So,<00:00:00.480> I've<00:00:00.719> worked<00:00:01.040> all<00:00:01.199> over<00:00:01.280> the<00:00:01.439> world<00:00:01.600> and<00:00:01.760> I

So, I've worked all over the world and I

So, I've worked all over the world and I constantly<00:00:02.480> get<00:00:02.720> people<00:00:03.679> who<00:00:04.000> think<00:00:04.160> the

constantly get people who think the

constantly get people who think the housing<00:00:04.720> crisis<00:00:05.040> is<00:00:05.200> just<00:00:05.359> in<00:00:05.520> their<00:00:05.680> country.

housing crisis is just in their country.

housing crisis is just in their country. People<00:00:06.480> in<00:00:06.640> London<00:00:06.960> think<00:00:07.120> that,<00:00:07.440> people<00:00:07.680> in

People in London think that, people in

People in London think that, people in New<00:00:08.000> York<00:00:08.160> think<00:00:08.320> that,<00:00:08.639> people<00:00:08.880> in<00:00:09.040> Sydney

New York think that, people in Sydney

New York think that, people in Sydney think<00:00:09.519> that,<00:00:09.760> people<00:00:09.920> in<00:00:10.080> Melbourne<00:00:10.400> think

think that, people in Melbourne think

think that, people in Melbourne think that,<00:00:10.719> people<00:00:10.880> in<00:00:11.040> Vancouver<00:00:11.440> think<00:00:11.599> that,

that, people in Vancouver think that,

that, people in Vancouver think that, people<00:00:11.920> in<00:00:12.080> LA<00:00:12.320> think<00:00:12.480> that,<00:00:12.719> people<00:00:12.800> in

people in LA think that, people in

people in LA think that, people in Mumbai<00:00:13.360> think<00:00:13.519> that,<00:00:13.759> people<00:00:13.840> in<00:00:14.000> Tokyo<00:00:14.320> think

Mumbai think that, people in Tokyo think

Mumbai think that, people in Tokyo think that,<00:00:14.639> people<00:00:14.799> in<00:00:14.960> Shanghai<00:00:15.360> think<00:00:15.440> that.

that, people in Shanghai think that.

that, people in Shanghai think that. It's<00:00:15.839> a<00:00:16.000> global<00:00:16.240> problem.<00:00:16.560> And<00:00:16.720> I<00:00:16.880> tell<00:00:16.960> you

It's a global problem. And I tell you

It's a global problem. And I tell you right<00:00:17.279> now,<00:00:17.520> you're<00:00:17.680> not<00:00:17.760> going<00:00:17.840> to<00:00:17.920> build

right now, you're not going to build

right now, you're not going to build your<00:00:18.240> way<00:00:18.320> out<00:00:18.400> of<00:00:18.480> it.<00:00:18.640> And<00:00:18.800> housing<00:00:19.039> will

your way out of it. And housing will

your way out of it. And housing will become<00:00:19.439> less<00:00:19.680> affordable<00:00:20.400> unless<00:00:20.960> we<00:00:21.279> deal

become less affordable unless we deal

become less affordable unless we deal with<00:00:21.840> the<00:00:22.080> problem<00:00:22.560> of<00:00:22.880> rapidly<00:00:23.279> increasing

with the problem of rapidly increasing

with the problem of rapidly increasing wealth<00:00:23.920> of<00:00:24.000> the<00:00:24.080> rich.<00:00:24.320> It's<00:00:24.480> not<00:00:24.640> just

wealth of the rich. It's not just

wealth of the rich. It's not just housing,<00:00:25.119> Tom.<00:00:25.600> Look<00:00:25.760> at<00:00:25.840> the<00:00:26.000> stock<00:00:26.240> markets.

housing, Tom. Look at the stock markets.

housing, Tom. Look at the stock markets. Look<00:00:27.039> at<00:00:27.119> the<00:00:27.279> gold<00:00:27.519> price.<00:00:28.000> Look<00:00:28.160> at<00:00:28.320> land

Look at the gold price. Look at land

Look at the gold price. Look at land prices.<00:00:29.519> Every<00:00:30.000> single<00:00:30.320> asset<00:00:30.720> class<00:00:31.279> in<00:00:31.599> the

prices. Every single asset class in the

prices. Every single asset class in the entire<00:00:32.399> world<00:00:33.040> has<00:00:33.360> increased<00:00:33.840> massively<00:00:34.320> in

entire world has increased massively in

entire world has increased massively in the<00:00:34.719> last<00:00:34.880> 5<00:00:35.120> years,<00:00:35.360> in<00:00:35.440> the<00:00:35.600> last<00:00:35.760> 20<00:00:36.000> years.

the last 5 years, in the last 20 years.

the last 5 years, in the last 20 years. This<00:00:36.480> is<00:00:36.559> not<00:00:36.640> a<00:00:36.800> problem<00:00:36.960> of<00:00:37.120> housing.<00:00:37.680> This

This is not a problem of housing. This

This is not a problem of housing. This is<00:00:37.840> not<00:00:38.000> a<00:00:38.160> problem<00:00:38.320> of<00:00:38.800> London<00:00:39.200> housing.<00:00:39.840> This

is not a problem of London housing. This

is not a problem of London housing. This is<00:00:40.320> a<00:00:40.559> problem<00:00:40.879> of<00:00:41.280> ordinary<00:00:41.920> people's

is a problem of ordinary people's

is a problem of ordinary people's inability<00:00:43.040> to<00:00:43.280> compete<00:00:43.840> with<00:00:44.079> a<00:00:44.399> massively

inability to compete with a massively

inability to compete with a massively growing<00:00:45.760> wealthy<00:00:46.239> super<00:00:46.559> rich