@Jason Malabute the typical over construction issues of being late in the cycle that you mention have been slowed by pandemic and supply chain shocks.Another factor supercharging Liquidity and the real estate market is you have the two largest population groups in us histoey both seeking real estate at the same time: boomers for downsizing, millennials for starting.

Another reason is that Millennials, which is the largest generation (including approximately 72 million Americans), came to the home buying age and started buying homes in droves.   

I have found that AIR (generally) is used by a younger crowd - not all millennials, but that gives you the idea.

Much of today’s demand stems from the pandemic-induced desire for more indoor and outdoor space as well as millennials’ accelerated timeline for buying their first or larger home in a suburban location.

I personally like the idea of rehabbing condos right now because it seems like you can find some properties at discounts with many millennials moving to the suburbs. 

As millennials are having families and doing a big chunk of traveling, they need more STRs unlike the Gen X generation in which everywhere their parents brought them, they were stuck and crammed in one hotel room sleeping on 2 queen size beds.  

Stern — an environmental lawyer and the first millennial elected to the state legislature — openly acknowledges that passing these bills will be politically difficult.

It would especially be popular among millennials as first time homeowners.

Many millennials have achieved financial freedom through real estate investing.

That left the housing market with a serious shortage of homes, just as millennials began getting married and having kids (traditional hallmarks of home-buying interest).