Yes. Because he is changing the definition what an asset is. An asset is not something that puts money in your pocket. That is just a revenue stream. An asset is the offset to your liability and the difference is your equity.
The point is not a bad one, it's just been worded incorrectly for years. You don't buy a house and then hope that you gain all kinds of money from it. You buy a house and it is a real property asset that is an offset to your liabilities. If you sell it, you can pay off your liabilities, and if you are lucky, get some of the money left over.