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I have never really understood how housing could work for wealth-building long term when A) professional investors would obviously take over the best markets & B) rising home values would ultimately mean a continuous backwards transfer of wealth from young families
Yeah but it's even worse. When you decide at a national scale "housing is an investment", you are changing the idea of investment away from fostering productivity, toward fighting over scarcity. This was a deeply incompetent move by the powers that be.
If you know what the definition of "investment" is, you don't want anything people need to survive to fit the bill
It's not incompetence. It's malice. They don't intend to still be here when it all comes crashing down. Or they expect to be bailed out. Like last time.
Everyone works but the empty lot
It's inappropriate to write it off as incompetence. We don't know the forces at play or their intentions.
Coming from the lens of "by design", I'd be curious to hear either of your best guess on who would want it to be this way and why.
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