This is just wrong. Western economies have largely been hollowed out from productive output in favor of hoarding land and property because there is inelastic demand and increasing prices has become a political goal.

It should be super expensive to own more than one house. This by the way is what China did where Xi Jinping famous said "houses are for living, not for speculation" [1] as he quietly popped the real estate bubble a decade ago.

Increasing house prices are just enriching the already rich and stealing from the next generation. Nothing more. Houses should depreciate in value. They should not be an asset class.

[1]: https://en.wikipedia.org/wiki/Houses_are_for_living,_not_for...