The wastefulness is bad. However, housing should not be seen as a ever appreciating financial investment. That is what lead to housing shortages in cities like

The wastefulness is bad. However, housing should not be seen as a ever appreciating financial investment. That is what lead to housing shortages in cities like SF and all of the UK. It incentives people to block any additional housing (and sometimes any changes at all) to prop up their own housing price.