> It’s not. The current mantra is that if prices go down, on a timescale of like 10-20 years they will eventually go back up. This is the way things have gone f

> It’s not. The current mantra is that if prices go down, on a timescale of like 10-20 years they will eventually go back up. This is the way things have gone for at least the last century. AirBnB can go bankrupt tomorrow and wit will do exactly nothing to dispel this thought. If you are a hedge fund manager, and are considering pulling your money from a reit or not, I can assure you the "20 years" timeline is not anything you care about. > Do you think that matters even the slightest bit? A nontrivial proportion of homeowners could afford to buy second homes outright at this point. Doesn't mean they will be wanting to act as the greater fool with their savings.