While reading this article in the WSJ, titled Land Prices Increasingly Drive Housing Markets and then John Miller’s opinion (archived: 2013), I was reminded of John Adams’ investment philosophy:
It had long been an article of faith among the Adamses that land was the only sound investment and, once purchased, was never to be sold. P. 34-35, John Adams by David McCullough (no longer available)
They just aren’t making any more land. Land costs rise, construction costs rise, development costs due to regulatory inefficiencies and bureaucracy rise – where is the affordable housing?
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