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But they don't have so much utility that they should offer such returns on top of depreciation. The market is broken.


It's not the house that appreciates much in value, its the land the house sits on.


I'm aware. But the land mainly has so much value because cities refuse to expand despite the demand.


Expanding horizontally doesn't solve land price values -- prices will still be higher in the dense centre

The solution is to make better use of valuable land by encouraging (or enforcing) high density




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