The distinction isn't applicable to people trying to find affordable housing in the real world, because you can't live in the house without paying freehold or l

The distinction isn't applicable to people trying to find affordable housing in the real world, because you can't live in the house without paying freehold or leasehold costs associated with the land underneath it. You can't get a free place to live in Tokyo just because a lot of structures there were built 30 years ago. Deterioration just makes housing more expensive because you'll have to rebuild A car originally sold for $50k will usually be affordable to someone with less than $10k to spare after 15-30 years, so a supply of expensive new cars leads to affordable cars coming on the market eventually. But $500k houses won't become more affordable in future years.