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All-In with Chamath, Jason, Sacks & Friedberg

#AIS: Divvy Homes CEO Adena Hefets breaks down the state of the US housing market

All-In with Chamath, Jason, Sacks & Friedberg

All-In Podcast, LLC

Alllin, Coronavirus, Calacanis, Palihapitiya, Health, Sacks, Friedberg, Allin, Entrepreneurship, Covid19, Gambling, Grow, Investing, Iq, Tips, Tech, Business, Jason, Startups, Poker, Technology, Money, Learn, Davidsacks, Davidfriedberg, Chamath

4.27.1K Ratings

🗓️ 29 May 2022

⏱️ 32 minutes

🧾️ Download transcript

Summary

This talk was recorded LIVE at the All-In Summit in Miami and included slides. To watch on YouTube, check out our All-In Summit playlist: https://bit.ly/aisytplaylist

0:00 Adena Hefets breaks down the state of the US housing market in 2022

16:56 Bestie Q&A with Adena: differences between 2008 and 2022, housing market reaction time, chances of a collapse, and more

30:08 Adena does a Bestie Intro for herself!

Follow Adena:

https://twitter.com/adenahefets

Follow the besties:

https://twitter.com/chamath

https://linktr.ee/calacanis

https://twitter.com/DavidSacks

https://twitter.com/friedberg

Follow the pod:

https://twitter.com/theallinpod

https://linktr.ee/allinpodcast

Intro Music Credit:

https://rb.gy/tppkzl

https://twitter.com/yung_spielburg

Intro Video Credit:

https://twitter.com/TheZachEffect

Transcript

Click on a timestamp to play from that location

0:00.0

Awesome, hi everyone. My name is Adina on the CEO of Divi Homes at the Pleasure to meet y'all.

0:06.0

Thank you for being here.

0:08.0

So while they're pulling that up, I will just kick it off and get started because we're about three hours behind at this point.

0:32.0

My passions are at the crossroads of finance, housing, and inequality and trying to solve all of these.

0:40.0

I'll get into what my company does at the very end of the presentation. It's not what I really want to focus on, but I want to start off with a little story that I think explains why this is so important to me.

0:52.0

When it was about the 1980s, my mom decided to go on a little road trip with her friends and she was in Israel and she was backpacking and hitchhiking and a man picked her up.

1:03.0

She got into that car, fell in love and got pregnant. That man is my dad. My mom and dad quickly got married, immigrated back to the US, and found themselves very young, 21 and 24 pregnant and trying to figure out what they were going to do with their lives.

1:19.0

They couldn't get a mortgage to buy a house and settle down and be able to raise a family, but they were fortunate enough to find a woman who gave them seller financing on their house.

1:29.0

So this woman financed the purchase of the house so that my parents pay an installment.

1:34.0

And in that house, they had three additional kids. I'm the third or four. And then eventually, were I able to get a mortgage, take cash out of that house and use the cash that they took out to pay for all four kids to go to college.

1:46.0

And I tell you this because to me, this is the heart of the American dream, which is being able to provide a better life for your children than what you actually have.

1:56.0

And so so much of what we're going to be talking about here is why that American dream has disappeared for so many Americans and what we have to be doing to try to address that.

2:06.0

So let's dive in. I have these bright blue slides. The goal is to just give you the takeaway so you don't have to figure it out. I try to stick to one chart per slide to keep it super simple. And I'll explain it.

2:17.0

But this is the takeaway that you should get from the next couple of data points I'm going to give you, which is wealth inequality is rising across America.

2:26.0

I think you all know this chart, which is that 99% of wealth is owned by the top 50% and the bottom 50% only own 1% of wealth here in the United States.

2:36.0

So this chart shows distribution of wealth by what your household income is. So the top 10% of owners, sorry, the top 10% owned 76% of wealth and the next 40% owned 23% of wealth. You son that up.

2:50.0

99% of wealth is owned by the top 50% and what's even more interesting is that the rich are getting richer while the poor kind of stay at the same level of income.

3:00.0

And so what this chart actually shows is income percentiles. So on the X axis, the zero is if you're at the very bottom end of the income spectrum 100% you're at the top end.

3:10.0

And then the blue line is how much income or family household wealth you had in 1963 almost 50 years ago and the yellow line shows how much wealth you have today.

3:21.0

So if you were in the top 1% your household wealth was on average $2 million 50 years ago. Today it's about $10 million or 5X growth.

3:32.0

And if you were in the bottom 50% tile, you haven't seen your household income change almost at all.

3:39.0

And so you might be asking, okay, why is this the case? Is it that wealthy people are making more salary? I would say while there are some salary differentials, the main driver's asset appreciation.

...

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