[gbin]

It works when the market is stable or is going up but this is a highly leveraged investment on a basically illiquid asset.

Always understand that the price can go down ~30% within a year, forbidding you to sell and locking you for years with a stupidly high mortgage.

It happened in relatively "stable" places like Paris. There it was just linked to the real estate market speculation and not linked to a single industry bubble like here in the Bay Area.