He makes some good points. Home prices tracked inflation until the early 70’s. Interest rates have been in a downward trend since then and have bottomed. The downward trend in rates won’t continue. He argues that means RE won’t appreciate as much in the future as it has in the past.
I think there are some other variables his thesis is ignoring like supply and demand. We have population growth (some areas are growing faster than others) increasing demand. Some areas freely create supply while other areas go out of their way to hinder new supply. If he’s right, it only makes sense to buy RE where there’s population growth and supply is restricted. Fly over states will be a terrible investment for appreciation going forward.