Joseph Queen

The Myth of Housing as a Source of Wealth Creation

Your comment "It’s only when you build something that other people want that wealth and value is created. Just purely bidding up prices without building anything is only inflationary." is valid, IN GENERAL, with homes because there is reallly an infinite supply of them.

Want a new house? You just buy some land and build on it.

On the other hand, I tend to disagree with you when it comes to Water Front homes. There is only a finite amount of watefront property.

Want a new waterfront house? if you want a desirable location, there is very little land left.


Granted, the amount of that finite supply varies with region so I can only speak about an area that I know very well and that is the Chesapeake Bay in Maryland.
There is an extremely limited supply of good new land on the water left so existing homes get 'recycled' with an ever increasing cost to do so.