The problem is more fundamental or broad than housing. The problem is that a few groups have amassed way too much money, and they are desperate for solid places to put it (especially in those times when interest rates were negative!).
Naturally, they look to real estate since real estate is famous for being a "safe" place to park money. And as history usually shows, it's a place where your money will grow as the asset naturally increases in value... "They're not making any more real estate", as the motto goes.
If you stop and imagine a utopia where everyone had approximately the same wealth, give or take a "reasonable" factor of less than 10, then the wealthier people could own one really nice home or more than one not-so-fancy home. With their excess money, they could conceivably own and rent out another property. This would be fine, since the person on the bottom of the scale might not like the only home they could afford, or maybe they don't plan to stay put long; so they could rent a nicer home from the aforementioned wealthy person.
Of course regions which were more attractive to live in (coastal southern California, for example), the homes would be more expensive because there would be more demand. But still, there would be an upper limit on how expensive they could be because there wouldn't be people who could afford mansions. You might still find homeless people in southern Cali, because sleeping in the park by the beach in an ideal climate just might be worth it to some people compared to sleeping in a home in some suburb of Dallas, Texas.
Instead, we are on a clear path toward Corporatocracy. As long as you're a member of the elite in a corporation, you'll be fine. You'll have more than enough money to afford a very nice home... and perhaps even at a below-market price thanks to a corporate benefit, since your corporation may own thousands of homes.
I'm looking toward boats. There are beautiful places in the world where only smallish boats can go (so that keeps out the megayachts), and with some training you can relocate yourself relatively as you please, enjoying different parts of the world. As long as we have workable internet anywhere, which we do have mostly solved now, other needs should be relatively small and easy to manage.
A 40-50 foot sailing catamaran costs $250-750k depending on its age and quality. Figure 10% per year for maintenance, and you're still in the range of a reasonable home price. Plus you never have to live near crappy neighbors if you don't want to.