Housing would depreciate too if we didn't have artificial scarcity policies designed to make it an investment. Saying that housing should be an investment because we've designed it to be an investment is circular reasoning.

Re #2: it's obvious that most people aren't the most objective when it comes to their offspring. That's why we should have policies that discourage overallocating resources to an unqualified child of a rich parent.

Finally, "personal property" is a construct of law. Something is yours because society has decided it's yours. If the laws change, and if you can't physically defend your property, then it's not really yours any more, is it?