Yet new housing is built all the time. Why? Because it’s lucrative for those with gobs of money, holding all the housing.

It’s really not being built at the amounts needed (at least, not in the places that need it most) which is why there’s a housing crisis. Those who already own housing benefit more from preventing new housing from being built by anyone other than themselves. Ensuring scarcity of housing while demand is continuing to grow from the population rising and average household size shrinking makes the housing they hold skyrocket in value.