At pretty much every point in human history landedness has been wealth, or at minimum, the bottom rung on the societal ladder. Without land, you're a serf.

Wars get fought over it, and people risked their whole families lives to cross oceans or settle frontiers long before fiat.

It's not a store of value, it is the value. You'd be hard pressed to find a Bitcoiner who's moon dreams don't involve upgrading their real property.

Financialization of homes didn't emerge from nothing, it just made real equity more liquid which enables leverage, that's really all a mortgage is. It's the bulk of peoples net worth because it's the common thing you have to own with some stability.

Now, a condo or apartment isn't the same as being landed, arguably neither is a house on a postage stamp lot in a dense neighborhood with onerous local ordinances... that's just the crop. The land underneath it is someone else's farm and the resident is the crop yield.

birth rates are falling, so less future demand

That''d just be a dip, demographic changes swing. Baby booms happen suddenly.

Dips also get bought, if landed housing does get meaningfully cheaper, it'll just be acquired by people expanding to bigger properties for more elbow room or adding a summer/winter home. Large blocks of out-dated tract housing will get bulldozed to become green-space that increases the value of new homes.

If you're unlanded, and looking for an excuse not to be, that's because you still deep down desire to be landed. If you're unlanded, but want to be, there's some hope because Bitcoin adds a rung to the ladder.

There's zero escape from your hard wiring that desires a return to Eden.