Comment by epistasis

No, as long as the housing is bought and sold and priced by the market it's always investment. Homeowners talk freely about how it's an investment, choose their own home for its investment properties.

It's not circular it just is, under our ownership scheme. Adding a 100% land value tax does remove the investment characteristic, though, as it removes the speculative aspect of land, and in fact drives the price of land to $0.