(and vrbos) that a significant portion of the residential housing stock in the US is now effectively off the market for residential use — I think he said it was around 10%. His theory is that this has reduced the supply of available housing enough that it has had a material impact on housing prices & rents, driving them up. Effectively, these properties have been re-purposed from residential usage to commercial/hospitality, making residential properties more expensive because supply has shrunk while demand has not.

Anyway, I'll have to research this to figure out if his theory has merit, but it is an interesting hypothesis.