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Why I Don't Invest in Real Estate

Real estate has been a great investment all your life, so you think it will continue. But your life experience has been an outlier. Housing prices might stagnate or shrink in the coming decades.

Therefore, this huge driver of demand for urban land that has existed for 200 years is now dead in developed countries, and might even revert given remote work. Soon, these cities could be built up and out thanks to technologies like elevators, reinforced concrete, trains, and cars, adding floods of supply to the incessant demand for more housing. Of course, there are more factors that influence real estate: housing vs commercial, certain cities vs others, interest rates, beach properties, income, immigration, home ownership, the timing of all of this, and more.

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