$200K Salary, $2.1M Home: The Housing Math Is Broken With Kyla Scanlon and Aziz Sunderji
Scott Galloway talks with Kyla Scanlon and Aziz Sunderji about why housing is out of reach for young people, where $200,000 graduates face $2.1 million homes, and which fixes might actually work.
The gist
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Galloway notes the median first-time buyer is now 40, and new homes built per person have halved since 1973, from about 1% to 0.5%.
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Sunderji says dense cities are hard to build in, with a 12-story building costing about 40% more per square foot than a three-story one.
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Scanlon suggests helping boomers downsize, since they own about 30% of three- to four-bedroom homes versus 15% for millennials with kids.
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Sunderji argues Fannie Mae and Freddie Mac could offer cheaper financing for apartment construction, lowering the returns builders need to keep building.
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Both guests doubt rent freezes, and Sunderji prefers Section 8 vouchers but says only about one in four or five eligible people get them.
Also mentioned
14:12
Negative Yield New York
· "There was a piece called Negative Yield New York a couple of years ago that talked about how there are..."
25:56
Redfin
· "Boomers do own most of the three- to four-bedroom homes in the US. They own about 30% versus millennials..."
56:24
Home Economics
· "Aziz Sunderji is the author of the Home Economics Substack. He previously spent 15 years in research at..."
56:53
Kyla's Newsletter
· "She's the creator of Kyla's newsletter on Substack."
56:55
In This Economy?
· "Her debut book, In This Economy? How Money and Markets Really Work, was a New York Times bestseller."
57:02
Best of Luck with Kyla Scanlon
· "Her new podcast, Best of Luck with Kyla Scanlon, is out now."
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