It's 100% the combination of low interest rates and restrictive housing policy. But I don't think we should blame the central bank for the low interest rates a

It's 100% the combination of low interest rates and restrictive housing policy. But I don't think we should blame the central bank for the low interest rates anymore than we should blame a thermostat for running the heater all the time during an unprecedented cold spell. The central bank if anything was probably not keeping interest rates low enough for the last two decades considering how low the employment to prime age population ratio and inflation were. Interest rates are just especially low compared to historical standards because of the sovereign wealth funds, growing inequality, reduced population growth, and Asia becoming much richer with crazy savings rates.