That doesn't really make sense. The population in most of the west is vaguely around replacement. A given individual can only make use of so much housing at once. Sure if you're rolling in cash throw in a vacation home or two. There's a pretty quick falloff in terms of utility, status, desire, any metric that's coming to mind as I type this.

It seems to me that at least in the US the issue is location. There's cheap stock in places without jobs and ridiculously expensive stock where the good jobs are located. It doesn't have to be this way.