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I believe your comment is operating under the assumption that people are merely choosing to rent over buying because it's the more economically wise choice. That's not how things work in reality. Many people want to buy but cannot put up the initial costs.

> Many people want to buy but cannot put up the initial costs.

This, monthly rent actually costs more here in Ireland than what you would pay monthly for mortgage.

Many things cost less when you pay for 40 years up front

I fit the description of someone who has the cash to make a down payment, but if I were to buy the property I currently rent, I would be paying $1000 more a month.

More people opting to buy means house prices go up.

There's no free lunch. The more friction, taxation, and tariffs you add to the housing market, the higher prices go for both renters and home purchasers.

If rent is higher, how will people save for a down payment?