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Aron Will

Aron Will

Jun 15, 2026

1:44
Can you give us some context and some data as the reasons that would be?
1:48
I tease people, having done this for 20 years, I've been waiting for this moment, and I think all of us have been waiting for this moment for our entire careers, right? We were a couple of years ago on the precipice of something special, and it's really a here and now.
2:02
And the reason people are so enamored with our asset type is it's pretty simplistic, actually, if you think about it and break it down.
2:11
For one, the operating fundamentals are second to none in real estate, right? And really we're the most recession resilient, right? So with all the geopolitical noise, we could talk about that and how that impacts a lot of different things, but you know, we are the most prone to not be impacted, right? Given the baby boomer age cohort, the magnitude of that age cohort in relation to science, you know, to greatest and silent generations, You know, so far as the quantity of them and then the wealth that they have right and dispensable income that they have.
2:50
And these people want what they want.
2:52
Right.
2:53
So even if home values are down, public equities are down 20, 30 percent, you know, in a draconian scenario here in the next.
7:00
So Aaron, to pull out a small section of what you just talked about, the deficit between new construction, where we are now, and what we would have to get to, that big number, what do you see steps that is gonna have to happen before we start making progress on that? And do you have any instinct on timing of that?

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