How could real estate not be an investment? Land is scarce. You would have to prevent people from buying it. Not to mention updates, improvements, etc. People w

How could real estate not be an investment? Land is scarce. You would have to prevent people from buying it. Not to mention updates, improvements, etc. People would have almost zero incentive to improve their property, and then who is left with the massive repair bills when those people vacate? Real estate by nature is an investment (good or bad).