do not buy property !, page-13

The main premise of his argument is correct, though he doesn't go far enough in explaining the housing as a consumption item meme. Real wealth when referring to land relates to improvements made to that land. Things like planting NEW crops, laying NEW infrastructure, building NEW mines, or constructing NEW homes. An existing house (with no improvements) that appreciates in value does not add to economic utility. There is no addition to capital stock that is increasing productivity and real wealth per capita.