I don't really buy this argument. By that logic, collectible cars should not be worth much because new ones are just at good for driving, and collectible cars are seldom driven anyway. Homes outside of the cramped Bay Area and central New York are pretty big.
Apples and oranges - many people have ‘room’ for an extra car or two, but most people don’t have an actual room for an antique dining table or space for a mahogany bureau in their home office.
Even if they had the space, it likely wouldn’t match any of the usable furniture, and that furniture is necessary. Cars don’t need to match...
While it would be an insane choice, I actually have a spare garage spot (mandated by LA county law), but a very small apartment. I could afford the space for a classic car, but not a piece of furniture the exact same size.
I think part of its scale too. We’ve been making desks for a long time, and they’re pretty durable. Cars are newer, and frankly most of them got cubed anyways. There’s not a lot of desirable cars around, fewer each day as they break and crash, which is why the prices rise.
This report[1] suggests less that 2,000 sq-ft on average for most of the Bay Area sold in the past 12 months. Based on median lot size for detached home sales (0.25 acre in Diablo Valley being the largest by a huge margin; 2,500 sq-ft lots in SF), most are certainly multi-story units.
In summary: less than 2,000 sq-ft, appreciably less than 0.25 acre lot, multi-story.
