No, ordinary people live in government subsidized housing (about half the population), or bought their apartment (99%+ of housing are high-rise apartments) in e

No, ordinary people live in government subsidized housing (about half the population), or bought their apartment (99%+ of housing are high-rise apartments) in earlier decades when it was a bit more affordable. For household who already own, their existing apartment also appreciated, so what matters is the cost of trading up. The hardest hit group are younger people between 20 and 35 who are stuck in their parents house for probably forever. 3 generations under 1 roof is pretty common.