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. ”