No. Squatting is a real problem for the owners it hits, and far too small and localized to move the overall market. The share of housing stock affected is tiny, so it can't swing prices or inventory at any scale. Squatting is nothing new, either. We saw plenty of it during the foreclosure wave around 2009 to 2011, and with rental affordability stretched, it isn't going away. It clusters in areas already dealing with homelessness and affordability strain rather than spreading evenly across a region, which keeps it a pocket issue. One wrinkle worth watching is how a future downturn might play differently. In the last big crash, banks took properties back and cleared occupants fairly quickly, so vacant homes didn't sit exposed for long. Today, with "squatter's rights" tactics circulating widely on social media, a future stretch with many vacant homes could see more organized and coordinated occupation attempts than last time. If that ever happened at real scale, it would be a new dynamic. As a force on today's prices and inventory, though, squatting is background noise.