In San Francisco new luxury condo towers are being built on a 1.3 acre site that will house 2,000 people. While it's technically true new land isn't being created, virtual land is pretty unlimited.
Americans have stopped making children. That will eventually turn real estate into a sub-par investment.
I don't know about that. A LOT of single people are buying real estate, and even more DINKS (Double Income, No Kids).