To some degree yes. However, the problem I'm pointing to is that the equilibrium in several developed economies (esp US) seems to be at a level that makes housing unattainable for a huge number of people.

I.e. Probably due to Baumol's disease, there is no price at which it is both 1) profitable to invest in constructing new housing and 2) makes housing broadly attainable to people.

This is a problem. There are a lot of goods (like a platinum-bodied iPhone) that cannot achieve both (1) and (2). However, unlike all of these other goods, housing is a necessity with an extremely high floor on demand.