Since the intervention of the American Recovery & Reinvestment Act (Actually a brilliant Stimulus package) economic growth globally has been driven by...debt.

Housing supply is never going to catch up with demand without huge government incentives or intervention, because there's no financial incentive to build housing for sale, much less for rent, in the slots most desperately needed (sub 200k); the cost of labor and materials makes low-income housing construction make no financial sense whatsoever. 

Specifically it is THE line item that allows you to buy a $340k asset for $21k, paying it back over 3 decades at a stupid low interest rate -- without quasi-governmental intervention that wouldn't be possible and the trade-off is that there is an additional finance cost associated with it. 

Having a special needs family member I know the placement is being paid close to 100k a year to provide services which the majority is guaranteed housing expenses for 1 person. note this person has development issues but can care for them selves with assistance. 3.) yes there is a lot of funding but a lack of available units; which is in desperate need for intervention. 4.) it is far cheaper for government to pay increased housing expenses than to "warehouse" people with special needs.

@Erwin GroenendijkI quote: "According to INE statistics, which are based on Land Registry data, the average interest rate at the start of mortgages taken out was 3.24% in July, 132 b.p. compared with 1.92% a year earlier, reflecting changes in international financial market conditions and, in particular, the policy of the European Central Bank, which from July 2022 to July 2023 raised the intervention rate by 350 b.p., a move that was passed on to a rise of 365 b.p. in the 12-month Euribor."

The bonds are telling you it was never inflation it was intervention by central planners.

My biggest concern is also government intervention. 

Increased government intervention in a free market that works perfectly well without the intervention.

If there were less intervention, then lending rates and terms would be tied to the ability of that student to pay back that loan based on what they are studying.

It needs human intervention still.