If a buy a house today for $1m and it goes up 50%, great I've made $500k.
But if I really want to buy a $2m house eventually, that house has (probably) also gone up 50% and so it now costs $3m.
So when I bought the first home, the second home was $1m more expensive, after appreciation it is now $1.5m more expensive.
I said "implicitly" for a reason.
(I am well aware of what long and short means, my background is in trading)
