You have to consider that if asset appreciation was a mirror image of CPI inflation then rent payments must go up to compensate for the increase in housing prices. They did go up, but mostly in major cities and they didn't catch up with asset appreciation.
Remember, when you get a mortgage to buy a house including land you will eventually have to pay the mortgage back and if you aren't doing so yourself, then your tenants have to do it and their income gains don't exceed CPI as of now (assuming no job switch). Even if you sell, you are speculating that someone else thinks that way and if no such person exists then the price of housing will go down.
