[clairity]

that’s because the primary house of an assetholder is a non-productive asset. this factor is one of the reasons why housing (especially single-family homes) being considered an investment is fraught. only income-producing assets (excluding rents, because that’s not income but rather deadweight loss) should be considered investments.

[nichohel]

As I said, this concept also applies to other asset classes inflated by QE, such as stocks. I didn't say the house was the primary house (in which case there is some capital gain exclusion complicating matters anyway).

So, no.