property rights is the basis of capitalism. the whole machine hums because there is an exchange of property, goods, services and money in a free market.
housing property is an immovable illiquid asset. it is not only an asset but it is also a speculative asset.
unaffordable property prices often benefit the governments more than property owners because its one way to extract hefty property taxes. so the only way to balance interest rates is to keep inflating the value of the homes. its like a ponzi scheme.
this usually happens where social programs are disproportionately shouldered by a narrow slice of productive earners vs a broader section of people who are benefit more from social programs than contributing to it..aka negative tax. imagine it like an inverted triangle/pyramid.
however, the solution to affordable housing is to build more affordable rental units. not create more home owners. if people can only buy the cheapest properties, how will they maintain it, pay interest on mortgage and pay property taxes? they are better off renting. why govts tries to create more home owners is the reason i mentioned above. to generate more property taxes.
the people who suffer most are the bottom most in the socio economic scale. home ownership is not for everyone. the saddest part is that they have them convinced that its a form of credit line and that ends up making it an even more potent speculative asset. throw in foreign investments in residential speculative housing market, it overheats. which will only make housing even more unaffordable. its a vicious cycle.