Well-defined and properly enforced property rights are critical for the operation of markets. Property rights are the primary responsibility of the government. Let it define them and then get out of the way. Standards are needed for quality construction. I am not against standards but against government monopoly in defining and enforcing them.
Market regulation is preferable to government regulation.
Consumer interests would be better served by competition in all areas, not just in the production of goods and services, but also in formulation of standards. Let the standards be determined and enforced by trade associations. Let them censure offending builders, maintain funds to support tenants and buyers to sue them, keep consumer grievance cells to record and report on culprits. Their telephone hot-lines can answer questions from potential buyers about the track record of builders. It is here that public-spiritedness is most useful and effective.