"Gen Xers and Millennials want a lifestyle closer to Friends and Seinfeld (that is, walkable and urban) than to Tony Soprano (low density and suburban). It’s not that nobody wants Tony Soprano. About 50 percent of Americans actually do want that configuration. But if we’ve built 80 percent of our housing that way, that’s the definition of oversupply. The other 50 percent of Americans want walkable urban arrangements and yet that’s just 20 percent of the housing stock. That’s called pent-up demand. So the market is just responding… In a good year we only add 2 percent to the built environment. So even if we only produced walkable urban product for the next 20 years, it would take that long to get caught up."