Speculation is a choice, not a necessity. Investors make that choice, knowing that governments will choose whether or not to support it. Your economic reductio

Speculation is a choice, not a necessity. Investors make that choice, knowing that governments will choose whether or not to support it. Your economic reductionism is blind to political realities: a government that implements unpopular policies will most likely be voted out. Governments don't just create more home owners to generate more property taxes, they create more home owners when enough voters want to become home owners. You say "home ownership is not for everyone" as though that blesses the status quo as some kind of natural permanent state. Home ownership is for those who can afford it. A reduction in prices (lower construction costs, greater supply, etc.) increases home affordability, which increases home ownership. Yes, it may never be for everyone, but equally it can be for more people.