Latest / The Land Development Podcast with Ryan Glick / Industry News: Housing Bill Becomes Law, Why Buying Costs $12K More Than Renting, and Developers Transform Former Military Land - TLP175

Transcript

Industry News: Housing Bill Becomes Law, Why Buying Costs $12K More Than Renting, and Developers Transform Former Military Land - TLP175 · The Land Development Podcast with Ryan Glick

• 0:00
  SPEAKER_01: I'm a little bit saddened by this whole thing about the the housing bill.
• 0:03
  SPEAKER_01: Yes, it didn't completely change the world, but there were excellent elements in it that are going to potentially set the stage for doing bigger things later.
• 0:11
  SPEAKER_01: I don't love the political stance that they took to push back on it.
• 0:14
  SPEAKER_01: So that's my thing.
• 0:15
  SPEAKER_01: I'm just disappointed in that scenario.
• 0:17
  SPEAKER_01: But looks like it's going to be law and we're going to be able to take advantage of it.
• 0:35
  SPEAKER_00: Hey, what's going on, everybody?
• 0:37
  SPEAKER_00: Welcome back to the Land Development Podcast.
• 0:39
  SPEAKER_00: I am your host, Ryan Glick.
• 0:41
  SPEAKER_00: We have an industry news episode for you today.
• 0:43
  SPEAKER_00: And joining me as always is Charles Covey.
• 0:46
  SPEAKER_00: What is going on, Charles?
• 0:47
  SPEAKER_00: Hey, Ryan.
• 0:48
  SPEAKER_00: How are you?
• 0:49
  SPEAKER_00: Not too bad.
• 0:50
  SPEAKER_00: You know, I was gonna ask you, we didn't get a chance to, I don't think we've really talked too much about all the things happening in our lives since uh the last episode we recorded, but do you like to fish?
• 1:00
  SPEAKER_01: I do like to fish.
• 1:01
  SPEAKER_00: Okay.
• 1:02
  SPEAKER_00: So I think the last time we talked, we talked about the family vacation that I took out west.
• 1:08
  SPEAKER_00: And then since then, between that last episode and now, I took a trip up to Wisconsin with uh a few of my buddies from high school and college, and uh we went on a charter fishing trip out on Lake Michigan and uh fishing for you know salmon and trout and super foggy day, very calm, waters are very calm, but I have a tendency to get seasick when I go on when I go on some of this like choppy water where you can't really see the horizon.
• 1:40
  SPEAKER_00: And I remember back when I remember back in high school, we went on a deep sea fishing down in uh I think in the Gulf, and caught I actually caught a Wahoo, a big, like a big fish, and I have it, I still have it to this day, which made the trip worth it.
• 2:00
  SPEAKER_00: But I on that trip, I was throwing up over the edge on that.
• 2:05
  SPEAKER_01: I have lived this nightmare.
• 2:06
  SPEAKER_01: I know exactly what you're talking about.
• 2:08
  SPEAKER_00: Well, that's uh kind of foreshadowing.
• 2:10
  SPEAKER_00: Fast forward to this trip just uh week and a half ago or so, and it was a repeat event of I mean, I even took like dramamine, but I took it too close to the to getting on the boat and whatever.
• 2:22
  SPEAKER_00: So, anyway, there's a picture out there somewhere of me over the edge of this boat.
• 2:28
  SPEAKER_00: Um not great.
• 2:33
  SPEAKER_01: I can absolutely relate.
• 2:35
  SPEAKER_01: I so I actually, and I I love to fish deep blue water, but I've I've really stopped going on deep sea fishing trips because the seasickness was such a challenge.
• 2:44
  SPEAKER_01: I I've been told though that some of the modern the modern deals, it's electronic bracelets that that help modulate your uh the scenarios in yes.
• 2:54
  SPEAKER_01: It's it's an inner ear problem if you can't see the horizon, everything gets out of whack.
• 2:58
  SPEAKER_01: And I've had some some crazy experiences with this um going terribly.
• 3:03
  SPEAKER_01: But supposedly these bracelets you can wear on your ankles and your wrists keep that from being a uh an issue.
• 3:08
  SPEAKER_01: So we got we're gonna have to try these.
• 3:10
  SPEAKER_00: Yeah, I gotta try that out.
