The Rise of the Affordable Housing Market

The number one theory is just very supply constrained, you know, and so the whole golden handcuffs concept. So existing home supply is very low, which puts all the impetus back on the builders and on new construction. If we stand this trajectory mean recession, in my view, at 70,000 new single family starts every month, you have a recession landing somewhere in the back half of 2024. That's not a contractionary number in my view.