Can't wait to see the housing market crash to through the floor.
If this happens then private equity funded businesses will sweep in and buy as many houses as possible, for cash with no upward chain and no mortgage issues. You can't compete with that; a serious price crash will probably lock you out of home ownership forever.
There are already companies doing this. A crash will accelerate it. Eg https://slate.com/business/2021/06/blackrock-invitation-hous...
Even ignoring that though, and assuming that companies could be regulated well, you'd still be looking at a situation where all young people would be transferring most of their wealth to the owners of these companies forever. There would be no way for people to use property investment to fund their retirement, people would never feel secure enough to have kids, and ultimately whether or not people would be able to live in an area would be at the whims of whether a business will rent them a home. It's a massively dangerous situation for a society.
People use the equity in their homes to do things like funding startups. Loads of successful business started out with founders mortgaging their properties. This is would bring about the end of that being an option.