Yep, plus second generation immigrants have the same low fertility rates as natives, in the Netherlands we now see a housing building boom, but the population is projected to decline over the decades.
Housing is an infinitely good investment, until... It isn't.
Also notice that such government supported industries (housing, education, and medicine) are the only sectors that haven't experienced technological deflation.
https://www.zdnet.com/article/unstoppable-tech-driven-deflation-will-be-the-next-economic-challenge/
A major issue is also that today's economists completely ignore technological deflationary pressure (this is what caused "The Lost Decade" in Heisei period Japan), the "solution" that mass immigration provides literally only works on these artificially inflated prices.
Chinese migrants and government grants inflate the price of American universities. Government subsidies keep medicines expensive because there's no market incentive to compete, mass-immigration causes housing prices to rise non-stop.
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People worry about inflation now but only a few people (Jordan Peterson, Elon Musk, the Bank of Japan, Etc.) actually correctly identify the issues that deflation will cause, rather than seeing how everything has been objectively getting cheaper in the past century people look at a few sectors and scream inflation.
In reality, the world we'll live in in only a few decades will have more houses than we'll know what to do with as the elderly are dying off, especially the Baby Boomers, and immigrants don't maintain high fertility rates over multiple generations, plus the countries where they are coming from also have fertility rates below replacement meaning that their countries of origin will also try to prevent people from migrating elsewhere as the global population (outside of Black Africa) will start to decline.
Generation Beta will live in a world where there are more houses than people and it wouldn't be rare to see lower middle class people own multiple homes (some will probably just have "storage homes") and these people will wonder why we were so obsessed about the price of housing that we based our entire economy on it.
All humans on this planet fit in Texas, the global population growth is already slowing, unless we adequately address technological deflation and low birth rates we are headed for a disaster.