Only via significant inflation. Tamp inflation down, nothing moves. The outflows of capital from Russia, China and other places were not as prevalent in the 70

Only via significant inflation. Tamp inflation down, nothing moves. The outflows of capital from Russia, China and other places were not as prevalent in the 70’s, neither was the role of money laundering in the high-end real estate market. Maybe recent curbs on Russian capital flight will affect the upward pressure in some places. But the way capital is allocated and applied now is rather different than in that time, and homebuilding is also in a different state. I expect we’re in a distinct period with distinct dynamics and that it’ll be 5-15 years before there’s any real positive movement (real decline in home values), if it happens.