Andrew Heaton

That's the main thing.

It's restriction of supply.

You've got about 2% of the housing market right now of like multiple houses that people own that nobody's living in.

But when you look at any map of any major city in the United States, 80% of it is zoned for single family occupancy.

And so it's illegal to build a duplex.

Yeah, well, we still got high interest rates.

And then on top of that, you're maintaining a property that you think is going to increase in value.

You may not want to leave in it, right?

This is sort of a side argument, but housing, I think, fairly indisputably is going up largely because of supply problems.

We need more houses.

No.

When you look at wages, wages have increased since the 1970s, but prices have increased for health care, college, and housing.

Those are the three things that have gone up.

Everything else has gone down.

Food's gone down.

Consumer goods, gadgets, they've all gone down, right?

So people are actually earning more than they did in the 1950s, 1960s, 1970s across age cohorts.

But prices for those three things have increased.

Why?

uh... because restriction supply with with uh... housing with health care health care is a complicated issue i would say that it's a combination of regulatory malfeasance combined with uh... the fact that we have sort of state by state monopolies that we allow rather than competition to exist and it's in this huge morass of regulations that are in there in terms of college i would say that colleges because we went from a college degree is a nice thing to have