Price is set by demand vs supply. Supply is artificially low because of bureaucracy. Now you can argue that demand is artificially high because loans increase buying power. I say that this is wrong. Shelter isn't a want . It's a need. People need shelter and will always demand one. And it doesn't matter if every person owns one home or one in a hundred people own one hundred homes and 99 rent. The demand is constant. Where demand is actually artificially high is once again due to bureaucrats. Immigration and rental laws and inflation.