Who builds the houses then?
Also government formed co-ops. Find people who want a flat and agree on rent before you build it. As the loan is paid off rent becomes substantially cheaper. The second best time to plant a tree is today.
It also doesn't need to be the entire housing stock, just enough to help keep rent low (see Vienna).
https://www.theguardian.com/lifeandstyle/2024/jan/10/the-soc...
> an income maximum for applicants of €57,600
and can't be bought, only rented
as for the "only rented" part, again, at this level of low rent it does not matter. you're better off renting. And Europeans have actual pension systems, we are nowhere near as reliant on real estate always appreciating in value.