Morgan Housel

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.

So I don't think around the edges.

I think the only thing that makes a difference is that we build more homes.

And this is what should be aggravating about it too.

Every solution to the housing crisis is how do we stimulate demand?

How can we lower interest rates?

How can we let people raid their 401ks for a down payment?

How can we give people housing assistance?

It's all stimulating demand and almost nothing wanting to touch the entire cause of the problem, which is supply, which is don't build enough homes.

And that again is largely a choice.

I mean, in lots of areas, the areas where by and large people want to live, the big cities in California and on the East Coast, it's very difficult to build, particularly if you're a big builder and you want to go build 100 homes.

Well, you're going to run into roadblock after roadblock after roadblock and petition from neighbors who say it's going to hurt the environment, it's going to hurt the view, we're going to shut it down, we're going to shut it down, to where the demand is there, the money is there, the materials are there, and you can't build a house.

You can't get a permit for it.

I was going to say Texas and Tokyo.

I can tell you've dug into this topic because those are pretty much the two major areas are Texas and Tokyo.

Tokyo is an extremely large city.