Many people do not want property ownership even though it is unimaginable here in the forum. They prefer free income, no credit, to consume or invest, and to stay mobile.
I don't see the issue of the ownership rate as a big deal at all. We have the strictest rental laws in the world, which sometimes grant tenants more rights than the owner.
Renting out is no fun. Also a reason why there are occasional vacancies.
Recently, I sold some properties (cheaply). For example, to young couples or so. Much more could have been made, but I did not want to auction them off but be fair. Sure, it's a lot of money, but it wouldn't have changed anything for us. At least a few were able to buy below market price.
I also achieve returns elsewhere without having to worry about renting out.