Ah I see, yeah I would disagree there is such a thing as intrinsic value.
Its just that without rent invectives more houses would again be privately owned simply because less investment capital would bother with it
I don’t know if I agree with that, because of current governments goals of keeping house prices ever rising, land, even empty, would be useful for risk management. It also may lead to that land being used for very short term housing, aka AirBnB. It could also lead to psuedorent type arrangements where banks offer loans with much lower downpayments, but with extremely long terms.