The explanation was in the numbers in my previous response, along with your last paragraph.

"I guess that is not enough to satisfy pent up demand and the demands of people who want a second home..."

Yes, the 3.8 million home units will be bought, but only 25% of those will go towards single family owner/occupants and/or renters. The rest are second homes, vacation rentals, timeshares, etc.

Plus, a certain percentage will be completely vacant to help loosen the overall market.