Increasing real estate values are directly related to increasing poverty and homelessness. The reason is pretty simple- when housing prices go up, rents go up. When rents go up, people have trouble affording them. They deplete their savings and are at risk of becoming homeless. That's why you get million dollar homes with people sleeping on the sidewalk outside.
Normally, there would be a negative feedback mechanism to push back against this- when people can't pay rent or mortgage, then the prices would go back down. But if inequality increases enough, and there's a lot of extra cash sloshing around in the economy to be pushed into real estate as an investment rather than as a place to live, the feedback path breaks down as you have investors buying homes to flip them or just have a place to park their money, and the people who actually need homes to live in suffer for it.
Normally, there would be a negative feedback mechanism to push back against this- when people can't pay rent or mortgage, then the prices would go back down. But if inequality increases enough, and there's a lot of extra cash sloshing around in the economy to be pushed into real estate as an investment rather than as a place to live, the feedback path breaks down as you have investors buying homes to flip them or just have a place to park their money, and the people who actually need homes to live in suffer for it.