[contrahax]

Most of the 1-10M+ homes in NYC, SF, etc. were built 100+ years ago. I know a number of people who live in perfectly nice homes built in the 1700s in rural areas that have consistently kept their values. Homes don’t depreciate and need demolition “within a few decades” if you just keep up with basic maintenance. If you don’t believe my anecdotal evidence, you can do a basic Zillow search and filter by price over 1M and built before 1980 and see how many results you get all over the country.

I wish this were true legally - my property tax bill on my 40 year old house would be 0, but sadly it increases every year as my home value appreciates.