Not sure how you think this was 'justifying rich old people running the world', rather it seemed to be justifying getting money to cover social care for old peo

Not sure how you think this was 'justifying rich old people running the world', rather it seemed to be justifying getting money to cover social care for old people, from the value of their house (after they die). It's also in reference to the UK, where publicly owned housing was sold off to tenants in the 80s at below market rates, and housing markets have been booming ever since.