>If someone buys an 8 unit condo building in 1980 and rents out each unit for a 20% profit, 20 years later they're still making a 20% annualized profit and maybe rent hasn't increased.

This doesn't make any sense. You'd expect many of your costs (utility, maintenance, etc) to go up with inflation.

>Asset inflation is inflation. That "real" inflation, also known as the consumer price index, hasn't been going up is a factor of both automation/economies of scale and an extremely bifurcated economy in which low end workers are making pennies, toilet paper is cheap, but a house in an area with a working economy costs triple what it did 10 years ago.

It costs triple, but because of lower interest rates monthly payments (ie. your actual spend) are going down. https://awealthofcommonsense.com/wp-content/uploads/2021/03/...