Probably one of the biggest reasons is real estate increases in the denser areas as parking infrastructure gets phased out. Parking is a massive waste of land.
My guess: real estate costs go down short-term if you add a bunch of supply by getting rid of parking, and then they go right back up, plus some, once the market equilibrates.
Meanwhile, I'll continue to enjoy having 5x the space at half the cost as when I lived in the city, with 5 grocery stores 10 minutes away instead of 2 grocery stores 30 minutes away. Not to mention parks, trees, and nature trails for running.
Similarly, increasing range has had little to no positive effect on housing prices. Look at the insane real estate prices in the California Bay Area or LA which are both very car-first locations.
My intuition says the effect size is going to be a multiple of what it costs to maintain a cheap car.