The immediate conclusion is that if there's an excess demand prices will go up in order to reach a new equilibrium. And this exactly what seems to be happening in the housing market.
The idea that people involved in housing are some how uniquely greedy has a long history and it's just wrong.
People who own housing - homeowners & landowners - are able to be more greedy than others because they are part of a cartel. The debate over housing reform & housing supply is about whether or not enforcing that cartel should be a government function.