Not true. Many people own their home. The home ownership rate is 60% in Denmark and 65% in the USA. The HN demographic skews toward young people renting homes in expensive cities so if you read the comments here you tend to get a distorted view of reality.
It would be interesting to break down these figures across age group and income levels.
Cities are expensive because people want to move there. They do it because of quality of life or because of work opportunities.
In the long run the issue might indeed disappear as the population shrinks. But it will probably just leave behind lots of unoccupied houses in the countryside that nobody buys. This is already happening in Japan.
Owning the house is essential where I live, for quality of life. Tenants don't have any right to ongoing tenancy, and moving is expensive and tedious even if it's only once every few years.
