I'm not presenting this as the answer to why home ownership is screwed up. I'm presenting this as a significant part of the answer to why everyone is so indebte

I'm not presenting this as the answer to why home ownership is screwed up. I'm presenting this as a significant part of the answer to why everyone is so indebted in general. With debt so "cheap", anything you are competing with other people for, which is basically everything in the end, you are competing with people who took "cheap" debt. When the path is greased, at scale it will be taken. Stimulus, incidentally, has much the same problem. Yeah, great, everyone gets $3000 or whatever, but now you're just in competition with other people who just got $3000. It's not a complete loss, of course, but people advocating for it always want to talk about the benefits in pre-stimulus currency, but people spend it in post-stimulus currency.