Doesn't your example of NYC real estate undermine the point you've made about inflationary monitory policy not rewarding those who got there first? That happened without deflationary currency -- surely it's impossible eradicate rewards for being first.
My point isn't that NY real estate is the result of deflationary currency. My point is that its an example of what happens when assets appreciate without investment, like currency does in a deflationary system. The old people just end up owning all the wealth, in a very dramatic way.
