Property ownership also used to be seen as a multigenerational investment. The population is more restless and transient than it used to be, which means homes are treated more as a commodity and less as a place to put down roots for the long haul.
The damn house flippers of the last decade, who treated homes as a vehicle for making ridiculous fortunes, were a big part of what inflated the market to those preposterous, shaky heights.
What's needed is for all of this to swing back not to the fifties model or the hypervalued model, but somewhere in between... I don't think the migration of land ownership back into the hands of the few is a good sign at all.
