Also taxes. The housing bubble is a choice that voters make because voting demographics skew towards property owners.

1031 exchange

Mortgage interest deduction

Opportunity zones

Taxpayer backing of Fannie and Freddie (allows insane leverage and eliminates interest rate risk for borrowers)

Lack of any federal property/land tax

Historical precedent that the government will bail out property owners in times of financial uncertainty

Countless local tax cuts (Prop 13 etc)