• 3:11
  SPEAKER_00: But uh I mean, we caught some fish, made it worth it, but man, there was a moment on that, and it happened within the first uh one hour of a five-hour trip.
• 3:19
  SPEAKER_00: So when you're out there and you can't see the shore and you know you have four more hours to go, man, that's rough.
• 3:25
  SPEAKER_00: Yeah, I definitely can release.
• 3:28
  SPEAKER_00: Um but anyway, uh, we've got uh a few different things we're gonna get into here today.
• 3:32
  SPEAKER_00: We actually have four articles instead of three.
• 3:34
  SPEAKER_00: We're gonna start out talking about uh a repurposed land project up in the northeast.
• 3:40
  SPEAKER_00: We're gonna go from there into a look at some updates to the national housing inventory.
• 3:46
  SPEAKER_00: We have a LinkedIn post we're gonna look at that compares renting versus buying and the cost uh for the consumer on each of those.
• 3:54
  SPEAKER_00: And then we're gonna close out with a status on the latest housing bill that had gone through the House and the Senate.
• 4:01
  SPEAKER_00: So, with that said, let's go ahead and get into article number one, which comes to us from Bisnow.
• 4:08
  SPEAKER_00: Headline reads Brookfield and New England development by the South Weymouth Naval Air Station for a 6,500 home project.
• 4:17
  SPEAKER_00: From this article, Brookfield Properties and New England development are teaming up to redevelop the old South Weymouth Naval Air Station about 15 miles south of Boston.
• 4:26
  SPEAKER_00: The plan calls for 6,500 new homes plus 2 million square feet of commercial space on the 1,400-acre former base.
• 4:34
  SPEAKER_00: The joint venture has locked up 1,300 of those acres, buying the land from Washington Capital Management for$65 million.
• 4:42
  SPEAKER_00: More than 880 acres will be kept as open space, and the project spans three towns: Weymouth, Abington, and Rockland.
• 4:49
  SPEAKER_00: Infrastructure work is expected to start this fall on top of the 1,000 plus homes earlier developers already built on the site.
• 4:58
  SPEAKER_00: The state cleared new zoning for the property last November, and Weymouth landed a 32.5 million state grant last summer to help pay for infrastructure.
• 5:07
  SPEAKER_00: So we don't usually talk about projects like this on the show because projects are happening all over the country and there's a lot we could talk about.
• 5:14
  SPEAKER_00: But I did want to bring this one up, not necessarily for the details of the project, but this feels like an example of a former piece of land that was used for something else, where developers came in and repurposed the land.
• 5:29
  SPEAKER_00: And we hear a lot about projects, you know, we hear a lot about projects being used on, you know, greenfield uh farmland and things like that.
• 5:39
  SPEAKER_00: But I feel like this was a good example for developers to just keep thinking about existing properties that can be repurposed.
• 5:47
  SPEAKER_00: And I wanted to get your thoughts on this, Charles, and um if you think we're gonna start seeing more of this, especially with the last article we're gonna talk about today, where you know they've talked about two to three million acres of uh federal land is going to be able to be accessible for development projects in the future.
• 6:05
  SPEAKER_01: Yeah, well, this one really strikes a chord with me because I have a special place in my heart for reuse projects.
• 6:11
  SPEAKER_01: And we're doing some as well with golf courses.
• 6:13
  SPEAKER_01: We bought a golf course in the Houston area that we're redeveloping, and we're also doing entitlements now on a golf course in in Garland outside of Dallas.
• 6:19
  SPEAKER_01: So that's just another scenario of access to dirt that we wouldn't normally have access to, uh, maybe a golf course that's failing or not doing as well.
• 6:28
  SPEAKER_01: Maybe it's a higher and better use to uh to build housing on it.
• 6:31
  SPEAKER_01: So there's a lot of these scenarios.
• 6:32
  SPEAKER_01: Uh I I love this one.
• 6:34
  SPEAKER_01: I I know that in in the early parts of the Trump administration, they were talking about all this federal land that they were going to be able to use for housing.
• 6:42
  SPEAKER_01: And we all realize pretty quickly that hold on a second.
• 6:45
  SPEAKER_01: There is a lot of federal land, but most of it's not well suited for housing.
