NAMES TOLL A BARON OF THE HOUSING INDUSTRY AND TOP CEO
BY LARRY TEITELBAUM
1 - 2 - 3
Q: Do you believe that the housing market
will continue to be hot?
A: I don’t see any
reason for it not to continue to be a good market. The doomsayers are
predicting that there will be an implosion that will come from the recognition
that the market is just floating on air and not sustainable and that it’s
going to wreak havoc on the economy. I think that’s a lot of bull.
I think housing price escalation will continue. It won’t be as fast
as it’s been in some markets but it’s not going to be as slow
as it was. The creation of wealth has been phenomenal. Families making
$100,000 or more have grown six times faster than the general population.
The population has grown by 80 million in the last 30 years. (Yet) we’re
building fewer homes on average this decade than we did in the 1970s.
So with this tremendous growth in population, tremendous growth in wealth
and slackening supply, you get a great imbalance, and when supply dwindles
and demand grows what gives is price.