Morgan Housel

Another element to this.

Didn't mean to cut you off in your great story you're telling.

But

All wealth comes from compounding and compounding takes time.

Time is the magic sauce of compound interest.

And for a lot of people, a house is the only asset.

I'm not going to say investment.

It's the only asset that they are willing to own for 10 or 20 or 30 years and actually give compounding a chance to work.

Whereas most people, if they buy the stock, if they invest in the stock market, they're going to check it 90 days later and say, didn't do anything.

It's a scam, but they're gonna live in their house for 30 years.

And if you live in it for 30 years, even if the value only goes up by 3% per year, over 30 years, that's a lot.

And this is why you hear stories about people who bought a house in the 1970s for 70 grand and now it's worth 4 million or whatever it might be.

Just because like the average annual return on that might not be that much, but if you compound it for 50 years, it's a lot.

No, I think it's entirely symbolic.

And from a politician's point of view, I would not discount symbolism.

it's important to do.

But the idea that that's making a meaningful change in supply, I think, I think doesn't doesn't bear out whatsoever.

It's a, you know, it's a it's a very small amount of supply relative to what we need to create.

And if you if you know,

someone's gonna be owning those homes, whether it's an institutional investor or a mom and pop landlord or whatnot.