>A land with a house on it does not somehow increase in productivity to produce more housing, like a share of Apple generally does with smartphones. It's just a pile of concrete, steel, wood, bricks, and so forth that slowly falls apart over time. Buying a house ought to be roughly analogous to buying a car — a thing that (with rare exceptions) decreases in value over time, because it wears out.
Funny, this is the opposite of what I've heard from pretty much anyone bullish on real estate. "You can always live in your investments" is the rebuttal whenever I mention that a share of AAPL could generate more return. Don't forget "land is a finite resource."
On a related note, housing seems like a "bigger sucker" situation right now. A 1100 sq ft living area, 5000 sq ft lot SFH next to me just sold for 50% ($500K) over asking price. If we go with the mantra that "house prices always goes up", who on earth is going to pay for a small house in the millions, let alone where is that money coming from?