Especially when those 2nd, 3rd, + properties are being used as passive short term rentals. Observing the state of the housing situation “Hmm there aren’t enough homes for normal families to each have a chance, I should turn this extra property of mine into a vacation rental.” does this make said person a POS?
Real estate as an investment, retirement provision or object of speculation is precisely the problem. Every home that gets bought as an investment in an inflated housing market directly contributes to the problem, by cutting people out of the opportunity of ownership and making them dependent on paying rent.