He said once the "perfect storm" hits, the artificial shortage in the housing market inventory "goes away," and the result will be "new home starts," which will put down pressure on pricing.
Bloom noted that supply chain interruptions, along with labor shortages, are causing home-building confidence to drop since it’s difficult to get materials and find workers. "The materials you get are extremely expensive, relative to what they historically cost," he explained. "You can't find plumbers, electricians and HVAC service people…building a home has gotten extremely expensive, and as a result, builders are building fewer homes."
The billionaire real estate developer stressed these factors are "pushing up the value of existing home inventory," and he doesn’t see how it’s "sustainable."