It’s literally unethical to profit off people’s homes while limiting their alternatives.

Aside from the ethics, (you could deeply care about your own home as a valid investment vehicle)

I take issue with some of the analysis. I find it silly to include anything pre 1900 period. The world of that time is completely alien to now.

Second, I think the author glosses over the impact the world wars had. If you remove those events the curve behaves quite differently, with a slow but steady incline between the early decades, and midway through the red highlighted zone.