[api]

Housing can go down too. It's gone up for a long time because of incredibly low interest rates, foreign buyers, etc., but there have been very long stretches of time in the past where it went down and it may easily happen again. All kinds of things could pop the bubble: rising interest rates, somewhere else for Chinese money to go, geographic diversification of hot industries, etc. These things are actually more likely to result in severe drops in price than anti-NIMBY/YIMBY efforts. Supply additions will gradually stabilize or drop prices while macroeconomic shifts can collapse them suddenly.

Look at the Japanese housing market for an extreme example of what can happen. After an insane housing run-up it's been a flat or depreciating asset for decades.

There are no safe single classes of asset. If you put all your money in a house you're not diversifying.

[gaius]

but there have been very long stretches of time in the past where it went down and it may easily happen again

But that is contrary to the Millenial narrative that every previous generation had it easy! And that they are uniquely in the entire history of the world hard-done-by.

[s73v3r_]

Ranting about Millennials isn't doing anything to further your point.

[gaius]

But that is the entire point of the article we are all commenting on, isn’t it?

People are upset that they can’t move into an already-gentrified neighbourhood at pre-gentrification prices

[pm90]

No. They're upset because the cost of housing isn't high simply due to gentrification, but due to an artificially created shortage, which can be easily remedied if not for the stubbornness of the people who got there first.

[s73v3r_]

And ranting about Millennials like a hack elderly comedian doesn't do anything for your point except make people disregard it.