Completely agree re: inflation (everything else bar property) = real terms loss for real estate holders.
However the first catch 22 for non holders is if real estate maintains growth in line with inflation you can get similar long term effects to the UK. Holders eventually pay off the debt, pass to next generation. The price floor remains and the income generat
As you can see in the UK you have generations of wealthy property owners while other families generation after generation are locked into the rent cycle.
The second catch 22 is the other end of the spectrum (deflation of consumer goods/services) while property maintains a floor due to government / low interest support. In thus scenario as I said before the asset holder wins as EVEN THOUGH their debt is not discounted over time due to inflation they pay less interest than they would in a high interest/high inflation environment.
