The ultra rich. It's an asset economy. Housing is built to market demand, but the market isn't even people finding a place to live, it's asset acquisition and speculation.

I know an accountant whose company works for a lot of estate agents in London. Even when interest rates were sky high in the last year or two, they were still selling loads of houses and prices were increasing. The only difference was, more and more of the sales were paid in cash, not mortgages. That's not even 'rich' or upper middle class people buying homes or investment property (🤮), that's asset accumulation on a massive scale by the capital class.