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by eli_gottlieb
2356 days ago
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>Housing cannot provide return only at inflation, that would mean nobody would want to invest in real estate. Well sure, but that's sort of the point. Housing is, ultimately, a durable good. It's more like a car or a refrigerator than like a stock. It has use-value, but its only capital appreciation comes from charging ground-rent on access to nearby economic activity in which the housing itself doesn't participate. |
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