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JT
Jim Tobin
National Association of Home Builders (CEO)
First call on the ledger
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else is a labeled paraphrase. Every call links its original source. Before you trust the call, check the record.
Where they stand
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Explaining June's pending-home-sales dip ('we got back to bombing Iran' @0:22 - headline risk). Builder sentiment fell to 34: 'We are now 15 months south of the reading of 40' @0:45 (50 = neutral); spec building is down, existing market 'frozen' by rate lock, and construction is 'consistently two to 300,000 workers short' @2:12. Only high-end/luxury holding up. This is the title quote.
“We've got way, the uncertainty in home building right now and uncertainty in home buying is really dragging down the market.”
Answer to whether contractors and developers will stay away from NYC because of Mayor Mamdani's new second-home tax (in effect this month, already hitting luxury sales per the host). 'We're going to drive wealthy families out of New York.' @3:20; 'This is rent control in a different guise.' @3:33; predicts flight 'across the river to New Jersey, or they're going to go up to Connecticut' @3:48, citing Rhode Island's 'Taylor Swift tax' as precedent.
“I do, I think it's going to have a trickle down effect. May start at 10 million, when's it going to be five million?”
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