Here's a chart of homeowner gains vs developer profits. It's a bit apples to oranges, but it gives you an idea of the scale of who benefits (at least on paper) from the housing crisis:

https://oregoneconomicanalysis.com/2021/03/16/who-benefits-f...

Ideally, I think, home prices would be fairly stable - neither appreciating a lot, nor dropping in value. Boring. That would also make them a 'bad' investment for corporations looking to make a buck by buying and holding.