He's saying there that skyrocketing home prices are nothing to do with the Fed and low interest rates but with a lack of supply.
https://mmtpodcast.buzzsprout.com/1105286/9124706-mike-norman-mmt-podcast-episode-58-fiscal-cliff-coming-fed-official-on-market-risk-zombie-reactions-ue-benefit-cuts-took-a-bite-skyrocketing-home-prices
