Rentals will outperform the stock market, coupled with lack of housing will keep the Buyer demand pent up. 

Not everyone is ready to go back to the theme parks yet, but we anticipate significant pent up demand when things return to normal. - What else should I be wary of?

That pent up demand is going to come out.

Plus there is a pent-up market for this kind of housing, so you can replicate this kind of rental unit almost endlessly.

And Portland has false scarcity or government created scarcity with their urban growth boundaries that CANNOT be changed for decades so there is a huge shortage of land or lots here.. we still are about 30,000 homes short of pent up demand in Portland..  

We could also make a massive real tax cut simply by implementing a true aggressive policy of oil productions, drilling, shale, etc approve everything and watch the oil bubble deflate, after all gas was only $1.75 gallon a few years ago, talk about putting money in pockets - stimulating jobs etc with new spending.on and on we could go - it's not difficult.Productivity keeps improving.Debt per Capita - Even Germany has a higher debt per capita and as a % of GDP.Remove some of the current hindrances and watch our economy grow.Rich, you and I both know that even the shadow inventory will one day, suddenly disappear, before anyone knows it, when the pent up demand starts working again.We are holding ourselves back with wasted spending, rules that thwart bussiness, anti profit rules, etc.

Hello,My name is Jackson Pent and I am living in the Greenville, SC area.

I suspect that this will increase over the next few years, as so little new product has been built since 2007, and that pent up demand will support spec building in more and more areas.

I had been wanting to get involved in real estate for many years, and that pent-up interest and some initial success led me to expand pretty quickly (4 additional buildings, 134 additional units since that first wave). 

To me the only short term impact would be animplosion of the Stock Market; and next year due to pent up demandwill be a great year for the economy.