More broadly, housing cannot be relied upon as an investment vehicle and remain affordable. Whether it's private equity or others is a moot point. The perverse incentive is there in that housing appreciates in value because of artificial scarcity. It's a 1-1 relationship.

I don't think this is contingent at all on the capacity to buy and hold, but on policies that limit building and financial instruments related to housing. The 30-year mortgage even. So now similar to the case with Social Security and public pensions abroad, politicians are playing a game of hot-potato not wanting to be the ones to have to make changes and upset the large aging voting bloc. Similar, too, because it's a generational wealth transfer.

Many items through market exchange have gone down in price over time owing to increases in efficiency (see: coffee makers). This can't be blamed on markets qua markets. It's adversarial policy that harms young workers.