Our inequity irks me too, and i do find it stirs my inner blood a little the vast tracts of my country that are owned by rich foreigners - but maybe thats getting into slightly dodgy ground.
I dont understand why renting a council house would be any better than prjvate renting - you talk about no prospect of ownership, would that also apply to these council houses, ie right to buy?
Couldnt the same effect achieved through rent controls?
The problem of takig on more debt is that we already habe an enormous debt - i recently got my tax summary for The year and debt repayments were i think the 4th top item for where my tax is going - it is not a solution to simply say lets add more on top of that.
Therr are a raft of other problems... hifh density housing is undesirable and discredited, who will build the homes, where will we put them, etc
Like most issues, i think the problem is far more difficult to solve than people realise.
Given that, maybe radical action is required - im just not sure what is practical?