Real estate is basically a sponge. Any surplus wealth in an economy is soaked up by unlimited real estate inflation. You can see this with the tech wealth in th

Real estate is basically a sponge. Any surplus wealth in an economy is soaked up by unlimited real estate inflation. You can see this with the tech wealth in the Bay -- all those high salaries just inflate real estate. This happens when you have an asset class that is absolutely backstopped. Governments have made it clear that the entire economy will be sacrificed to prevent real estate from ever falling significantly in value. Here in the USA at least it's political -- home owners vote, and home owners often have most or all of their savings in their home.