Home ownership rates have been falling since 2008. That statistic is well-known but Gundlach believes much of the evidence is more supportive of "a 35% home ownership rate than a 65% home ownership rate."
Another factor is that every government policy affecting the housing industry going back to the New Deal has been positive for the business. In short, there is no possible way for government policy to become any more pro-housing than it already is.
"[Government policy supporting housing] sort of like a triple-A credit rating," he said. "You can't get any higher."