• 6:48
  SPEAKER_01: There are some exceptions, though, right?
• 6:49
  SPEAKER_01: This is a great, a great scenario of a military asset no longer used.
• 6:54
  SPEAKER_01: There's a there's some other ones that uh I found in a little bit of research, uh, especially in areas where housing is really, really a crunch.
• 7:02
  SPEAKER_01: And so a good example would be the Bay Area, San Francisco area in California.
• 7:07
  SPEAKER_01: And there's three projects that I found where they have done a similar thing.
• 7:10
  SPEAKER_01: It was a former, uh, you know, former scenario of military or shipyard or other type of use, and they were able to repurpose that into housing.
• 7:19
  SPEAKER_01: So the the challenge here, I think, is that in places like Dallas, it's cheaper to buy empty dirt that has nothing on it, to do a greenfield project because there's so much of it.
• 7:30
  SPEAKER_01: And so it's in places where you've got more of a land constraint, a San Francisco, a somewhere in New England, a Boston, a New York, those places really have a uh much better use case for these uh these repurposing.
• 7:44
  SPEAKER_01: If there's one in Dallas, probably it's cheaper to just go buy land, you know, buy land a few miles, a few miles outside of town, do the same thing, and you don't have all this demo and reclaiming and all the all the brownfield issues that can happen.
• 7:56
  SPEAKER_01: So it doesn't work in every scenario.
• 7:58
  SPEAKER_01: But in in a more dense, you know, in a more dense city where you've got a scarcity of land, it can be a fantastic option.
• 8:04
  SPEAKER_00: Yep.
• 8:05
  SPEAKER_00: So anyway, I just wanted this uh to be a quick conversation and something for a reminder for all of us as we continue to look for different projects out there.
• 8:13
  SPEAKER_00: So with that said, let's move on to the next segment, which is from the comments.
• 8:17
  SPEAKER_00: We have one here from LinkedIn from Karsten Johanneson.
• 8:20
  SPEAKER_00: Working with the city is half the job on a land deal, and it doesn't get talked about enough.
• 8:25
  SPEAKER_00: The deals that go sideways usually aren't the dirt.
• 8:28
  SPEAKER_00: It's an entitlement assumption that didn't hold.
• 8:30
  SPEAKER_00: Adding this one to my list.
• 8:32
  SPEAKER_00: So he was referencing a podcast episode that we had just released with a um a lawyer that was talking about some uh land use topics and everything.
• 8:40
  SPEAKER_00: So appreciate the comment and uh appreciate you listening to the show.
• 8:44
  SPEAKER_00: All right, well, let's look at article number two.
• 8:47
  SPEAKER_00: This one comes to us from ReziClub.
• 8:49
  SPEAKER_00: Headline reads national housing inventory growth stalls to 1.9%, but 17 states have cleared their 2019 levels.
• 8:59
  SPEAKER_00: The number of homes for sale nationally has basically stopped growing.
• 9:02
  SPEAKER_00: Active listings hit about 1.1 million in June, up just 1.9% from a year ago.
• 9:08
  SPEAKER_00: Over the past year, the number of homes listed for sale grew by just 20,000 versus about 242,000 the year before.
• 9:15
  SPEAKER_00: So the pace fell from nearly 29% down to 1.9%.
• 9:20
  SPEAKER_00: Even so, 17 states plus Washington, D.C.
• 9:23
  SPEAKER_00: are now back above their pre-pandemic 2019 levels, mostly in the Sunbelt and Mountain West, Arizona, Georgia, the Carolinas, Colorado, Utah, and Washington state.
• 9:33
  SPEAKER_00: Drilling into Metros, Realtor.com's June report shows the biggest inventory jumps in Louisville, up 28.7%, Buffalo up 27.7%, and Seattle up 20.6% from a year ago, but inventory is actually shrinking in parts of the Sunbelt and the coasts.
• 9:51
  SPEAKER_00: Jacksonville is down 20.6%, San Francisco down 17.4%, and Miami down 16%.
• 9:58
  SPEAKER_00: Florida is the clearest reversal.
• 10:00
  SPEAKER_00: Statewide inventory is down about 14% as that market firms back up.
• 10:05
  SPEAKER_00: Nationally, we are still about 9.6% below where inventory sat in June 2019.
