The trick is, or was, demographics. The boomers outvoted other groups, because they have larger numbers. Why build housing that diminishes the boomers (ie voters) property values? Also, why limit demand for the hoarded housing by enforcing immigration laws, not undercutting local labor with exploitative practices like h1b abuse, or by creating reasonable legislation like other nations have that protects real estate from foreign speculation oand domestic market manipulation by monopolistic and predatory corporations like blackrock and blackstone? Because the boomers had the numbers and the real estate, and democracy is mostly about winning elections.