The ‘haunted’ housing market’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly

The ‘haunted’ housing market’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly

Executive Summary

Kelly estimates the U.S. now needs just 320,000 new homes a year, down from about 1 million, as immigration enforcement slows population growth.

Business Context

The ‘haunted’ housing market’s real problem may be too few people, not too few homes, says J.P. Morgan’s David Kelly is relevant for readers tracking markets, technology, wealth creation, and global business strategy.

Investor Takeaway

The key signal is whether this development changes demand, margins, capital allocation, competitive advantage, or risk expectations.

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