The retirement systems is utterly inadequate and pensions are non-existent. Thus the middle class is entirely dependent on effectively a housing ponzi scheme to avoid squalor (or even homelessness) in old age. So they will always fanatically, desperately vote to raise property values whatever the long term consequences.

Even more importantly, mortgage holders and other large institutions have a vested interested in raising property values and will guarantee that polices drive that.

Obviously housing prices can't outpace wages forever so one generation, probably the current one, is going to be screwed with houses that can't raise enough in value and yet have no real retirement security.