Episode Summary
Michael Cohen and Mark MacDonald built their firms in an era of crisis. Now, 15+ years later, they're navigating a different kind of scarcity: housing.
In this episode, two of San Francisco's most prolific developers share the unconventional paths that led them into real estate (government and Oracle, respectively), the advantages of launching during a downturn, and what's happening on the ground in 2026. From the Quincy's exceptional performance to the TI cost problem plaguing retail, Cohen and MacDonald offer a master class in timing, capital allocation, and the rare collegiality of the SF real estate community. Both firms have $500M+ in built projects; both are betting big on the next cycle.
