If people weren’t allowed to own property in absentia, then real estate prices would stabilise at a much lower level. As it is, this arrangement allows speculation which creates an unlimited market size. Some of the highest priced real estate in the world sits entirely empty for exactly this reason.

Without that the only people trying to buy housing would be residents, and at the point where everybody would be housed, housing prices would presumably be extremely low.

As for temporary, emergency or other unusual housing arrangements, non-profit organisations or cooperative systems could exist, and without property prices to protect everyone could be housed.

And because someone will always bring this up: going on holiday doesn’t mean you’re not using your house. Most of your shit is still in there. That’s a facile argument that vanishes the moment you give it even the most cursory critical thought.

That said, this entire thing is unlikely to change in a world where the wealthy decide our policy. Landlording will probably be with us until we can find a way to abolish the market form entirely.