The cost of housing would have to infinitely keep growing if we expect every generation of homeowners are guaranteed a lucrative ROI when they retire. I don't understand how that would be sustainable other than a "Après moi, le déluge" mindset expecting the later generations to pay the bill (yeah, literally our pensions included). This problem is even compounded when considering the consequence of the HGT (the Henry George Theorem).
I am already getting a bit struggling to afford a home that is not as good my parents' even though I have a much higher-paying job. But I can't imagine how my children are going to afford it without my financial aid or they have to move to somewhere cheaper.
That said, I somehow agree with you regarding the political aspect, which probably needs a profound wisdom to figure it out.