Stephen Ross, owner of Miami Dolphins, has been making quite some noise in the media because of his support for President Trump. As an American real estate developer, philanthropist, and sports team owner, he has a lot to say about the housing condition of the country. Ross is the chairman and majority owner of The Related Companies, a global real estate development firm he founded in 1972He says that Trump has done a lot for the economy of the United States. However, in a recent aired interview with Yahoo Finance, in an episode of “Influencers with Andy Serwer,” a weekly interview series with leaders in business, politics, and entertainment; Ross admitted that a housing downturn could be impending when asked if we’re getting close to another bubble. “I mean, I think real estate today is probably in the eighth inning, you know?”, said Ross.
He then continued with, “We’re certainly not starting something fresh. You know, we’re at a point now where I think there will be a slowdown because it has to happen.” He also stated that the housing slowdown would arrive at a time when the whole economy is going a bit downhill. “Things don’t go straight up, so you know at some point, we’re at a recession,” he said. As assurance, the lower interest rates may be able to give the housing market an upper hand at the moment. However, the housing market inevitably faces more problems in the long run. For example, a shortage of inventory because of a shortage in construction labor.
According to Redfin, the supply of high-class housing has gone up but this has left the middle- or low-income housing stock responsible for the majority of people interested in cities in the coast. All politicians, though on opposite sides, agree that there is in fact a housing shortage in the United States. Politicians on both sides of the aisle agree that there is a housing shortage in the United States. There is also a debate on what could solve this issue, whether it be more deregulation or having the government to step in and provide more affordable housing. But Ross said that an answer to the problem could be related to subsidies.
“I think we need certainly, a lot of affordable housing and [need to figure] out ways we can provide for that,” Ross told Yahoo Finance.
“That’s going to take government subsidies.”