I own the house I live in and would prefer its value did not increase! What do I benefit if my house is worth more? I pay higher rates (council -- ie. local government), have less options to move house (because other houses are just like mine, increasing in cost), and it makes me less mobile for work (because rents are likely to be up elsewhere to).

Owners who are using housing as an investment may want house prices to rise, but I don't. The shortfall between those two can be managed with tax, surely? I am no expert in this market, but owning one extra house would mean I assist with rental supply, owning two maybe moreso, but owning 5? 10? 100? Why is property tax not applied at a greater rate/value as the number of properties you own increases?

And of course, if there is money to be made investing in housing, institutional investors will capture that value readily, as they have done in Australia (and probably elsewhere I would imagine).