Market speculators are a symptom of the problem, not the root cause. God knows “people giving their kids money for a downpayment” certainly isn’t the root cause.

The foundational issue is that many high demand markets have artificial limitations on the amount of housing, and it’s easier and more profitable for real estate developers to shit out mcmansions in the suburbs than denser housing where it’s needed.

Demand keeps going up because the population keeps going up, while supply is focusing on fulfilling only the luxury end of the market.