Most investors think of equity as free money: borrow against what you've built and keep going. In this first episode of Housing Unplugged, developer Christie Leet explains why equity is actually the dearest form of debt, and why chasing it can keep investors stuck instead of building real wealth.

Christie is the cane farmer's son behind Sherpa. He is building apartments for around $4,000 a square metre while the industry says it can't be done under $10,000. He reserves entire floors for first home buyers, sells 5% below market, and shares the one ratio that decides whether a high-rise deal works.

In this episode:

• The true cost of equity, and why it’s the dearest form of debt (26:38)
• First home buyers in a high-rise (9:07)
• The 60% rule that makes deals work (12:22)
• The truth about build costs (16:28)
• How to find “unicorn” sites (36:15)
• Feasibility 101 for beginners (41:52)

This is how affordable housing actually gets built.