Quite the contrary: it reduces wasteful consumption and reducing consumption is a requirement for Ecological recovery.

I would say that buying for very infrequent use or for a temporary need something which can be used with no problems for much more than that, is wasteful consumption at a systemic level - there should be alternatives.

Sure, owning your own personal high powered professional drill satisfies the greedy animal inside, but it's not exactly wise of justified for most of us even just at a personal level. Ditto for quite a lot of other things.

The drive to own lots of shit isn't healthy, both in a personal sense and in a systemic sense (including but not limited to Ecological), though it sure makes a ton of money for those who own most Productive Assets and all the ones is supporting areas such as Money Lenders, that most humans act as Consumers only limited by the maximum indebtness they can get into with their income.

Even if people can afford to own tons of things they barelly use, it would actually be better for everybody if that wasn't common.

The only dystopia element of this is that in Late Stage Neoliberal Capitalism people are being pushed to rent because of the miniscule and worsening share of the wealth produced that workers get - or in other words, shit salaries whilst investment income has never been this good - as they can't afford to own anymore, rather than because of a shift in the way people thing and them actually wanting to rent rather than own.