In China? They kind of did it to themselves. It was a pyramid scheme where they bought up buildings as a source of investment even though those buildings didn’t have electricity, plumbing, or tenants.
In the US? The investment firms bought up houses as a way to increase profits. Sold houses when the market spiked due to less supply. The market will probably crash as a result. Property taxes will continue to be spiked since they were recalculated during the bubble. The firms make money and the average citizen suffers. Business as usual.