This is just a tragedy of the commons situation.

Obviously, every single existing property owner wants it to stop right now. Because more housing means more supply, means less money for them. They naturally want to pull the ladder up.

But if you just let them, then there's 0 new homes being built in the US. And then the economy implodes.

We have to toe a line necessarily. If you just allow the tragedy of the commons to happen 100%, then everyone loses. Everyone, including those who benefit.

Its like feudalism. Feudalism seems like a fantastic idea if you're a feudal lord. But... Its actually not. No, you lose too.

Imagine how much richer those feudal lords could have been had they not impeded the progress of Europe for hundreds of years.