He also pointed out that investors buying a house for rental could take advantage of depreciation (and negotiation leverage for volume house purchases), which the average homeowner cannot do. That give the investor an advantage to bid higher than the average home buyer and block out normal competition. That drives up prices unfairly and locks normal buyers out of the market.
Then he mentioned that normal homeowners think it's wonderful that the prices of their homes are so high. They feel rich.
It's an illusion because the price of the house has been inflated.
Not only that but the insurance on the now overpriced house has to be insured for the inflated price - costing the normal homeowner to pay much more for cost of owning the inflated house. Not to mention the inflation of the taxes based on the inflated appraisal value of the house.
All because of the investor is unfairly benefiting in ways that the homeowner cannot.
POTUS was very compassionate explaining that people feel rich by looking at the inflated price of their house, and that he understands that and does not favor de-inflation for our houses.
However, he is doing everything he can to increase access to home buyers.
He is brilliant at real estate. He is doing a great job.