Radio. Joy and welcome

842
00:40:36.920 --> 00:40:40.719
<v Speaker 3>back to Tempest Nails on WBZ. Who's ten thirty? Author,

843
00:40:40.880 --> 00:40:43.480
<v Speaker 3>I love you. I call your father, author, right, I'm

844
00:40:43.480 --> 00:40:45.320
<v Speaker 3>telling you, Author, I love you through you, through your

845
00:40:45.360 --> 00:40:49.199
<v Speaker 3>later that way. Now I'm gonna make sure he listens, Okay, Author,

846
00:40:49.239 --> 00:40:52.079
<v Speaker 3>I love you. Okay, Now, Gilbert Quy, should I have

847
00:40:52.159 --> 00:40:55.079
<v Speaker 3>real fast? You got now twenty seconds. If you had

848
00:40:55.119 --> 00:40:57.440
<v Speaker 3>to give some advice starting out in affordable housing a

849
00:40:57.480 --> 00:41:00.239
<v Speaker 3>young dude, young woman, what would you tell them?

850
00:41:00.840 --> 00:41:03.320
<v Speaker 4>Understand why you're in this business as opposed to other

851
00:41:03.400 --> 00:41:06.800
<v Speaker 4>sorts of housing. Make sure it's about the tenants. Make

852
00:41:06.840 --> 00:41:09.519
<v Speaker 4>sure it's about pride of ownership. And you're going to

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<v Speaker 4>have a lot of public private relationships. So keep your

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<v Speaker 4>word and do a good job and you'll get more opportunities.

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<v Speaker 3>And it is a money making business.

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<v Speaker 4>It's both a money making business and a reputation builder.

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<v Speaker 4>Do both.

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<v Speaker 3>Okay, everybody, have a great, safe weekend. This is City

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<v Speaker 3>Stampboat Up is Nails on WBZ News Radio ten thirty

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00:41:27.239 --> 00:41:28.440
<v Speaker 3>and we'll be back next weekend.
