Sounds like you figured it out, since the debasement of the gold standard we locked away an inelastic good behind a mountain of debt, where prices rose to whatever interest rates would allow, providing a massive first mover advantage to those born prior. Then we wonder why nobody has kids.

If housing didn’t continue to rise how many boomers would hold it as an investment instead of downsizing and buying an appreciating asset?

This is also why Bitcoin will keep going up and everyone should own at least a little, it leverages the cantillon effect as central banks get looser and looser due to aging demographics and shrinking aggregate demand.