A wise investor once told me that if you own one house, you are essentially flat on the housing market. If you own two or more, you are an investor, and if you

A wise investor once told me that if you own one house, you are essentially flat on the housing market. If you own two or more, you are an investor, and if you own zero, you are short the housing market. Most homeowners will not benefit from a higher nominal value in their (one) house, because short of selling it, they can't take advantage; most likely they'll simply pay higher property taxes. The remedy for this situation is simple: build more housing, and relax building codes to make housing production cheaper