There is also the problem of housing "lost" to the lifestyles of the well-to-do - whether that's 1%'ers who own multiple houses, or regular housing which becomes short-term rentals (Airbnb or whatever). In places, those are major problems. Overall - the biggest problem those cause might be that they're socially divisive distractions from bigger issues.
Millennia before Adam Smith was born, pretty much every human societies which built "houses" (be they crude tents, igloos, lean-tos, thatched huts, or whatever) made a point of building enough of those to house all their members.
Capitalism has financialized housing, and that seems to be a major cause of the "can't actually build housing" problem.
In general, in pre-industrial societies families built their own houses rather than "society" building them for them. Of course this was because 1) many tribal societies had no concept of land ownership so you could just build wherever someone else wasn't using, and often these were temporary for a season or two anyway 2) later feudal societies where there was land ownership had land mostly owned by a nobleman who allowed his serfs to build their cottages on his land.
A problem which college could go a long way toward fixing - by discounting grades from HS's which engage in that practice. (Admittedly, I suspect that's most HS's these day.)
I blame the on-line attention economy - which always rewards yet-more-extreme reactions, positions, and performative "virtues". But attaches zero value to actual pro-social behavior.
Old geezer take: If you're referring to smart phones - social engagement in the US was already headed down 5 decades before those were invented. I blame TV.
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