I own multifamily housing. I don't see it as speculation as much as a business, like any other. I work almost entirely at the low end of the market and, frankly, most of my tenants don't have the resources or skills to own a home. Somebody needs to build and maintain these properties, nobody will do it well unless it's profitable to do so. I'm not sure what the alternative is to restricted private ownership of housing - government housing? Has that worked well anywhere?