The "fuck you got mine" attitude so many homeowners have and deliberate supply restriction to increase property values makes it a smart investment on paper, at the cost of screwing everyone else coming after you.
The restrictions on supply are generally economical. Every day, building gets more expensive; labor and parts both cost more. That is going to cause the average home to cost more, even older ones, as you always have the option to get a new build at current rates or an older one for slightly cheaper.
