[spaceman_2020]

Cities have had to literally charge a tax to penalize investors who let their houses stay vacant. You think this would be happening if vacant investor homes was not a problem? [0]

> Many countries are in demographic decline, but overall we still have lots of net population growth for a long time.

Incredible strawman. Population has been growing in Africa and a handful of developing countries. That should have no bearing on valuations in western markets - these population growth centers are neither producers nor consumers of western capital goods/services.

> Productivity is not stalling, and is in fact skyrocketing all over the world.

In your own chart, labor productivty has been growing at a much slower pace since 2010 compared to the previous decades. This can be corroborated by other studies as well that show much more sluggish productivity growth in the last 20 years compared to the years before it.

This is a frustrating comment, filled with hand wavy platitudes about growth for centuries and booming population growth. It completely ignores the temporal component of market valuations.

0: https://vancouver.ca/home-property-development/empty-homes-t...