If buying a home only costs the equivalent of 7 years rent instead 30+ years rent, it seems that would make buying a home more appealing and reduce the market's

If buying a home only costs the equivalent of 7 years rent instead 30+ years rent, it seems that would make buying a home more appealing and reduce the market's overall demand for rental housing. And similarly, property owners won't want to sell their property if the price just dropped, so instead they'll be more interested in rental income, increasing the rental housing supply.