If you wish to complain about migrants you can say so explicitly, as the dog whistle is entirely transparent anyway.
Demand side has multiple parts:
- National population growth (migration, as fertility rate below replacement)
- Money supply inflation (government spending, mortgage borrowing, years of artificially low interest rates) allowing people to bid up prices
- Urbanization (office jobs and universities); people within the country move to the big cities
- Social atomization (more housing needed per person)
(EDIT: Ageing population too: children tend not to have their own place)
I.e., we'd probably still have a housing crisis in Europe even if not a single foreigner came in.
What happens is both sides are squeezed in inflation and have lower quality of life and the govt. reaps higher taxes.
Then same govt says you are evil for pointing out this?