It is a ponzi scheme in the sense where the last person to buy in will be left with something that is worth a lot less than what they bought it for. In practica

It is a ponzi scheme in the sense where the last person to buy in will be left with something that is worth a lot less than what they bought it for. In practical terms they lose all their money as most people would buy real estate with financing now. You pay $10million for $50million property. The property value drops to $35-40 now the bank owns the property you have $0.