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按理说，住房价格不大可能100多年每年11.06%收益这么增长，不然住房价格到今天得是天文数字了。而且住房价格似乎不大能抵抗通胀，但股票价格【长期而言】对通胀的抵御能力更强。
论文里提到房产的长期资本收益（价格增长）大约1%，比股票低得多。但房产租金收益比股票分红收益高。第3页“we find that long-run capital gains on housing are relatively low, around 1% p.a. in real terms, and considerably lower than capital gains in the stock market. However, the rental yield component is typically considerably higher and more stable than the dividend yield of equities so that total returns are of comparable magnitude. ”