Housing in the West was basically turned into another pillar of retiree funding. Old people extract tremendous financial gains from younger generations by either a) selling them decrepit real estate at extremely high prices or b) collecting very high rents on buildings that are even older than themselves (even in the US, which is the king of corporate landlording, they are a small minority; most landlords are natural persons, mostly retirees or near-retirees).

It turns out if you do that the living space required to raise the next generation simply becomes inaccessible.

(Another way to look at it - people on new leases will often spend around 30-40% of net income on rent. In most instances this is a direct transfer to a retiree/near-retiree. Taxes, a lot of which also goes towards transfer payments, and other transfer payments to old people, are 40-50% in many countries. Taken together, younger, working people are effectively transferring 2/3rds or more of their gross income to retirees before spending the first cent on themselves. Why would anyone be surprised people are checking out of that system en-masse?)