iShares U.S. Home Construction ETF

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.

Jason support ×2 ▼ on 📈 Residential real estate faces continued headwinds in 2025 E238 · 2025-08-09 ▶ 1:06:00

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

Friedberg oppose ×2 ▼ on 📈 Residential real estate faces continued headwinds in 2025 E227 · 2025-05-09 ▶ 20:40

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.

Friedberg support ×2 ▼ on 📈 Residential real estate faces continued headwinds in 2025 E219 · 2025-03-15 ▶ 53:20

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

Jason reversal ×2 ▼ on 📈 Residential real estate faces continued headwinds in 2025 E219 · 2025-03-15 ▶ 36:44

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.

Chamath support ×3 ▼ on 📈 Residential real estate faces continued headwinds in 2025 E219 · 2025-03-15 ▶ 36:18

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.

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.

Chamath support ×2 ▼ on 📈 Residential real estate faces continued headwinds in 2025 E217 · 2025-03-01 ▶ 43:09

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.

Jason support ×2 ▼ on 📈 Residential real estate faces continued headwinds in 2025 E213 · 2025-01-31 ▶ 1:36:51

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.

Friedberg support ×1 ▲ on 📈 US housing is millions of units short and demand is off the charts E211 · 2025-01-18 ▶ 28:44

There is a home building dearth right now in the United States. So this is an amazing opportunity because they can now move to LA, build homes.

when it comes to service providers, yeah, you have the opposite problem right now, which is like you're saying, you need to incentivize a huge construction force to come to LA. And the cost for them to get there, to find housing themselves, is going to be even higher, or the amount of distance they're going to have to travel every day. So I think this could have real unintended consequences and just stop the wheels from turning on rebuilding all these homes, or just make it way more complex.

Jason support ×2 ▼ on 🏛️ LA fire rebuild stalls for years, not months E211 · 2025-01-18 ▶ 42:13

If you don't pay a premium to get somebody to leave another market to come to this one, which is what's going to be required, there are simply not enough construction people in any state.

Chamath support ×3 ▼ on 🏛️ LA fire rebuild stalls for years, not months E211 · 2025-01-18 ▶ 45:02

Even if you get a permit within six months, and this is where I do agree with Friedberg, like getting service people in and being able to build something to spec safely is going to take three, four, five, six years, and it's going to be insane.

Friedberg support ×3 ▼ on 🏛️ LA fire rebuild stalls for years, not months E211 · 2025-01-18 ▶ 28:44

except the governor just said, we can't pay people 10% higher than what they were getting paid right before this happened on an indefinite basis. And then Karen Bass created a hotline. ... There is not enough service providers down there. You're going to end up waiting six, seven years to get your home rebuilt.

Jason support ×2 ▼ on 📈 Residential real estate faces continued headwinds in 2025 E209 · 2025-01-04 ▶ 1:29:24

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.

Sacks support ×2 ▼ on 📈 Uninsurable coastal property gets repriced down E199 · 2024-10-11 ▶ 28:26

So, it was a good thing that I sold my Miami place when I started.

Chamath support ×3 ▼ on 📈 Uninsurable coastal property gets repriced down E199 · 2024-10-11 ▶ 25:31

My personal belief is I think that the real estate markets in some of these places are meaningfully mispriced. And specifically what I mean is that they are massively overpriced.

Friedberg support ×3 ▼ on 📈 Uninsurable coastal property gets repriced down E199 · 2024-10-11 ▶ 16:02

So you can kind of think about Florida state's re-insurance thing being effectively bankrupt. It doesn't really have the capacity to underwrite the insurance anymore. So the real question for everyone is, is the federal government going to have to step in and start to support the price of homes?

Sacks oppose ×2 ▲ on 📈 US housing is millions of units short and demand is off the charts E165 · 2024-02-09 ▶ 1:20:35

I keep trying to explain residential is not a great market either because interest rates have spiked up. So there's not a vacancy problem. Multifamily developers are still able to lease the units. They're still able to rent. The problem is their financing costs have shot through the roof.

Chamath support ×1 ▲ on 📈 US housing is millions of units short and demand is off the charts E165 · 2024-02-09 ▶ 1:20:33

Yeah, I mean, I think you're basically right.

Jason support ×2 ▲ on 📈 US housing is millions of units short and demand is off the charts E165 · 2024-02-09 ▶ 1:20:08

Paradoxically, on the other side, we have this incredible market for developers, which is, gosh, there's not enough homes. I think we need 7 million more homes, and the demand is off the charts for homes, yeah?

Chamath support ×2 ▼ on 📈 Uninsurable coastal property gets repriced down E163 · 2024-01-26 ▶ 1:30:44

I have to take the wood shingles off because we can't get the insurance people to insure.

Friedberg support ×2 ▼ on 📈 Uninsurable coastal property gets repriced down E163 · 2024-01-26 ▶ 1:29:55

These sorts of events, more frequent, more scary, more significant. Hotter oceans are driving these events

Chamath support ×2 ▼ on 📈 Uninsurable coastal property gets repriced down E151 · 2023-10-27 ▶ 1:20:14

it's become economically untenable in a lot of places for these folks to be able to insure, insure their home

Friedberg support ×3 ▼ on 📈 Uninsurable coastal property gets repriced down E151 · 2023-10-27 ▶ 1:19:36

there's going to be a real economic cost to bear on the order of several trillion dollars over time because someone has to underwrite that real estate ... it actually translates economically through the reinsurance and insurance markets into the real estate markets fairly quickly