Ever check prices for thirty year old BMW or Lexus or Acura? Those are old luxury cars, but they aren’t priced like luxury. In part because what was luxury then isn’t luxury today.
The only people that I've heard complain about luxury housing that's not adding more units are when YIMBYs gripe about single family zoning: it's perfectly legal to replace an existing single family home with a far more luxurious single family home without any community input or checkpoints. But more affordable "luxury" townhomes are blocked st every stage by legislative processes that enable single family homeowners to extract ever increasing land rents, when they enforce artificial scarcity. But YIMBYs have almost zero political sway in almost all jurisdictions, and their framing of single family homes as luxury is far from usual.
Why dont you compare houses to prices of 30 year old rotten piece of fruit, because thats what you are doing.
20 years ago my familt bought an apartment, is it now worth 3 times more. Our 20 year old BMW is worth approximately 5% of it's original price as scrap
To start with, 2.2 million cars get built per year in the US, while housing has consistently been under 200,000 new units per year for a long time.
I know a guy who lives in a 500 year old house, i know zero people who have a 30 year old car