• 10:10
  SPEAKER_00: So the country as a whole is still short on listings.
• 10:14
  SPEAKER_01: Thoughts on this, Charles?
• 10:15
  SPEAKER_01: Well, it's a trend we've been seeing.
• 10:17
  SPEAKER_01: So I'm I'm always interested in the information here, which gives us metro by metro.
• 10:22
  SPEAKER_01: And I would I would like to see Dallas here compared to these other ones.
• 10:26
  SPEAKER_01: So I'm I'm curious, did you see any information on some of these other metros that we know about and how they compare?
• 10:32
  SPEAKER_01: Because I'm just curious, you know, the percentage changes are interesting, but I think the total volume is also important because you know Louisville and Buffalo are smaller markets.
• 10:44
  SPEAKER_01: And so the fact that they changed 27%, I don't know that that's that big of a deal for us to consider um on a bigger national basis.
• 10:53
  SPEAKER_01: So what are your thoughts there with the bigger markets?
• 10:57
  SPEAKER_01: Like that those are the ones that are moving the bigger numbers.
• 11:00
  SPEAKER_00: Yeah, and you know, I was just looking back through the article right now to see if there was any other cities that were actually mentioned in here.
• 11:07
  SPEAKER_00: And I'm not seeing anything.
• 11:08
  SPEAKER_00: I see other states mentioned, you know, I see Texas in here, of course, but yeah, it's it's definitely not a story.
• 11:15
  SPEAKER_00: I mean, this gives us a snapshot into some of these particular markets.
• 11:18
  SPEAKER_00: It doesn't speak to someone's market if they're not in one of these or near one of these particular markets.
• 11:23
  SPEAKER_00: And then of course the national numbers don't really mean much for um anybody specifically.
• 11:30
  SPEAKER_00: So yeah, I don't I don't see any data here on individual cities.
• 11:35
  SPEAKER_01: But this tells me, based on the information, that we're gonna be in a when we talked about this maybe one or two episodes ago, that this isn't the best time right now that we've ever seen.
• 11:46
  SPEAKER_01: And the information is telling us this isn't the best time.
• 11:49
  SPEAKER_01: Not the worst time either, thankfully, but it isn't the best time.
• 11:52
  SPEAKER_01: So I think that that's uh just a something for us to all be thinking about as we're in the business of how we're making decisions, how we're thinking through things.
• 11:59
  SPEAKER_01: Typically, when you're not in the best time, that means you're on your way to the best time, right?
• 12:04
  SPEAKER_01: If you look at the troughs and peaks.
• 12:06
  SPEAKER_01: So if we're thinking about optimizing our businesses, there's look apparently, based on the way cycles work, there's a time in the future that's going to be better than the time is now.
• 12:15
  SPEAKER_01: We want to be ready for that.
• 12:16
  SPEAKER_01: So just something to think about.
• 12:17
  SPEAKER_00: Yeah, and something that just just triggered in my head too is I've been getting an episode ready that's going to release tomorrow.
• 12:25
  SPEAKER_00: And it's with a developer who is, he develops around the country, also develops down in Texas.
• 12:30
  SPEAKER_00: And, you know, he made the comment, he's been doing it for a number of years, and he made the comment that over the last seven years, we've seen uh inflation up 100% during that time period.
• 12:41
  SPEAKER_00: And he just talks about how as a company, as a developer developing all these projects around the country, it's it has become harder, you know, to do.
• 12:51
  SPEAKER_00: And it becomes more challenging.
• 12:53
  SPEAKER_00: I think he mentioned the number, somewhere between$45,000 and$50,000 per lot are going to various city fees and entitlements and all of that, which is just adding to the cost.
• 13:05
  SPEAKER_00: And so I don't see, I mean, those are being reduced in some cities that are becoming more developer-friendly, but there's just so many different factors leading to the challenges we're facing right now.
• 13:16
  SPEAKER_00: I think you're right.
• 13:16
  SPEAKER_00: There's not just one big thing that's going to happen that's going to all of a sudden make everything better and point in the right direction.
• 13:23
  SPEAKER_00: There's just there's just so many things.
• 13:25
  SPEAKER_01: Right.
