Morgan Housel

And our proof of that, as you pointed out, are areas such as Tennessee, Texas, Tokyo, that have done what I think is a much more sane approach

of letting the demand fulfill itself rather than- They let entrepreneurs take the risk.

100%.

Do a better job next time.

Part of the issue of why I think this persists

is because the problem is out of sight, out of mind.

And I'll show you what I mean.

If you build a nuclear power plant and it melts down in the middle of town, you see that, you notice it.

You don't notice the homes that were not built.

You don't notice it.

You don't notice the communities that never got developed because right now it's just a forest.

It shouldn't be a forest.

It should be a big, beautiful community, but it's not.

So it's harder to wrap your head around what wasn't done.

We pay attention to the things that were done that we can look at, and that's one of the reasons that it persists.

The other thing I would say is I think back to a lot of social problems being downstream of housing.

I noticed this when I was a renter.

I had no interest in local politics at all.

I'm transient.

I might live here for a year or two and then I'm gonna move to the next city, whatever happened, I don't really care.