C IL | I agree with your thesis.
I think ROI will continue to become less significant for all asset classes, but especially real estate, for the next 20 years until the Boomer accumulated wealth finishes getting passed down to the next generation (or state via taxes, I guess). Something tangible, return of investment instead of return on investment.
I have little desire to compete with someone who needs zero or negative ROI so I will continue to invest in other non land assets. Those land investments will get unwound at some point and if it is an early 1990’s style ROI environment that will be an attractive time to buy.
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