Even in a world with zero building regulation you're still running into constraints though. Sure, people could build more apartments which would slow growth in accommodation prices and maybe directly hurt the value of the neighbours' properties they overshadow, but land is still limited amd expensive (more expensive if you're allowed to build tenement blocks on it) and construction still physically intensive and expensive, so there's still no incentive to drive prices down by supplying more apartments than the market demands.
cf NFTs where digital art itself can be copied and viewed infinitely, and the NFTs themselves are just tokens issued at near zero cost by providers which could happily issue infinitely more tokens referencing the same art (even though at the moment, for the sake of trust and collectibility and not dampening the hype yet, it's more lucrative to issue finite numbers of additional tokens referring to more low-effort variations on the original art instead.)
I was born in a socialist country, where people built houses. Literally, you built first, dealt with papers later, and pretty much everyone had a house or an apartment. Government and companies built apartments for their workers, people built private houses themselves, mostly literally (every weekend, wheelbarrow, few sacks of cement, a bunch of bricks, a few friends, a case of beer,...).
After a bunch of regulation, now, the "papers" cost more than materials to build, and most of the area is zoned as eg farming area, even though there has never been any farming there. Of course, prices have gone up A LOT, there is a lot of NIMBYism, by people who already build their house, and don't want another one next to it, and young people are basically fucked.
We might disagree, but in places with available land (and there are many), the only thing that stands between housing and non-millionaire people are (local) governments and regulations.
cf NFTs where digital art itself can be copied and viewed infinitely, and the NFTs themselves are just tokens issued at near zero cost by providers which could happily issue infinitely more tokens referencing the same art (even though at the moment, for the sake of trust and collectibility and not dampening the hype yet, it's more lucrative to issue finite numbers of additional tokens referring to more low-effort variations on the original art instead.)