It's not so simple in my opinion. Where I live the ratio of dwellings to households has increased during the three decade long property price boom. The most s

It's not so simple in my opinion. Where I live the ratio of dwellings to households has increased during the three decade long property price boom. The most significant cause in my opinion is the financialisation of housing, fueled by three decades of ever decreasing interest rates allowing those with capital to use leverage to accumulate more (often removing them from the stock of permanent housing). Higher interest rates are the catalyst that solves this problem.