An few things: Someone with an expensive house has the option to cash that in and buy a cheaper house somewhere else. There money is welcome in every country a

An few things: Someone with an expensive house has the option to cash that in and buy a cheaper house somewhere else. There money is welcome in every country and city in the world! (Residency permitting). The high value allows borrowing against the property to invest. Assuming you can get the loan. But it is a prerequisite to have equity! Obviously with a mortgage a loss in value loses % equity and at some point that becomes negative equity. That said homeowners with kids might welcome policies that slow the rate of growth in housing prices.