I don't think it's that there aren't productive places for investing. Housing is unique in that a regular person can get a loan to purchase an asset that norma

I don't think it's that there aren't productive places for investing. Housing is unique in that a regular person can get a loan to purchase an asset that normally appreciates, and they can deduct the interest from their taxes. There are a lot of transaction costs, so the market isn't as liquid as some others, but where else can the average person get that kind of leveraged investment?