Which doesn't sound like a free market to me. Capping production to keep asset price high is one of the most straightforward default examples of market-distorting interventions there is.

Prices are decided at the margins. Having PE and REITs at every single table, even if their actual ownership is small as a %, makes huge differences.

> not allowed to build any houses in most places people want to live

Or to convert them into apartment buildings

Read your response again. You are reinforcing my argument in case you did not notice...