Comment by ButlerianJihad

Bullshit. Your comment is wholly nonsensical. Housing is distinctly non-fungible. You can't move a housing unit around from its intrinsic location! Housing exists in a neighborhood and in particular jurisdictions. That is fundamentally unchangeable (I mean unless you've got a mobile home or a historic house that actually can move: that's the exception to the rule.)

Housing is also set up in a particular way. A McMansion is nothing like a 1BR apartment. A condo is nothing like a ranch-style SFH. The aforementioned mobile homes could never serve a family of 12 or be attached to a swimming pool. These are not interchangeable things! They are unlike a barrel of oil or a $100 bill, my dude! Not to mention, illiquid. You tie up some money in real estate, and you can't simply trade one house for another. You want to sell houses, that's a chore. That's not a diamond in your pocket; that's the definition of non-fungible.

"Housing" as property is additionally two separate things in one package: the structures on the land, and the land itself. You can't usually sell one without the other, you see. So how is that fungible, when these two intrinsically linked commodities are clearly not.

It's true that nobody cares "who was there first", but property ownership confers real rights. The right to stay put, and the right to expel unwelcome people from your property. The right to defend it, or at least have the authorities defend your life and property within. Even renting tenants have rights, as long as their bills are current. It's not a matter of "who is here first" but God-given and gov-granted rights of occupation. In a less civilized place, your property rights would be defended with guns and violence, as against invasions.

Housing is, like, one of the least fungible commodities possible. I don't even know how you say that. How do you define fungible so that it includes housing? Pray tell! Inquiring minds want to know!