> Lots of people buy a starter house with the intention of selling for more when they, for example, start having kids and need a bigger house. This is the prob

> Lots of people buy a starter house with the intention of selling for more when they, for example, start having kids and need a bigger house. This is the problem though. Capital gains for the seller represents inflation on an equivalent lifestyle for the next buyer. First time buyer programs, lower mortgage rates, etc, are all just smokescreens to try and grow the pyramid one more level before it becomes evidently unsustainable. Exponential growth is too powerful: if housing is a good investment for long enough, it becomes unaffordable, period.