The tone of the whole thing is quite odd. It's like saying "Boomers who won't cash in their IRAs distort stock market", but houses are not just an investment mechanism! Everyone starts out house-negative, so the assumption that people are going to sell down from 1 house to 0 is a bit bizarre. Sure, some might eventually downsize, rent, or move to shared living, but not everyone will. I'm not sure why this is a surprise.