Capital class is hungry for perpetual growth and profits (which came from a continually growing population over decades). Only lasts so much longer with fertility rates in terminal decline globally. It’ll be icky until we get to the point where deaths outnumber births forever into the future, but all countries will reach peak population eventually.

In this context, you only need a housing supply curve that stays slightly ahead of domestic population demand and can follow fertility rates down over the next century. Spain’ population will drop by a third by 2100, for example, and reached peak population in 2023. If migration is causing housing demand to exceed supply, impair migration demand until housing supply catches up, if it can.

https://ourworldindata.org/which-countries-have-already-pass...

https://ourworldindata.org/population-simulation-tool?demogr...