> Being older makes a person more likely to be homeowner, they got the causation backwards.

No.

Being a homeowner doesn't grant one political influence. Being old grants one political influence.

It's the correlation of age and homeownership that means homeowners have the political influence the push through policy that drives up real estate prices.

Non-homeowners have political incentives all the same. If only just to oppose those very homeowners' policies. What they lack is the political influence to make it happen.