Shedding crocodile tears

Why is property speculation bad? The buyers are happy, the sellers are happy, the land owners are happy, the developers are happy, and so are property agents and conveyance lawyers. And everyone is laughing to the bank. Let's churn the property market higher, limiting supplies, increasing demands, and get the media to write more frightening stories about the prices going higher and better rush in to grab one before it is too late. Or write about how a $200k property is now selling at $400k to move the herd for the slaughter. In property market, we only hear of the money people are making. We never hear who is paying for the enormous sums and how many years they must slog to pay back. But these are the normal things in a free market when prices are determined by supply and demand. Go for it, let the prices surge higher. It is good. There will be money everywhere. I forget, the banks too will be very happy to loan out more money. And all the property owners will be beaming, seeing how much their properties are worth now. The same 4 walls, and many with dwindling lease life. Still the herd will rush in to buy, fearing that they will miss the boat. Anyone remember the dizzy demands for country and golf clubs a few years back? 30 year lease and most of them with less than 15 years left. And the value for the less prestigeous clubs is probably 20% left from their highs. And this will keep going down, and may become negative value when the lease expires and a new top up is demanded from every member for a new lease.