[mitthrowaway2]

It still matters to normal homeowners who eventually intend to downsize before they die. Or if they borrow further against the rising value of their house to finance other investments at a lower rate than they otherwise could borrow at. But yes, it matters much more to speculators or investors who own rental properties.

[bombcar]

Speculators are definitely gambling on appreciation but investors (while liking it) don’t want to depend on it.

They want appreciation that they can be causal on, like reducing or increasing vacancies, raising rents, etc.

[karakot]

I have paper appreciation but very real tax increase. My taxes almost 3 times higher now comparing to what I paid when I bought the house.

[mitthrowaway2]

That is a symptom of your city's budget needs increasing, not rising home prices.