There's no reason to assume that there's real estate asset bubbles, we don't have overlending/unqualified lending. You could argue that there's scarcity in real

There's no reason to assume that there's real estate asset bubbles, we don't have overlending/unqualified lending. You could argue that there's scarcity in real estate, driven by local governments restricting the supply of housing through historic regulations and single family housing. And that as a result, the only time of private investment that can earn a return is luxury housing which fails to be affordable for a large segment of the population. MMT doesn't say anything about what you use the funds for, but, if you're a Keynesian then you need to keep your eye on productivity and growing GDP, and you need to worry about inflation. Depending on your politics then you could spend on public assets like infrastructure, green energy, etc. But most MMTers suggest a federal jobs guarantee that would create a buffer for people that the private market will not employ. The job guarantee would employ people to do all sorts of public projects to anyone willing and able to work. You just have to be careful about inflation. If you spend money on steel and concrete and you put people to work in construction, you're going to suck up resources that the housing industry needs, and if you don't have the resources you're going to get inflation. Ideally you'd spend money in areas where the private sector doesn't want to or cannot deliver low costs(e.g., education, environmental cleanup, healthcare.)