>You don’t really own your house

This is a feature, not a bug. One of the reasons why Singapore develops its land a lot more sanely than most places is that its leasehold structure and progressive property taxes rationalize land use and depreciate home values. One of the single worst and medieval incentives in the American system is that home ownership is a sort of 18th century poor man's social security and people expect home prices to increase, which obviously has disincentivized construction.