株式市場のリターンは4％
多くの人が株式市場のリターンを過大に見積もっている。S&P500の過去の算術平均リターンは年12％だが、複利成長率やインフレ、コスト・税金を考慮すると、実質的なネットの年間成長率は2～6％程度になり、計算上は4％を前提とするのが妥当だと論じている。
関連記事
Build-to-rent housing—single-family homes constructed specifically for rental purposes—has seen a rapid increase in popularity, marking a major shift in the housing market in recent years.
Build-to-rent (BTR) housing, where developers construct single-family rental communities instead of selling homes, has grown rapidly in the U.S. over the past decade. These professionally managed, amenity-rich neighborhoods appeal to families and professionals unable to buy homes. Critics, however, warn BTR may worsen affordability by reducing for-sale housing supply.
Build-to-rent housing—single-family homes built for rental rather than sale—is rising as institutional investors enter the market. Economic and demographic factors are driving this shift away from traditional homeownership.
Moses Kagan argues that lower rents require increasing housing supply, not government subsidies, and that private investors can fund development if regulations on permitting, tenant screening, evictions, and rent control are reduced to allow reasonable profits.