📈 Residential real estate faces continued headwinds in 2025

“Real estate is the same... people can't afford homes with these mortgages... in Texas, two years in a row housing values have gone down, rent has gone down... these are going to be among the worst performing assets.”

“And if you want to see what happens when you have unlimited land, if you live in Austin and you see the distance between San Antonio, Houston and Dallas and Austin in that triangle, you get 30 minutes outside of the city centers. There's just unlimited land and there's less regulation. And you know what's happened? Housing prices and rents have come down two or three years in a row. So this could happen in other major cities.”

“So if you have many, many years of austerity, what does it really result in? I think if you want to cement political power, I think it requires a walking down of these asset markets in a meaningful way. That's stocks and that's real estate. And I just don't see any other way around it.”

“I have someone who works with me, their spouse, was a real estate agent, and they are having a really tough couple of years because the industry has spiked up. If you get the industry down again, there are so many different places in America where people start making money again, with the title companies, with brokers, there are so many things that happen with that.”

“But the next big market, and this is actually where, Andrew, to your point, we reestablish some hope, I think, for a lot of people is we are going to whack the housing market. It's just going to happen.”

“It's not going to happen, Chamath, explain it, because there are 7 million homes that we still need to build to serve as just current demand.”

“by creating this American dream around housing and allowing the federal government to provide loans on housing, we've increased the cost of housing. We've created a very destructive housing bubble”

“I was just looking at the mortgage delinquency rates. They're pretty flat right now. And that's, I think, because so many people did refinance when rates were low and there's a tremendous amount of mortgage balance with a low rate outstanding.”

“The housing issue is so oppressive to this generation and the cost of their education is so oppressive.”

“if they're unwilling to move to places where the real estate is cheaper, then you are going to get more expensive real estate. And maybe you can build your way out of that. Or maybe you can't.”