Billy Kreinik, 34

At just 14, Billy Kreinik found his calling. He was interning for Will Blodgett, who was fresh out of college managing rent-stabilized and rent-controlled apartments. Kreinik quickly became “hooked,” as he later put it.

“I enjoy being able to touch physical assets — you can go to a building; you can understand it; you can see how [residents] respond to good owners and operators,” Kreinik added. 

While he had stints working at Goldman Sachs and a hedge fund during and after college, nothing compared to real estate. Fast forward 20 years, he once again works with Blodgett, only this time as his managing partner at Tredway, the firm Blodgett founded and leads as CEO. 

The New York-based firm buys affordable and workforce housing assets with the aim of keeping them as such. Today, its portfolio spans more than 30 states. As the cost of housing remains a pressing national issue, Tredway’s work has become increasingly essential and somewhat rare. 

“Our goal is to extend affordability, not look for the termination of affordability,” Kreinik said. “We are stewards of the assets and the communities, and we are able to provide residents a good place to live.”

Some tasks resemble that of any real estate executive, such as securing tax credits and financing. Others are more mundane but can still have a profound impact. At one property, he replaced tubs with walk-in showers because elderly residents kept falling and injuring themselves. At another, he added dimming options to the lighting system after some seniors requested them. Sometimes, the job involves putting on events to make sure residents don’t become lonely.

“This is something that doesn’t cost a lot of money, but really makes a difference to a resident’s overall life,” Kreinik said. “They do not have the option to, in most cases, pick where they want to live.”