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> Housing prices are driven by zoning

All the tax cuts that give real estate advantages over other investments have arguably more to do with it. People don't leverage 5x their net worth into a single asset in a single location that produces nothing but for housing that's the norm.

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This is such a misconception. Air is similarly valueless ..

Real estate produces something very valuable, and if you can't understand that try living homeless for a few months .. its the only way without a house you will get to be near amenities ¯\_(ツ)_/¯

In financial terms it produces rent or saving of paying rent.

Nothing is produced by buying and selling land. This is different from investment in capital which is created and destroyed.

Housing is a productive investment because it fulfills the need of all humans to have a place to live.

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