"Investing" for appreciation is not investing - it's speculating (gambling)."

It is just speculation aka gambling ,hopIng ,and wIshIng that everything goes up In value over time

hahaThe reality is that if building owners are not anticipating changes in Legislation to affect a certain building class in the future, they are gambling with their particular asset class.I knew a long time ago (21 years and counting) to make sure I invest only in buildings that has a high probability of never being the target of rent regulated.THUS, this logic continues to push up my building's values.This goes with ANY Investment, not just Real Estate.Take Insurance Companies, for example.

It seems like a better play than gambling on the next two years when we have obvious headwinds to further growth. 

All the gambling whales would travel all different casino in the world. 

Too many high flyers, with access to too much money, who are gambling that the Fog City merry-go-round will never stop!...

Rule number 1 "Make your money when you buy" ( If you are hoping to make money when you sell,  then you are not investing you are Gambling) 2 ways to make money when you buy  1: Buy the property well below market value so you have instant Equity.  2: Buy a property and ADD value (rehab,update,or add amenities) If you solely rely on appreciation you could find your self holding the bag if the market turns south.  

It's just a "boring" midwestern tech city with extremely strong housing demand due to our own local tech boom and the unusually low inventory for this part of the county...And previously where the entire midwest was mostly about cashflow (eg James Wise type places) now Columbus is changing to an appreciation market, even moreso than the rest of the country.Another however: betting on continued appreciation can be just speculative gambling, especially assuming we will have 21% ..

However, I would gamble that $10k will be forgiven. 

Some people make money gambling, selling drugs, robbing banks or begging on the street - none of those professions suit my personality or risk profile.