Housing unaffordability and intergenerational transfer of wealth

Rather than me trying to paraphrase him, just go read Bernard Hickey's great NZ Herald column about the unaffordability of housing for generations X/Y.

Then after that, read David Slack's Public Address column on the same topic.

Brutal. Absolutely brutal.
Two years of living in the UK has turned me round to capital gains tax and/or some kind of land tax- I was previously agnostic, but now I reckon tax them till they bleed. Carefully targeted to minimise impact on pensioners, farmers, etc...
Throw in some kind of stamp duty (in the UK properties under 250k are exempt) and you might start to see some moderation.