• 13:25
  SPEAKER_01: I I was able to pull up while you were talking.
• 13:27
  SPEAKER_01: I was able to pull up the numbers for DFW.
• 13:29
  SPEAKER_01: So 2019, 41,000 new starts, uh, 2026, somewhere in that 41,000, 42,000 projected new starts.
• 13:38
  SPEAKER_01: So maybe up a little bit as high as 45,000.
• 13:41
  SPEAKER_01: So, but it's very similar.
• 13:43
  SPEAKER_01: Not a huge, not a significant change.
• 13:45
  SPEAKER_01: Peak was around 2021, 2022, 2020, 23, when there were around 50 to 51,000 new starts.
• 13:52
  SPEAKER_00: Well, I think uh, you know, looking at this particular article, I don't, I don't know if there's a whole lot else left here, but I think it does show us that when we don't, when we don't have data that shows us details across country.
• 14:03
  SPEAKER_00: In fact, I believe I grabbed the data here, as it says from realtor.com, not from this Resi Club article.
• 14:10
  SPEAKER_00: So you know, the Resi Club article focuses on the states and not necessarily individual metros.
• 14:15
  SPEAKER_00: So we'll we'll continue to look for some of those data points to bring up a wider variety of city types, not necessarily all that are roughly similar in nature.
• 14:25
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• 14:29
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• 14:33
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• 14:48
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• 14:53
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• 15:01
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• 15:27
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• 15:30
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• 15:33
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• 15:37
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• 15:43
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• 15:45
  SPEAKER_00: All right, let's get back to the show.
• 15:47
  SPEAKER_00: With that said, let's go ahead and move on to article number three.
• 15:50
  SPEAKER_00: Uh again, this one comes to us from Jay Parsons on LinkedIn.
• 15:54
  SPEAKER_00: Headline for this article: the rent versus buy gap by metro, twelve thousand dollars a month to own in the Bay Area, cheaper to buy in Pittsburgh.
• 16:04
  SPEAKER_00: So from this, the gap on the coast is enormous.
• 16:07
  SPEAKER_00: In San Francisco and San Jose, owning a home runs about$12,000 a month more than renting, roughly a 60% premium.
• 16:16
  SPEAKER_00: Other pricey markets carry premiums above 40% to own instead of rent, including Orange County, Oakland, Seattle, New York, and Salt Lake City.
• 16:24
  SPEAKER_00: The newer story is the Sunbelt, Austin, Orlando, Phoenix, Raleigh, Dallas, Nashville, and Charlotte now show premiums over 30% to buy versus rent, but it is not one way.
• 16:36
  SPEAKER_00: Seven metros are actually cheaper to buy than rent, including Pittsburgh, St.
• 16:40
  SPEAKER_00: Louis, Detroit, Cleveland, New Orleans, Akron, and Columbia.
• 16:45
  SPEAKER_00: Parsons' takeaway on this is when owning costs this much more than renting, people stay renters longer, which he frames as a housing supply and production problem, not just buyer preference.
• 16:57
  SPEAKER_00: So I know you play in this space, Charles.
• 16:59
  SPEAKER_00: What uh what's your thoughts when you see this?
• 17:01
  SPEAKER_01: Well, this has been true in DFW for a little while, and it's something that we we were using to really kind of frame the discussion around BTR and why BTR is an important factor, why it's a necessary thing to have in your mix of housing types.
• 17:16
  SPEAKER_01: And uh in a in a metro, BTR is a a great option because it is cheaper to do the BTR than to to buy for a lot of people.
• 17:25
  SPEAKER_01: Now it doesn't change the fact that most people uh still have that dream of buying, they want to buy.
• 17:30
  SPEAKER_01: So even though there's a premium, they still want to do that.
• 17:32
  SPEAKER_01: They feel like that's a way for them to to build worth, to build, to build uh um net worth and to build wealth.
• 17:39
  SPEAKER_01: So there's still gonna be people buying.
• 17:41
  SPEAKER_01: Now I was I was shocked to see this number in San Francisco.
• 17:44
  SPEAKER_01: That's that's wild.
• 17:46
  SPEAKER_01: So it maybe just shows you it's it's not 12,000 a month to own a home, it's 12,000 a month more to own a home.
• 17:54
  SPEAKER_01: Right.
