Morgan Housel

And that's what became Levittown.

And they were able to do that and just throw them up very quickly.

And they had a lot of economies of scale.

They figured out how to build cheap homes that people still liked and that a GI and his family and his three kids can move into and have a dignified life.

And they did it very quickly.

You could never do that today.

It would never.

But because of regulations?

Yes, yes.

I mean, if you went to the suburbs of Philadelphia right now and said, I want to build 20,000 homes in the next year,

It's going to take you five years to try to get a permit.

And your odds of even getting one during that period are probably 50-50 at best.

And it's going to cost you millions of dollars to get there.

And so this is why it's a – and I'm not saying all permitting is bad.

I want to live in a world that is well thought out.

I care about the environment.

So I understand this is not black and white.

But I think anyone who digs into it knows that the pendulum has swung so far into the area of –

It's virtually illegal to build the most precious and important asset in the world, which is just somebody's house.

If you break the conveyor belt and say nobody can fall off the other end, then nobody can climb on the other end.