Interesting article. I agree with most of your points, however, I would argue that mortgages(housing leverage) is the primary factor in why housing is no longer affordable for the majority of people.
When you can "buy" a house using a mortgage, the effect is disastrous for anyone looking to truly own a home. It causes hugely inflated prices because getting money to "buy" a house is too easy.
I would also argue that most people who think the mortgage/home loan situation is good, either don't understand what's going on, or they already have property so they are beneficiaries of the inflated prices.