Many assets such as real estate, stocks, bitcoin are overvalued. So they can return to a fair value and make a loss against inflation.
The taxes on corporations and the rich is sufficiently low that they can't spend all their money, and what is most safe for pension funds to invest in? What don't we make more of (with rare and expensive exceptions) ?
Land!
(The graph they have lines up quite well with condos becoming a thing)
We shouldn't succumb to easy answers here since many factors influence it.
Land isn’t made, but more land becomes legally available all the time. The scarcity argument is overestimated given the immense surface area available and the actual limiting factor being zoning laws (and logistics).
It happens naturally occasionally and man made at great expense, like in the UAE
(I also think we should resume: https://www.jefftk.com/p/make-more-land)
On the other hand, nobody is re-zoning Central Park anytime soon, Monaco is unlikely to expand its borders, and the imperial palace in Tokyo is unlikely to move out and allow new developments on its grounds.
Nobody wants to live in Wyoming even if it's cheap. And Japan is literally giving away houses in villages to try to slow the decay of the countryside.
Maybe some industrial zone or office space might be re-zoned to inhabitation, pushing the industrial zones out. I guess gentrification is some way of making more value out of the same land.
But generally new developments or gentrification doesn't degrades the value of earlier developments.
On the balance, there are more people, with the rich having more money that they don't know what to do with except park it in real estate with deleterious effects on the affordability for less fortunate people (for example Vancouver and London where investments are kicking the middle class and the rest of the classes out of the cities, or Black Rock paying 20% / 50% above market rate for houses).
The scarcity applies to places people want to live or work, not to land in general.
I don't know what it's going to take to scare retail investors out of stocks, but when it happens, metals will benefit.