Real estate prices and rent are driven by how much people can only just afford it.
If people earn more, they can afford a bigger mortgage, so house prices rise.
If people earn more, they can afford a bigger mortgage, so house prices rise.
I would like to see some stats on that meme.
Anecdotally, what I think happens is that people buying second homes, vacation homes, and more people living one person to a home. People without homes are not clearly advantaged.
I live in Christchurch New Zealand, with a truely massive increase in standalone houses, and significant densification in the city center. However house prices are still booming, and plenty of friends are struggling to find a first home.