[avz]

In a hypothetical world where humans eat something durable like wood, making wood an investment would create a group of people who cannot afford food.

In the real world where shelter is durable, making it an investment creates a group of people who cannot afford shelter.

Homeownership-as-investment is a mechanism to increase one's wealth at the expense of the less fortunate. It is ethically bankrupt.

It is also a disgrace that even though technological progress makes more and more things people need affordable, we use political means like zoning regulations to artificially drive up home prices in order to turn them into a good investment and thus unaffordable for some.