2021-10-14 — cnbc.com
McGill cited data from the latest Decennial Census from the U.S. Census showing household formation is about 24% below where it was in the prior four decades.
McGill's partner Ivy Zelman, who is perhaps best known for one of the first warnings about the subprime mortgage crisis over a decade ago, agreed.
"The market is too hot. There is just a massive amount of capital that's coming to the space," Zelman said, referring to the investor interest in the housing market. "We actually believe the industry is already overbuilding in single-family to normalized demand by roughly 20% and about 10% for multi-family, so we couldn't be on more of an opposite side of where the market is and where the industry is, frankly."
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