In my country (slovenia, former yugoslavia) owning homes destroyed the housing market in the long run...
The government owned a huge percentage of homes and rented them out to people who needed them, and moved them around too (if they got a kid, they got a larger apartment).
Then after the breakup, the government didn't want to deal with that, and sold all those apartments to renters living there for peanuts.. so 'everybody' got a home, and in the meantime stopped the communist-style buildings. .. then nimbyism, and yeah.. same as everywhere.
Now the "boomers" have apartments and young people can't buy them, because we don't build stuff anymore. When a boomer dies, their kids inherit and lease it out, because selling it is pointless due to ever rising prices (again, nobody builds anything anymore... nimbyism and all that)
If the government kept the apartments, when a boomer died, someone else would get to rent it at the government-non-profit-rate, but nope... whole country paid for building those apartments, some people got lucky to keep them, and the others could fuck off.
Also, building a private house back then was easier.. you could basically build, and then deal with all the pesky stuff, such as permits and legalization... now, you can't build a dog house without building/construction inspectors there. On one hand, we now have improper owner-build buildings in inapropriate places... on the other hand, atleast those people got a house, which is impossible now.
Also, building a house isn't even so expensive here... especially if you do a lot of stuff alone... but just the project/permit costs are higher than the bricks and concrete, and buying a piece of land where you're actually permitted to build is impossible... but we do have literal fields in the prime locations of our capital - https://goo.gl/maps/YeoJMMGN2QhtZDLs8 (just rotate the view around to see what's next to that)
tldr: in socialist time, everybody was renting from the government, in capitalist time, those apartments were sold for peanuts to renters (and the rest of the taxpayers, who didn't get apartments, got fucked)