Is it fair if people can be restricted from competing in the property markets by people who faced no such restrictions themselves when acquiring that land capital. Zoning licensing, etc.
The elephant in the room is that for most people the majority of their net worth is tied up in housing (property) and as interest rates drop the nominal value of this property increases way faster than the nominal wages of labor. This property can then be used to create information insensitive debt that ignores any notion of liquidity at an artificially higher nominal value. This debt is then used to pay wage-labor who increasingly cannot acquire property themselves. At the end of the day, only real property is wealth (land, ip rights, equity, collectibles, and machinery) and labor is denied the opportunity to earn a larger share of property themselves. Any solution is politically difficult.
I agree that there is an issue with housing being so inaccessible to labor. In my city, even with a six figure salary, it's hard to buy something alone. You increasingly need two six figure plus salaries to make it work. IMO, part of the problem is that everyone views housing as an investment. People trade real estate like trading cards. We forget that homes have a more fundamental purpose (to house people).
If you can't afford a home, as a way to get your foot in the door, you can buy ETFs on the stock market. You can also buy REITs as a way to invest in real estate. There are even diversified REIT ETFs. It's like being a landlord, you get paid dividends, but you don't have to lift a finger. If someone has some money on the side but can't yet afford property, this is a relatively safe way to get into investing and the real estate market IMO.
The unfortunate difference though is that mortgage rates are subsidized by the government, interest rates are kept artificially low. If you get a mortgage to buy a property, it's effectively leveraged investing. You pay a small downpayment (as low as 10% nowadays) and you're basically investing with someone else's money. You can't do that with REITs. Nobody will lend you 10X your downpayment at 2% interest to buy ETFs. If you can't afford to own property, you are denied this leveraged investing opportunity.
Personally, as a condo owner, I would be OK with condo prices not going up. As prices increases, so do my taxes. I can just invest in the stock market. I don't need my home to be an investment, I just need it to be a comfortable place to live.
The elephant in the room is that for most people the majority of their net worth is tied up in housing (property) and as interest rates drop the nominal value of this property increases way faster than the nominal wages of labor. This property can then be used to create information insensitive debt that ignores any notion of liquidity at an artificially higher nominal value. This debt is then used to pay wage-labor who increasingly cannot acquire property themselves. At the end of the day, only real property is wealth (land, ip rights, equity, collectibles, and machinery) and labor is denied the opportunity to earn a larger share of property themselves. Any solution is politically difficult.