I'm not sure I agree. I suspect the real issue is the government supplied debt financing. I think government subsidies drive up housing prices to the extent that you NEED to take out a loan to pay for a house rather than being able to pay for housing up front out of savings.

Housing prices would be a lot lower(and more affordable) were it not for all the money unnecessarily doused on it.

Because prices are so high buyers must participate in credit markets which is like socio-economic ankle weights for poor people. They either get screwed or excluded(and screwed).

EDIT: The Higher Prices also ensure that people need continue to work to "pay off" their mortgages. If housing prices weren't artificially high they'd already be "payed off" having been payed for with savings. cf: https://news.ycombinator.com/item?id=12131855