Tying money up in a vehicle that grows more slowly than its likely substitute investment is “losing money” in one’s total financial picture. If it grew more slowly than inflation, it could remain affordable to others but terrible for the present owners.

I’m pro owner-occupied housing. I think it’s good for families and good for the community/society. But in the hypothetical where it grows more slowly than inflation, renting starts to look a lot better than it does currently.