If the value of a house doesn't increase, then the property taxes, upkeep, mortgage interest, and selling fees would make home ownership untenable and worse than renting. And then if you rent the problem gets pushed up to the landlords anyway.
Also did your six neurons figured out that it would also cause rent to decrease yet ?
This is so much of a thing that there was even a federal investigation into it (particularly the SaaS service used to help feed the data driving this trend).