Article doesn't do justice to original paper. In fact I was left totally confused what it's trying to even say. However after reading the paper, it feels very profound. Paper basically finds a subtle but important issue in Piketty's famous argument that people with capital would grow much faster than rest of economy in current century than any other time (aka rich becomes even more richer than before). This paper says that Piketty's argument is correct only because of one component in their capital investment: real estate. In essence, if you had invested money in anything but real estate you would have much lower eventual return over very long term with high probability. This even includes areas that is believed to be gold rush like technology. Not only nothing beats real estate but the fact only real estate will allow rich people to grow fastest than any other time in history!

The consequence of this assessment is very stark: People with money will continue to invest large chunk of their capital in real estate. The money invested in real estate is essentially "dead" because that money is locked up doing nothing, it doesn't work to produce goods, innovations or make world a better place. But real estate is indeed the most rewarding thing for your investments. So the thing is that behavior of real estate is completely against at odds with advancement of humanity. Real estate is in essence like cocaine of economy and there are no DEAs.

If these conclusions are right then it's huge problem. Goverments across the world should immediately take measure to discourage real estate possessions if you are not living there. Real estate should be placed in same category as food and water. We don't let wealthy hog up all the food and water and then inflate the prices for higher return on their capital. There can be progressive tax for the real estate properties you own but don't live at. Further, there should be national movement to aggressively create and encourage new housing . Without these measures, our economy is living on real estate cocaine with little productivity. I would wonder if our current limbo state of economy where nothing grows except real estate is precisely the manifestation of these issues.