It's a concession that is easy for people buying investments and difficult for people who are stretching to afford home ownership. The highly regressive nature

It's a concession that is easy for people buying investments and difficult for people who are stretching to afford home ownership. The highly regressive nature of housing appreciation has long drawn criticism, but the raft of policy choices that produce this outcome has historically been defended by the notion that most Americans benefit. Rich Americans benefit more, but most Americans own vs rent, so most Americans benefit, at least in nominal terms. Changes in the composition of demand are notable, and this is an indicator. When investment demand begins to exceed consumption demand, when most Americans do not benefit, there are electoral consequences to our democratic process that might signal a secular shift in those policy choices. The indicators are worth watching.