It's not inflation alone that is the problem with housing. It's housing being seen as an investment. People discourage new builds or high-density due to trying to preserve their existing asset value. Quick flip schemes juice the price up, for an often shoddy asset. Then hedge funds swoop in with cash, paying above market, to then flip, rent out, AirBnB or just let houses sit idle. There's a lot of bubble-like behavior still occurring in the housing market, and easy money has likely contributed, but I don't think that it all falls in line with classical inflation. It feels more like artificially constricted/restricted supply with high demand.

Housing as an investment is problematic, because it disincentivizes new builds, people want to keep seeing their asset value go up, never down, and constraining supply is an easy way to do that. Renting out can also be more lucrative than selling if you have the capital. Also the ability for markets to offer housing at commodity prices seems like it would require a drastic oversupply of a very resource intensive asset. How sustainable is that really in the long run?