China did that on a large scale, at one point using more concrete in three years than the US in the entire 20th century.
There's reportedly enough housing stock to house the population twice over, yet prices still only increased.
Where there's sufficient inequality, the country will run out of eligible land before the wealthy run out of money.
Rents in China are dirt cheap and hardly increase if you’re rational about your housing instead of chasing status and face.
Rents - yes. Real estate - no. One huge sign of the housing market being out of control is the decoupling of renting from real estate prices. There's hardly a stronger indicator of it being irrelevant whether someone lives there or not.