Well, I wrote "consumption" for a reason. It's arguable that Manhattan real estate is valuable largely due to the land value, and land is an asset that isn't really consumed.

Externalities are a cop-out. There are always externalities, but they're just used as an excuse for special pleading. If you average a large amount of consumption, the amount of oil per dollar, and the externalities of burning it, are going to be fairly consistent. The type of consumption is dwarfed by the amount of consumption; that's the claim I'm making. It's not that the "environmental choice" isn't better all else being equal, but it doesn't make up for hardly any consumption as a percentage. If you're not saving significant money as a percentage with your choices, you're not improving your lifestyle significantly.