The article, in the comparison of the benefits of low house prices versus high house prices, didn't give space to the role of house prices within the general economy and the way that huge debt and high house prices have helped to make the UK and it's labour force uncompetitive both at home and abroad and helped in offshoring jobs etc. How the money directed into housing was in large part very much at the expense of pension funds. Decent pension funds would have meant less need for housing equity on retirement.
Malinvestment in housing has meant far less investment in UK industry and if that hadn't happened the UK would be several steps forward towards a decent traded sector that politicians are now going on about. That was understood in the 80s when house prices multiples were lower than now and that was well publicised at the time and the economy partly rebalanced towards the traded sector before doing the U turn towards housing again and now the UK is perhaps about to do another U turn - or so they say.
A reduction in the mobility and flexibility of your labour force, as people become more and more priced out of areas with good jobs. A reduction in the real value of talent, work or education, none of which can compete with the money collected by owning land.
All made worse by the fact that raised housing costs are mostly paid by young people starting new lives, new jobs and new businesses, and paid to older people just as they are becoming economically inactive.
Each of these economic problems has the same social effect. They lead to a decrease in social mobility, and an increasing gap between the haves and the have-nots.
You start out with a low-cost, flexible, hard-working labour market and an economy where anyone can make a good living if they are prepared to work.
Then you push-up the costs, remove all the flexibility, and eliminate the real value of work. Then you take away all the capital and give it to people who have retired.
What do you think happens to the economy?
High house prices poison everything.