To a certain degree yeah, but that has an interesting balance of, not being a finance guy, intrinsic vs extrinsic value? A great example is my rural property; my wife paid $1 for the land 20 years ago, and I paid $300 for the 40 year old mobile home we put on it. On the market, it probably wouldn’t be worth a whole lot, but to us it is an absolutely wonderful place that we treasure very much. It’s exceptionally unlikely that anyone would ever offer us a price that would convince us to sell. No one really wants to live in the area we live in! (Although Starlink has had a disproportionate effect on that, now that we’ve got wonderful internet out there)

A different belief shifting, though, would change the equation dramatically: either a shift towards less exclusive property ownership (e.g. theoretically requiring any non-primary residence to be rentable or something crazy like that) or dramatically higher tax burden for non-primary residences. If the annual upkeep costs were to increase, the external value wouldn’t change much (it’s already pretty close to zero), but the intrinsic value for us would drop dramatically and we might consider dumping it.