[ruined]

liquidity matters to commodity markets that transact often. the flipside of liquidity is instability.

treating real estate as a commodity, not as an intimate necessity of everyday life, helps no one except speculators and rent seekers, at the expense of everyone else doing productive work.

[s1artibartfast]

That assumes they are not doing productive work.

Examine the alternative. Should small businesses purchase the space all out, from developers or brokers? If this is so much more efficient, why don't they do so?

Similarly, you could ask the same of residential renters. What would happen if we simply banned all new rental contracts. Would access improve or diminish?