Just pointing out that using inflation as an argument that you always win and it always goes up is a daft one.
The only problem is you guys don't get that cost of housing inflates with wages, every time these two deviate from each other they ALWAYS catch up down the road. A fact that wont come home to roost for you until it happens again and you get to witness it.
Gambling on bubbles can be good for a short ride, but borrowing hundreds of thousands of dollars from a bank to gamble on it with your eyes shut to the reality its going to burst eventually is going to be a hard lesson that you wont be able to just walk away from.
I wouldn't be so brazen about the risks your taking on.