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Are house prices going to plunge due to men living in their parents basement?

Meredith Whitney, the former Wall Street analyst who famously predicted the 2008 financial crisis, has a new controversial theory about what’s driving the future of the US housing market. 

According to Whitney in a recent interview with Fortune, young single men living at home playing video games are contributing to a “crisis of the American male” that will ultimately lead to a 30% decline in home prices over the coming years or decades. 

Whitney’s premise stems from 2023 data from the Pew Research Center showing 60% of young men describing themselves as single and unattached, with many living at home with parents rather than partners. 

You can read more on the matter here.

What’s going on?

• Telecom Giant Rogers Faces Call to Expropriate Vacant Properties for Affordable Housing (theDeepDive)

• Alaska Indigenous groups, seeking a say in B.C. mining, try a legal end-run on the Canada-U.S. border (Globe)

• Israel Strikes Iran in Narrow Attack Amid Escalation Fears (WSJ)

• Is China Turning Into An Oil Powerhouse? (theDeepDive)

• IMF Sees Soft Landing for Europe But Warns on Prospects (Bloomberg)

• Capital Gains Tax Hike Draws Criticism from Trudeau’s Former Finance Minister (theDeepDive)

• NYPD Arrests Over 100 Pro-Palestinian Protesters at Columbia University (WSJ)

• Panama Canal Increases Daily Transits As Drought Conditions Ease (theDeepDive)

• NATO allies pledge additional air defence systems for Kyiv (Reuters)

• Arrests (Finally) Made in $20 Million Pearson Airport Gold Heist (theDeepDive)

• Ottawa to force banks to call carbon rebate a carbon rebate in direct deposits (BNN)

• ‘Oracle of Wall Street’ Foresees Housing Plunge Because Men Are Moving Back in with Their Parents (theDeepDive)

What’s the latest?

• Liberals Whine: Canadian Environment Minister Steven Guilbeault is pushing for legislation that will force banks to clearly label government payments, such as carbon rebates, on customer bank statements. This move comes after some banks failed to adequately identify these deposits, leading to confusion among recipients. The federal budget proposed amending the Financial Administration Act to ensure that government deposits are titled as specified by the government.

• Israel Response: Israel conducted a restrained military strike on an Iranian Air Force base near Isfahan, which seemed calibrated to minimize the risk of escalating into a wider conflict. This action followed Iran's unprecedented direct attack on Israel, breaking a long-standing practice of indirect engagements. Despite initial approval for more severe responses, Israel scaled back its plans due to domestic cabinet divisions and pressure from international allies.

• Power Price Protection: The Alberta government is introducing measures to stabilize electricity prices, addressing consumer concerns over volatile costs influenced by factors like weather and global events. Premier Danielle Smith announced that the current default power rate, known as the Regulated Rate Option, will be renamed the Rate of Last Resort and will be set every two years to reduce price fluctuations.

• China Sinking: Nearly half of China's major cities are experiencing subsidence, with 45% of urban land sinking more than 3 millimeters per year, posing significant flooding risks as sea levels rise. This issue, highlighted in a study from the journal Science, is driven by declining water tables and urban development weight. Cities like Tianjin have already faced evacuations due to this issue, which contributes to annual losses exceeding 7.5 billion yuan.

• Paris Event: French police arrested a man who had entered Iran's consulate in Paris, claiming to blow himself up, but was later found to be carrying only replica grenades. The incident occurred around 11 a.m. local time, prompting police to cordon off the area. This individual was previously suspected of an attempted arson at the same consulate last September. According to reports, during the incident, he desecrated national flags and expressed a desire to avenge his brother's death.

Politically Secured Uranium & 3x Gold

The stock market and stuff

• Microsoft Unveils VASA-1, An Eerily Realistic AI That Animates Still Portraits (theDeepDive)

• StanChart Facing £1.5 Billion Claim Over Iran Sanction Breaches (Bloomberg)

• Netflix logs worst drop since July as analysts peg subscriber reporting pivot as culprit (SA)

• Apple pulls Meta's WhatsApp, Threads from China App Store (CNBC)

• Tesla Forced To Recall All Cybertrucks Due To Faulty Pedal Trim (theDeepDive)

In the juniors

• GoviEx Uranium Sees Nigerian Government Set Deadline For Mining To Begin At Madaouela (theDeepDive)

• Dorchester Minerals declares $0.7818 dividend (SA)

• Rua Gold Provides Update on Reefton Drilling Program and Next Phase of Drill Targets (JMN)

FULL DISCLOSURE: Cytophage Technologies is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Cytophage Technologies. The author has been compensated to cover Cytophage Technologies on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.