Very nice analysis. I still like real estate as an asset class but what scares the crap out of me with real estate investing is once governments can't drink from the borrowed money spigot anymore they are coming for your equity. Here in Canada they are raising the capital gains tax and some on the Democrat side in the US are talking about taxing unrealized gains and we haven't even hit a gov funding crisis yet. Imagine when the treasury auctions start failing and the government needs to show it is committed to raising revenue from other sources. I don't think we are that far away from something like this happening and they tax unrealized gains and other taxes on real estate as they know it is an asset that is not portable.

However, on the flipside Trudeau said something I found interesting recently. He said housing costs were too high and they wanted to bring them down but they had to be cautious as real estate prices dropping too much would negatively affect retirement savers. I didn't expect him to essentially admit that we will have a retirement crisis real estate drops too much. But I still think if he had to choose between funding his gov and the retirees he would tax the shit out of the retirees and offer them medically assisted dying when they are too broke to feed themselves.