Affordable Housing is the key for economic boom

Hey everyone, this is not a stock-related discussion. A person I know recently moved to the UK for an MBA. While discussing housing, I was shocked to learn that home prices in the London metropolitan area are almost comparable to cities like Mumbai, Delhi, and Hyderabad. This revelation led me down a rabbit hole of research. I watched videos by Economics Explained and read several articles on the topic. In India, the average household spends around 25% of their annual income on housing. However, in cities like Mumbai, this figure rises to 50-60% of monthly income for housing expenses, including rent or home loan EMIs. Suburban property rates in Mumbai range from ₹25,000 to ₹27,000 per square foot. Investing in real estate is essentially a dead investment for the economy of a nation, as evidenced by the over-investment in China's real estate market. People who are the major contributors to tax revenue often face the burden of high rents, which significantly reduces their disposable income. To address this, we need to implement policies that discourage speculation in the housing market. For example, reducing taxes for families buying their first home and increasing taxes for those purchasing a second property could help curb speculative investments. The last time excessive speculation occurred, we ended up with the 2008 financial crisis. The government should prioritise affordable housing initiatives. Owning a home provides a sense of security, and if the cost of rent or EMIs decreases, families will have more disposable income, leading to an economic boom. What are your thoughts on the current housing market situation in India, where the per annum income is ₹3.5 lakh, yet house prices are in the tens of crores?