> but the counter to all that is building new housing

I would like to see some stats on that meme.

Anecdotally, what I think happens is that people buying second homes, vacation homes, and more people living one person to a home. People without homes are not clearly advantaged.

I live in Christchurch New Zealand, with a truely massive increase in standalone houses, and significant densification in the city center. However house prices are still booming, and plenty of friends are struggling to find a first home.