Yes, since the neoliberals of the 1980s removed the restriction that was previously imposed upon commercial banks lending to any purpose other than productive infrastructure.

Here in New Zealand the ratio of non productive housing finance issued by commercial banks has risen from below 5% in the 1970s to over 60% now.

IF you are going to have a fiat system where via fractional reserve bank lending for profit banks can create new money whenever they issue finance it must surely be directly exclusively toward purposes that will probably increase and improve the broader economy- but the crafty neoliberals ignored that logic and empowered the bankers to finance any purpose so now the banks increasingly finance non productive housing and that has resulted in a deluge of fiat debt money pumping the housing market.

Why young people are not demanding a reversal of this corrupt misuse of fiat debt funding I do not understand. They seem to have been brainwashed by the bankers narrative of pure BS that does everything to divert and distract from this massive crime against financial and monetary logic and equity.

The whole process has been politically expedient keeping home owner voters and the politicians major sponsors, the bankers, very happy and maintaining an illusion of wealth creation while China has decimated the wests competitive advantage in manufacturing- but the debt mountain that it has created is a noose around the neck of western economies and will impact the young the most while they have enjoyed the least of the speculative gains.