• 17:54
  SPEAKER_01: So it but it goes to show you I I was just in San Francisco for some meetings, and it's that is a completely different ecosystem than anything else we see in our world in Texas or or where you're at in Iowa.
• 18:06
  SPEAKER_01: The numbers are crazy.
• 18:08
  SPEAKER_01: The numbers are absolutely off the charts.
• 18:11
  SPEAKER_00: Yeah, well, they are, and I I was thinking about that too when I read that, and I'm just thinking about here in Des Moines, Iowa, and our prices here for homes and everything, and thinking about what kind of house could you get here in Des Moines for$12,000 a month or or above the above the renting.
• 18:26
  SPEAKER_00: So maybe it's$15,000 or$16,000 or$17,000 a month, whatever it is.
• 18:32
  SPEAKER_00: That would uh that'd be a little castle here in uh the Des Moines, Iowa area.
• 18:36
  SPEAKER_00: So yeah.
• 18:38
  SPEAKER_01: Right.
• 18:40
  SPEAKER_00: Pretty crazy stuff.
• 18:41
  SPEAKER_00: Um anything else you can you want to talk about on this one, Charles, before we move on to our last topic?
• 18:46
  SPEAKER_01: Yeah, I think this is a this is a problem when we've got this kind of a gap.
• 18:52
  SPEAKER_01: This is never a good thing.
• 18:54
  SPEAKER_01: So like Jay is saying, and and I think Jay puts out great information by the way, so shout out to Jay.
• 19:01
  SPEAKER_01: This is not just buyer preference, this is a supply issue.
• 19:05
  SPEAKER_01: But that points back to the article we just looked at, which also talks about the supply issue.
• 19:09
  SPEAKER_01: So the supply issue isn't changing.
• 19:12
  SPEAKER_01: It is the single biggest problem that we have.
• 19:14
  SPEAKER_01: Definitely a repeating theme.
• 19:16
  SPEAKER_00: It is.
• 19:16
  SPEAKER_00: Sometimes it feels like on this show we have we have a lot of these different things continue to continue to happen.
• 19:24
  SPEAKER_00: You know, we should, and I know we talk about it quite a bit, but one thing that would be kind of fun is to do a almost like I've there's this other podcast that I've watched in the past where they do this uh solutions watch uh themed episode where all it is is focused on solutions or or a solution to a single problem, right?
• 19:43
  SPEAKER_00: Of and you just throw things out there.
• 19:45
  SPEAKER_00: It could be the stupidest idea in the world, but you just throw ideas out there to probably to try to solve problems.
• 19:50
  SPEAKER_00: That'd be kind of fun to do, to pick a problem and just spend some time talking through possible solutions.
• 19:56
  SPEAKER_01: Oh, yeah, absolutely.
• 19:57
  SPEAKER_01: I would love that.
• 19:58
  SPEAKER_00: Yeah, we should do that sometime.
• 19:59
  SPEAKER_00: Absolutely.
• 20:00
  SPEAKER_01: That'd be fun.
• 20:00
  SPEAKER_01: Okay.
• 20:01
  SPEAKER_01: Write that one down.
• 20:02
  SPEAKER_01: I'm in.
• 20:03
  SPEAKER_01: Yeah, yeah.
• 20:04
  SPEAKER_00: All right, well, let's move on to our last article, which comes to us from Fortune.
• 20:09
  SPEAKER_00: Headline reads the housing bill Congress passed that Trump would not sign, the Road Act and the voter ID standoff.
• 20:16
  SPEAKER_00: So, full disclosure on this one, we're recording this on Friday, July 10th, which is at midnight tonight, is when this would uh become law.
• 20:27
  SPEAKER_00: Trump doesn't plan to sign it, but I just want to mention that because if something crazy does happen and Trump happens to veto it, when I know he said that he's not, but anyway, this should be law by the time you're listening to this.
• 20:39
  SPEAKER_00: From this article, Congress recently passed the biggest housing bill in a generation, the 21st century Road to Housing Act, by bipartisan margins, 85 to 5 in the Senate and 358 to 32 in the House, which is pretty crazy.
• 20:55
  SPEAKER_00: That's a that's about as bipartisan as you can get on something between both parties.
