Housing stock per capita mostly measures demographics

I don’t like this chart. 

Not only is there an unjustified implication of direct causality (X causes Y, and planning regulations cause X), the pattern in the chart rests on choices about

1. countries,
2. time periods,
3. measures of the housing stock, and 
4. measures of the price of housing.

I want to focus here on how comparing countries with different demographic trends, particularly ageing, has implications for interpreting housing stock per person measures.

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