<story><title>The Rate of Return on Everything, 1870–2015 [pdf]</title><url>https://www.frbsf.org/economic-research/files/wp2017-25.pdf</url></story><parent_chain></parent_chain><comment><author>sandover</author><text>Take a quick look at a graph of population growth from 1870-2015.  It has an incredibly steep curve.  Now think about how that graph will look from 2015-2100. Likely, it will be drastically flatter.&lt;p&gt;Wouldn&amp;#x27;t this have a huge effect on real estate -- indeed, isn&amp;#x27;t that population graph the primary driver of what happens in the real estate market?&lt;p&gt;I&amp;#x27;m not sure the last century provides a meaningful guide here.</text></comment>
<story><title>The Rate of Return on Everything, 1870–2015 [pdf]</title><url>https://www.frbsf.org/economic-research/files/wp2017-25.pdf</url></story><parent_chain></parent_chain><comment><author>placeybordeaux</author><text>IPFS mirror:&lt;p&gt;&lt;a href=&quot;https:&amp;#x2F;&amp;#x2F;gateway.ipfs.io&amp;#x2F;ipfs&amp;#x2F;QmZ1y9U9KRuGBVUisc1YbXrjp8tDXGe8Ca2URfXBKvZqrD&quot; rel=&quot;nofollow&quot;&gt;https:&amp;#x2F;&amp;#x2F;gateway.ipfs.io&amp;#x2F;ipfs&amp;#x2F;QmZ1y9U9KRuGBVUisc1YbXrjp8tDXGe...&lt;/a&gt;</text></comment>