[noirbot]

Or you purchased a condo or townhouse where there's no way to sell the land under it or redevelop it without getting a large number of other people to all decide to move/leave at the same time.

If you're one of the first people in an upzoning neighborhood, you're the one who loses value as the rest of the area upzones.

The price to buy 1/100 of the condo/duplex/quad supply in a zipcode is almost definitely higher than in a few years when there's 1000 available. Sure, there's ways it could appreciate enough to offset it if it also becomes a nicer and more desirable neighborhood at a counteracting rate, but that's not for-sure.

This situation specifically screws the people who are doing what you'd want and not over-purchasing a single family home as an investment and instead buying a smaller part of some complex.