• 21:02
  SPEAKER_00: The bill opens two to three million acres of federal land for housing.
• 21:06
  SPEAKER_00: It funds zoning reform and updates FHA multifamily loan limits for the first time since 2003.
• 21:14
  SPEAKER_00: There's a headline provision titled Homes Are for People, Not Corporations, that restricts investors owning 350 plus homes, but the final version gutted this.
• 21:24
  SPEAKER_00: No force sell-off and a build-to-rent carve out that lets them keep buying.
• 21:29
  SPEAKER_00: We've talked about that one before, where originally there was going to be a forced sale of certain number of properties, but a lot of that got reversed in the final bill that uh was eventually approved by both chambers.
• 21:42
  SPEAKER_00: Trump canceled the signing ceremony back on June 24th and said he wouldn't sign anything until Congress passes his Save Act, a voter ID bill requiring proof of citizenship to register to vote.
• 21:54
  SPEAKER_00: Trump refused to sign it, but a veto would just have been overridden.
• 21:58
  SPEAKER_00: So as this says here, as if we're on Monday right now, so it became law this past weekend without his signature.
• 22:06
  SPEAKER_00: So Trump's fight was really about politics.
• 22:09
  SPEAKER_00: Supporters called the voter ID push election integrity, while critics called it holding a popular housing bill hostage to an unrelated voting fight.
• 22:17
  SPEAKER_00: So I again, we've talked about this bill a couple different times on the show.
• 22:22
  SPEAKER_00: I thought it was important to talk about because it is, you know, it's moved on to be law.
• 22:27
  SPEAKER_00: But I think the fact that Trump didn't sign it was kind of surprising to me because it had so much support behind it and it was something that in a lot of consumers' eyes and probably a lot of his voter base eyes is a positive for um you know for the country and everything.
• 22:46
  SPEAKER_00: But it just goes to show you the the politics and the political games that are played to get one bill passed, you know, if you'll vote for my bill over here.
• 22:56
  SPEAKER_01: Yeah, this is this is politics in 2026.
• 22:59
  SPEAKER_01: It's unfortunate.
• 23:00
  SPEAKER_01: I think it's a terrible look because just look at the look at the way this passed.
• 23:04
  SPEAKER_01: Everybody is in favor of this housing bill.
• 23:07
  SPEAKER_01: And for him to not link arms with both sides of the aisle and walk this thing to the end, I just think that that's a terrible look.
• 23:15
  SPEAKER_01: But, you know, he's got his agenda and the things that he wants to do.
• 23:19
  SPEAKER_01: I certainly agree that we need voter ID, right?
• 23:22
  SPEAKER_01: You you gotta you you gotta show your ID to buy alcohol or cigarettes, so I don't see why showing your ID to uh to vote is a problem.
• 23:30
  SPEAKER_01: But I wish it didn't have to go this way.
• 23:32
  SPEAKER_01: Because I think it kind of tarnishes a bit what is a pretty decent housing bill.
• 23:38
  SPEAKER_01: So unfortunate, I don't like the way that it looks.
• 23:41
  SPEAKER_00: All right.
• 23:41
  SPEAKER_00: With that said, any final thoughts, Charles, before we wrap up?
• 23:45
  SPEAKER_01: Yeah, I I'm I'm a little bit I'm a little bit saddened by this whole thing about the the housing bill.
• 23:51
  SPEAKER_01: So yes, it didn't it didn't completely change the world, but there were excellent elements in it that are going to potentially set the stage for doing bigger things later.
• 24:01
  SPEAKER_01: So I I I don't love the political stance that they took to push back on it.
• 24:05
  SPEAKER_01: So that's my thing.
• 24:07
  SPEAKER_01: I'm just disappointed in that scenario.
• 24:10
  SPEAKER_01: But uh looks like it's gonna be law and we're gonna be able to take advantage of it.
• 24:15
  SPEAKER_00: All right, guys.
• 24:16
  SPEAKER_00: Well, that is all for this episode.
• 24:18
  SPEAKER_00: If you're not already subscribed, please click that button.
• 24:20
  SPEAKER_00: We'd love to have you back for the next one.
• 24:22
  SPEAKER_00: Otherwise, we'll see you back here tomorrow with my interview with Kobe Cox.