Real estate has been a very large and important portion of wealth for thousands of years. Even as recently as a century ago, real estate dominated institutional portfolios and was classified as property. During recent decades, the preeminence of real estate has yielded to the growing importance...

Since the 1970s, covenants running with the land have tethered a large majority of the new housing units produced in the United States. These private restraints usually continue for generations, until a majority or super-majority of covenant beneficiaries affirmatively vote to amend or terminate...