One way to think about this is about how the fruits of everyone's labor gets split, much like a tribe deciding who gets what part of the animal after a hunt.
By creating systemic housing shortages that enable rampant speculation and incentivize hoarding and "investment" in non-productive real estate ownership, we are deciding that real estate owners deserve a bigger share of the output of our labor.
When a majority of the voters in a country have most of their wealth in housing assets, this is merely those with the greatest vote deciding to use regulatory capture to enrich themselves, directly at the expense of those who do not own.
By creating systemic housing shortages that enable rampant speculation and incentivize hoarding and "investment" in non-productive real estate ownership, we are deciding that real estate owners deserve a bigger share of the output of our labor.
When a majority of the voters in a country have most of their wealth in housing assets, this is merely those with the greatest vote deciding to use regulatory capture to enrich themselves, directly at the expense of those who do not own.