If you increase housing stock, there can be more cheap homes for new entrants in the market, meanwhile existing homeowners may still see significant appreciation on their home value, depending on lots of market variables.

Wanting affordable home ownership is not contradictory to growth of home asset prices.

I also think your argument about income inequality is not right. Achieving income equality by suppressing wages and paying below competitive market rates is nothing to be proud of - and largely for professions like SWE, it has absolutely nothing to do with income levels at the low end close to poverty, which is what matters when understanding income inequality.

We should be raising purchasing power and unlocking possibilities for people. That’s the real purpose of reducing inequality.

Otherwise we can just take the trivial solution: destroy all technology and return everyone to subsistence agrarian society. Near perfect income equality, near zero societal level wealth.