**Jake Kraft** is a Bay Area real-estate developer and a recurring source in these notes. He's the read behind two threads: SF's **all-cash, highly liquid acquisition market** — where waiting for lower rates buys you little, since sellers ratchet prices up as rates fall ([[It's worth less than you think to hold out for lower rates]]) — and **raising acquisition capital from family offices and mission-driven VCs** rather than the leverage-hungry institutions that demand shorter holds (the funding path behind [[The Omar Morales strategy - buy all-cash, return capital, co-own cash flowing property forever]]). His take also feeds the SF supply picture in [[Units of housing under construction]].