I’m tired I’m come back later and re read everything and see if I need to explain anything better then.
No need. Read @Shardikprime 's explanation. I got the missing piece which explains it (and its not even close to anything you were talking about).
I got the answer to my original question of “why home ownership didn’t increase when property values fell?”.
Its this:
“Little problem is that mortgages have been absent in anything but paper so Argentines have not been able to acquire property or housing with ease since years ago”
… and this…
“Last time mortgages were available, it was in 2017/2018.”
Would-be home buyers couldn’t get mortgages because banks wouldn’t lend to anyone. Full stop.
You and I were trying to apply normal market conditions that exist in the USA. Instead I took the approach of asking how Argentinians house themselves and Shardikprime seems to have the regional knowledge both you and I were missing.