@argyle5663: Great post. 

I would add this: we live in a democracy and, while far from perfect, policies will reflect to some degree the popular will. 

The participation rate in Canadian real estate has grown to about 70%. Nearly 1/3 of BC's GDP is based on real estate/construction (with other provinces also showing huge growth in these sectors). What I'm saying is that those realities span the net worth and/or employment of a lot of people. A huge swath of people (in particular recent buyers and those who are under-prepared for retirement!) want this outcome, long-term consequences be darned. What politician - at any level or at any point on the left or right - is going to suggest policy that would alienate such a large number of people?

Answer thus far: pretty much none of them.

But just because a majority of people want something in present, doesn't mean its even close to a good idea long-term. No one is entitled to own and no one is entitled to real estate gains.