Clay Travis

Supply and demand still a major effect on the single-family homes situation.

On the one hand, you don't want institutions buying up all these homes because you think, okay, well, they just use the funny money balance sheet they have access to.

It's all just sort of numbers to them on a spreadsheet.

They're not actually living in this, and they're going to rise the price.

On the other hand, though, you want more developers, right?

You want there to be buyers ready to go so that there are more and more developers making more and more houses to keep up with population growth.

So how much now?

And the other side of it is I don't think they someone tell me what the numbers are, guys.

I think it depends where in the country.

I think there are some states, Clay, where institutions own something like 20 percent of the single family home stock, which seems other states.

It's a lot lower than that.

And it's dependent upon the market factors in that state.

But this is a complicated discussion.

You know, because sometimes things that it's just like the minimum wage thing.

Minimum wage in California is what now?

Twenty five dollars.

Guess what they're doing in all these places.

They're automating.

They're cutting back hours.

All the things that we said would happen happen.