It's very easy to see that owner-occupancy is an incoherent metric.

Stipulate that owning a home is good.

As the number of homes goes up, owner-occupancy necessarily goes down (you can only occupy one home at a time). Homeownership might rise or fall while this is going on. But that doesn't matter; the number of homes going up is good, so the fact that the metric falls when it rises tells you that either (1) the metric is "evil", rising when bad things happen and falling when good things happen; or (2) the metric is incoherent and doesn't carry information about whether things are going well.