In The Netherlands I don’t think this would make a big difference around the major cities as there is a huge housing shortage and this will stay the same at least for the next 10 years, probably more much longer.
Scarcity was always a problem. Even in 90s and early 00s there was a lot of posters about housing shortage. But prices we’re rather stable. In a healthy housing market, you expect the property values to not grow over real interest rate. Which was the case back then.
