I think we should clarify what devaluing mean - I think it's reasonable for a house purchased in the 90s to not decrease in value if proper maintenance is applied - but what's our rationale for housing to be a profitable investment? Why, rationally, should it gain value over time... and why should that gained value outpace interest rates, the stock market, and wage cost-of-living increases?
I'm in favor of devaluing real estate because it's currently astronomically overvalued and viewed as an investment vehicle - if it were reasonably valued I'd be in favor of land having a flat value relative to inflation and construction having a slow depreciation rate as the materials age and require more active maintenance... with the only real increases in value coming from renovations or other active investments in the quality of the house.
Why is it that teleporting back in time, surrendering cash according to inflation, buying a house, teleporting forward in time, selling that house - then repeating that on a loop... why is that an infinite money glitch?
Similar to nature abhorring a vacuum - capitalism abhors a free money glitch (and in all other cases, free money glitches get absorbed by arbitrage).