The removal of the “hard asset premium” from residential housing will be incredibly painful for most. The long held theory was buying a house was THE sure fire way to wealth accumulation, via inflation and finite supply.

This repricing to utility value will be a significant shock to most homeowners Coupled with improved internet access to rural areas via Starlink, and the work from home movement, seeing an even great compression of the spread between city v rural dwellings.

It won’t happen over night, but it will happen. Most retirements are based around selling the family home and relocating to a lower priced housing stock, which may not be available. Thus increasing dependency on social security in old age and the tax payer at large.