1) So you agree with Stalin's food hoarding?
2) Yes and no. People may have paid 'through their nose' but not 10x income. What were 'middle class' neighborhoods 15 yrs ago can only be afforded by the top 1%.  Your point that these communities were built by previous generations lacks vision. What you're saying then is they should also die by them? I would agree that subsidized housing doesn't need to be built in say Point Grey, but that's not what is being suggested.  
3) Nonsense. Firstly, that wasn't the authors point.It was about the general malais of the crisis. Secondly people sell their homes all the time. Rarely is it to retire on the proceeds. Even if it was, 400X returns on housing is not sustainable. So what, do you think the $1M tear down on the east side will be worth half a billion in 30 years???
4) They would not of had foreign ownership in the first place, or a housing free market for that matter. All of your points would be moot.