I Rent a Million-Dollar Home. Why can't I buy one?

My personal world view is that it is because housing has become financialized. In this situation the rent probably doesn't even cover the fixed ownership costs for the property (caveat: prop 13).

So why are investors clamoring over houses that have a negative rate of return? The speculation that the value will increase. We should do everything in our power to make real estate a non-appreciating asset. If that means government owned entities constructing social housing as needed, sign me up.