Or that you can afford to save for a down payment on top of current rent and other living expenses.

Well there's always someone wanting. There is always a real estate market, always. In absolutely all places you can buy or rent. If people find ways to make living in a particular place less important (say by enabling remote work), things will become easier.

Also well, the very small fraction of homeowners who have a privilege of owning these places have effectively won a lottery. They naturally have to protect their winnings. Basically for every one of them there is a 1000 or more of people who own place out of a highly sought-after area like the Valley where his real estate does not appreciate and brings no rent. If you take the averages, all-accounted yields from real estate are laughable and way under the yields from a stock market.

Can we say that someone who bought stock that skyrocketed 1000x, 20 years ago, has to be penalized for it, or be forced to sell? It is either a very smart insight (or inside, but in case of stock it's way way way more probable than in case of real estate), or just blind luck. It doesn't mean same trick is reproducible at any given moment if you have money to buy, the mathematical expectation of profit you will make buying anywhere you could pick at all, is quite low and you better go to a stock market.