We don't have a housing crisis because of scarce jewelry that isn't being put to use -- and the same is true of luxury boats, fancy cars, and other luxury items

We don't have a housing crisis because of scarce jewelry that isn't being put to use -- and the same is true of luxury boats, fancy cars, and other luxury items. The issue is precisely that land is not a luxury item; but it is being treated like one, in that it's being used as a store of value.