[medvezhenok]

You're missing the people who have multiple chairs and are sitting on chairs hoping that price goes up who would be incentivized to sell (look at supply coming online as mortgage rates rise - and any similar pattern - i.e. 2018).

Price always going up makes chairs attractive to hold, which results in misallocation of chairs - ideally you want them to go to whoever wants chairs the most, not whoever grabbed a chair first.

Yes, the best answer is to make more chairs, but that is not something that the FED has much control over (it's federal/state/local zoning policy and regulation which prevent more supply).

The question the FED can address is not "how can we make sure everyone has a chair", but rather "how do we make sure that the existing chairs go to the people that need chairs the most"