> Land is finite. As population grows, supply and demand dictate it will rise in value if you hold. Nitpick: There is a lot of land. We're not going to run out

> Land is finite. As population grows, supply and demand dictate it will rise in value if you hold. Nitpick: There is a lot of land. We're not going to run out of it anytime soon. What we are consuming is 'good' land. That definition will depend on a lot of things, of course. For instance, in Denver, there is a lot of land. It's just that all the land to the west is rugged mountains. Great, so all the land to the east then, plains, right? You can build houses all the way to Kansas! Yes, but all that land is filled with bentonite clay which expands 4x with water (yes really!). You can't build cheap and safe houses on it. So, land values increase as more people move to Denver, simple supply and demand. This kind of thing is all over the world. You can build more houses just about anywhere, but making these houses safe, cheap, and where you actually want to live, that is the problem.