Comment by growupkids

I don't follow, privately owned housing is a normal good. It's a Textbook case, as average living standards rise, the total demand for housing expands, as does the demand for more expensive properties as people look to move "up market".

I am misunderstanding your point?

Edit: I think I understand, my degrees in economics so I assumed you were using the term as its used in economics. Apparently you were not.