Value is how much socially necessary labor it actually took to build and maintain that house: materials, construction work, infrastructure, etc. It’s the real human effort crystallized in the building.

Price is what they slap on it in the market, which can be wildly disconnected from its actual value. In housing, price gets inflated by speculation, land monopolies, credit bubbles, location hype, and landlord parasites treating homes as investment vehicles to extract rent.

So you might have a crumbling flat that cost relatively little labor to build 40 years ago, but because it's in a "desirable area" with a housing shortage artificially maintained by capital, its price skyrockets. That is a socially enforced ransom, not the value.

https://open.oregonstate.education/sociologicaltheory/chapter/value-price-and-profit/

Not in ZH it’s not