They are hoping to invest in the companies that will be the (next) electronic equivalent of rent-seeking land owners, as faang are now. It's better since land is physically necessary to live, but only marginally so.

Buying more land, building more housing to ultimately charge rent would definitely be good for everybody. The housing crisis is a supply side shortage and every dollar going into building new rentals would alleviate that pressure. Instead, the money goes to building more AI datacenters so that the family of 5 with mom and dad working at Walmart can have higher definition cat videos. They'd be better served with more supply in the rental market, ultimately lowering rent.