If I recall, this paper argued that since home prices always went up, it wasn’t actually expensive to buy homes because you’d get capital gains. I don’t remember if I wrote about it but I did lambast a paper making the same ridiculous argument written by three dudes from the Wharton School, Columbia, and the NY Fed.
Once again, these were high profile economics professors/PhDs making the argument that homes were cheap because the apparently guaranteed capital gains would pay back buyers’ costs! Pathetic. My rebuttals:
