In part, because it incentivizes a lack of diversification in wealth, which leads people to support policies that protect the one egg in their basket.
Secondly, unless you own multiple properties, it's a market you can't exit. You always need a place to live so if you sell your "investment" at a market high, you have to buy your next "investment" at a market high.
Combining the two, you get a lot of policies that protect paper wealth not generating much value. I think it was Putin who said something along the lines of "I don't understand the American economy. It seems like they're just buying and selling homes to each other."
Secondly, unless you own multiple properties, it's a market you can't exit. You always need a place to live so if you sell your "investment" at a market high, you have to buy your next "investment" at a market high.
Combining the two, you get a lot of policies that protect paper wealth not generating much value. I think it was Putin who said something along the lines of "I don't understand the American economy. It seems like they're just buying and selling homes to each other."