Bret Weinstein

You get a reference from the sanitation department.

It's good because they're finally recognizing that this is a huge problem.

I think that people have realized this for quite some time, but I'm not sure that it actually accomplishes what they want it to accomplish because what really happened here, this is the legacy of the 2008 crisis, is that after 2008, banks pulled back and they didn't want to give mortgages to regular folks for a lot of really good reasons because the ninja loans and everything that happened in subprime and middle 2000s, they pulled back, but they never came back.

So in the 2010s, and it got even worse in the early 2020s, the only people who would get financing were big Wall Street firms.

So if you have no lending and no liquidity for regular folks to be able to buy houses, by the way, they didn't have jobs either, so they weren't going to qualify for a mortgage, and the only people in the marketplace are large Wall Street firms,

BlackRock did what BlackRock's going to do.

They essentially bought up huge chunks.

You talk 350 limit, they're buying 10,000 houses at a time in single transactions because they were the only people in the marketplace.

Money flowed to Wall Street rather than Main Street.

And because it didn't flow to Main Street, Main Street was essentially increasingly priced out of the market to the point we got to the 2020s where a flood of money went on Wall Street.

Wall Street went crazy buying up properties in 21 and 22 and to a certain extent, 23, which of course,

housing prices absolutely soared ahead, pricing people, regular folks, out of the market even further.

So in one sense, it's recognizing that there's an imbalance here.

Wall Street has money, has the ability to buy, and therefore, to some people, make them a rent slave for the rest of their lives, and they have no hope of actually getting into a home, Tom.

The median age of a first-time homebuyer, according to NAR, is 40.

40.

That's absolutely ridiculous.

That tells you that Americans cannot afford a home.

You hit the nail on the head here, Pat.

What you said was that where are the starter homes?