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I would argue that nobody should own a home they don't actually live in. All renting out does is increase the housing cost overall because nobody would ever operate at a loss or to break even. This is the issue people have with say, Blackrock who buys hundreds of homes at a time and rents them out.
Your family aren't bad people but the business they decided to take up is inherently bad by design. If the law changed tomorrow saying all multi homes must sell to non homeowners, everyone would watch prices drop and be able to afford it.
Using homes as an investment is at its basics, exploiting a need by interpreting it as a want or practical goods. Homes are for living in. The housing industry views homes like commodities as if people have a wide choice and selection when it's really "Omg we can afford this one that popped up randomly, we have 12 hours to decide if we want to pay 50k more to beat others away" and then lose anyway after bidding to Blackrock who pays 100k over asking.
Homeowners also treat their home as an investment. Which also makes housing more expensive and inaccessible. Moving away from renting is not the solution, we need a more comprehensive change in the system.
The context here is quite different; in other words, you got an apples vs oranges issue here. A single home owner does not expect to profit from that investment; the increase in value is more of an insurance than anything (mortgages are taken out to cover emergencies, or the increase in value provides the means to move to a new home, etc). So, again, the context is extremely different.
Besides, if the expected inflation in value were the issue, shouldn't I expect increased wages to make up the difference? I.e. no, that would not contribute to making the housing market too expensive for the average person to find accessible.
What are you talking about? People definitely buy homes as an investment so that they can sell it and retire.
What is this, if not profiting off an investment?
That's insurance. The "profit" goal is not to rent seek or enrich themselves. And in this market it's a risky gamble, anyways.
If the so called profit is intended to be entirely consumed to take care of moving or retiring, it's insurance to allow you to move or retire; it's not profit you add to your income. It's not even properly described as "profit" since it's, by definition, unrealized gains.
These are not circumstances where you "cash out" and buy something fancy, or even pay your day to day bills. Context matters.