[BLO716]

The real estate industry is a closed looped system, and because its monopolistic, anti-free market, and dealing with a finite product that simply trades hands its golden age was done after the great expansion of the United States after the Louisiana Purchase and the Mexican Treaties of 1848.

This a foundational industry that pitted the upstate New Yorkers and the agrarian Virginians against Alexander Hamilton at almost every corner of his life in the establishment of free markets disruptions with the Bank of New York and later the Department of Treasury.

Disruption can be seen in vertical markets of big cities and land creation like that of China in the South China Sea with man-made islands and expansion of territorial rights, but outside of that it's golden age is gone and the taxation will only become more intrusive for programs as our populous grows and the need to extract support for the expansion from the adult working class is through taxation.

Hopefully this isn't rambling, but rather insight into how perverse the market has become because of no more land, and way more people.

[salawat]

The market didn't become more perverse because no more land. It was perverse from it's inception, you just wouldn't come across the scaling issue until such time as population seeking space outstripped finite supply of land.

Any market will run into this fundamental problem. The issue is apriori to market facillitated resource allocation systems. Whatever unit you use to represent value or as the unit of transaction; it will inevitably centralize once demand starts outstripping supply, and rent extraction becomes an effective capital amplifier.

It's the magic of power laws. Everybody without capital assets pays everyone who has it. Those with it lift the prices by virtue of the fact they too are factored into average buying power amongst the potential set of transactors. That justifies higher asks, which decreases your non-capital owning members supply of transaction medium to devote to acquiring more capital which increases your rent extractors capability to diversify, rinse, repeat.

There. Is. No. Escape. Except estate taxes, assuming no immortal legal fictions. In the presence of such, you're hosed for recreating a level playing field for latecomers.

[ryan93]

There is an incredible amount of land not to mention upzoning and vertical development. Not to mention there is no monopoly on housing unit production. In fact many companies want to build but can’t due to approval processes and zoning.

[imtringued]

Incredible amount of land = running away from the rent seekers = urban sprawl