Housing - more generally real estate property - can absolutely be a legitimate asset class, sustaining speculation and global investment; that is how we get capital invested in building out housing infrastructure.

But you shouldn’t have to make a leveraged loan-backed investment in a single asset class in order to afford shelter.

The problem isn’t ’housing is an investment’, it’s that people are long not on ‘housing’ but on their own single specific house. That’s a horrendously undiversified portfolio.