Capital which is invested in a non productive asset (housing, land) is also capital that doesn’t go into productive business investment. Those costs are forced on to people or businesses that don’t have an option to switch anywhere. I think a flow on effect is that disposable incomes and margins are eaten up and get recycled into choking the supply even harder. If everyone’s skimming then there’s nothing left for improving productivity. In my mind this is like a motor that only has a certain amount of torque and each middle man is piling on a tiny amount of weight. Eventually it seizes up