This is primarily because the US had decided that housing is going to be the primary driver of wealth for the vast majority of people.
Can't speak for those but housing is seen as an investment in the UK too. Everyone wants their house prices to go up, to get a return on having a place to live. The government won't lift a finger because they also have their money in property, as does the electorate that keeps voting them in. Advocating for any kind of regulation or intervention would be sheer political suicide.
The generation that has enjoyed affordable housing the most has been making short work of pulling up that ladder behind them.