That's not how that works. I can have 150000 euros which I can use in an emergency, like being unemployed, long sick leave, needing move out of country due to

That's not how that works. I can have 150000 euros which I can use in an emergency, like being unemployed, long sick leave, needing move out of country due to family reasons OR I can risk not having it available when I needed and earn some money. Without the profit I have no reason for the risk. Furthermore, me not investing removes a house from the renting market which makes it harder for people with less income, specially young people. To have a place to live because the same house will be available for purchase through a mortgage... and mortgages are not good. You have to make a 10% down payment and you're almost always tied to a flexible interest rate... so people with less economic freedom are the ones to suffer the most. You might disagree that things should not be like this which is fine, I'm only arguing over what happens now.