Are this valid arguments? >First, because gummed-up property markets are a drag on the jobs market. [...] the uncertainty makes people hesitant about moving

Are this valid arguments? >First, because gummed-up property markets are a drag on the jobs market. [...] the uncertainty makes people hesitant about moving It could also mean that a huge supply of real estate makes it easy to move for everybody who doesn't own a house >Lower house prices also hurt growth in a second way: they make already-gloomy consumers even more miserable. Or it frees huge amounts of capital for those who buy a house when prices are low. This is all insignificant to a coming disruptive change. China and India are incentivized to develop more efficient modes of housing. The west is cut off from that development by insisting on maintaining the status quo with zoning laws. Even if western citizens remain in their countries, the west will lose the migrant science workers when they move to where housing doesn't take half of your income. As a consequence, the housing market can collapse even more.