“I believe it also to be true that investment properties intended for yield generation come with a host of additional costs and risks that are rarely properly accounted for when assessing the value of these assets. After accounting for the probability weighted costs of evictions, seizures, taxes, maintenance, inflation, and loan interest, I find it difficult to justify these investments over bitcoin held in self-custody.”

agreed here. but i think the biggest risk is that bitcoin SoV replaces the majority of the SoV component of real estate assets when considered over a long time period (as RE is typically considered)