The "dry powder" he's talking about might be linked to that $16 trillion of money that was created (M1 money supply) in 2020 and is being hoarded somewhere.

The hyper inflation we've experienced was a little bit of that money being spent and injected into the economy, creating an abundance of cash which then had less buying power as costs rise.

Someone has a hoard of money to buy up assets the next time real estate crashes.