1. you don't need to own your house as an asset to have housing
2. yes, people should be expected to pay the time discounted expected future value of the thing in order to own the thing. speculation is what prevents people from buying shitty houses for dirt cheap in areas that are ideal for apartment development and then refusing to move - that is a good thing.
2 -> Yes agreed, it is bad how it distorts the incentives and when the people on one side of the transaction (usually the homeowners) have all or most of the political power, that becomes a large problem.
The reality is that we have to have a mechanism to encourage people to sell their homes and move when more valuable uses become available (like moving in 30 people into an apartment building where there were previously
Speculation, in the United States, is that mechanism. There are probably alternatives (as a sketch: devolving eminent domain authority to local govt & non-profits -> obtain financing for compensating owners -> eminent domain-ify vacant lots/unused parking lots -> build housing -> sell housing -> pay back creditors; this would probably do a ton), but currently speculation & financialization is the best engine for resource allocation in the US.