On: The Rate of Return on Everything, 1870–2015 (2019)

[UniverseHacker]

Fair point, in that sense it seems like some fairly fixed step-ups are possible where people culturally decide to spend more of their income on housing, but it cannot be a steady trend to profit from as an investor, because it will always have a hard cap at 100% of household income. It can't steadily beat inflation over long time scales.

[JumpCrisscross → UniverseHacker]

> It can't steadily beat inflation over long time scales

Of course it can. That’s what productivity means. The value could keep going up even amidst the fraction of incomes being spent on it going down.