Bloomberg Talks: Property Brothers on Housing Affordability & New Show

Episode Overview
In this episode of Bloomberg Talks (March 17, 2026), the Property Brothers, Drew and Jonathan Scott, sit down with Bloomberg to discuss the state of housing affordability in North America, their personal experiences in the market, and the launch of their new HGTV show, Property Brothers: Under Pressure. The conversation delves into the evolution of home improvement television, the systemic challenges facing affordable housing, and how their business adapts to a changing media landscape.

Main Topics & Key Discussion Points

1. New Show: “Property Brothers: Under Pressure”

• Behind-the-Scenes Perspective
  • The brothers emphasize the show's unique approach, highlighting rarely-seen moments, including crew dynamics, disagreements, and the real emotional toll on homeowners.
    • "People always ask us, well, what happens when the cameras aren't rolling? What happens behind the scenes?" — Jonathan Scott [01:21]
    • "We show it." — Drew Scott [01:26]
  • The show spotlights families facing diverse challenges such as loss from wildfires and multigenerational living out of necessity.
    • "We have families that have lost their house from the fires in LA… other families… trying to pull two families together to live in one house because that's the only way they can afford." — Drew Scott [01:36]
  • Focus is on making budget-conscious decisions amid a nationwide affordability crisis.

2. The State of US Housing Affordability

• Inventory Shortage & Misdirected Progress
  • Jonathan lays out the inventory crisis:
    • "We have, you know, about a 4 million short house shortage of inventory right now. And the challenge is people don't seem to understand that we need affordable housing." [02:31]
  • Debunks negative stereotypes about affordable housing and highlights its importance for essential workers.
    • "These are teachers and, you know, nurses and police… people who want to live in the same community that they work. And so that's our goal from a messaging standpoint." — Jonathan Scott [02:44]
• Systemic Problems:
  • Drew notes that government rate cuts and incentives often don’t address the real bottleneck:
    • "When you have no inventory, cut rates if you want… but there's nothing to buy. You're not really solving the problem." — Drew Scott [03:24]
  • Cites Canada as a model where direct builder incentives exist:
    • "The government in Canada really incentivizes builders to do affordable housing. So it makes it worthwhile." — Drew Scott [03:36]

3. Policy & Regulatory Challenges

• Need for Federal Action and Incentives
  • Jonathan pushes for better federal policies that incentivize builders and lower development barriers:
    • "Federally there needs to be better policy that allow and incentivize builders and developers to pull out more cash." [04:12]
    • Points out differences with Canada, where builders can finance up to 95% if they create affordable housing.
  • Notes that regulatory requirements can increase the cost of affordable buildings by about 40% when using public funding, inhibiting progress.
    • "The cost is about 40% more just to do the exact same building." — Jonathan Scott [04:39]
• Delays and Bureaucracy in Adding Density
  • Drew gives a personal example of slow approval for home expansions in California:
    • "One of my ADUs, it should have been approved in a week. I waited five months and there's such a backlog and the process is so archaic." [05:03]
  • Jonathan sees AI as a solution to streamline building permits and planning processes:
    • "I would love to see something that automates a lot of that… you can actually get in and do the work." — Jonathan Scott [05:29]

4. Crisis for First-Time Buyers

• Drew calls the current environment the "worst affordable housing market in history for first-time homebuyers":
  • "First time homebuyers are less than 25% of the market right now and that should be a lot higher. It's just not feasible for people to get into real estate like it used to be." — Drew Scott [05:54]

5. The Evolving Business of Home Renovation TV

• Shrinking Production Budgets & Increased Creativity
  • The brothers discuss adapting by pursuing international co-productions, especially with Canadian partners to leverage tax incentives.
    • "What we used to have for budgets… we don't have that anymore. So we as producers have to get more creative." — Drew Scott [06:33]
• Industry Transformation
  • Jonathan points to rapid growth in digital media and uncertainty in traditional TV, referencing ongoing studio mergers.
    • "Television, traditional television. I mean, what's the word? Imploding." — Jonathan Scott [07:10]
  • Warner Brothers and Paramount mergers have led to a “pause” in decision-making for shows’ futures.
    • "Because nobody wants to jump in a direction if they don't know who's going to own the company or what the focus is going be." — Jonathan Scott [07:47]

Notable Quotes & Memorable Moments

• "I love the idea that people can live where they work." — Jonathan Scott [02:41]
• "You don't have to stop projects that are being built in your neighborhood." — Jonathan Scott [02:51]
• "This is the absolute worst affordable housing market in history for first time homebuyers." — Drew Scott [05:54]
• "We have 15 series that we produce. We host two of them." — Drew Scott [06:33]
• "Television… what's the word? Imploding." — Jonathan Scott [07:10]

Key Timestamps for Reference

• [00:45] — Introduction to the current housing market & show premiere
• [01:21] — Property Brothers explain their new show’s behind-the-scenes focus
• [02:31] — Discussion of inventory shortages and need for affordable housing
• [03:24] — Obstacles even with government interventions
• [04:12] — Call for better federal policy and examples from Canada
• [05:03] — Challenges with building density and slow permit processes
• [05:54] — Market is “absolute worst” for first-time buyers
• [06:33] — TV production challenges, strategies, and industry changes
• [07:10] — Uncertainty from studio mergers and future of TV content

Summary

This engaging discussion with the Property Brothers offers a nuanced, on-the-ground view of the North American affordability crisis—from both public policy and personal perspective. It spotlights the urgent need for inventory, streamlined regulations, and federal incentives, while also lifting the curtain on the production realities and evolving landscape of home improvement television. Drew and Jonathan Scott’s blend of candid industry insight and personal stories provides practical context and inspiration for viewers facing their own housing challenges.