> Housing as an abstract investment that perpetually and magically gains resale value with no material change in what its underlying real property is a modern f

> Housing as an abstract investment that perpetually and magically gains resale value with no material change in what its underlying real property is a modern fiction and is essentially just the result of a prolonged speculative bubble becoming culturally normalized. The underlying value increase is mostly from land value, not the actual house itself, which should depreciate. Increasing land value should be a good thing because it means the surrounding area is improving or becoming more productive. But if it's uncaptured (especially by restricting construction in the neighborhood) it causes value increases which only benefits the current homeowners, and then only if they're lucky.