Answer: The Federal Reserve.
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Your theory doesn’t explain the same situation playing out across every other 1st world country at the same time.
"financialization of housing" is basically the same thing as "FED". Absent value retaining money, flooded with worthless paper, people look for anything scarce they can park their savings in, turning a social necessity (housing) into savings account, and give into incentives to make it artificially scarce (like NIMBY). Historically (before fiat money) housing was a poor investment. https://www.lynalden.com/most-investments-are-bad/
You clearly do not understand what financialisation actually means - it’s creation of derivative financial products based on the underlying assets. Eventually these products become so complex, no one knows what’s happening to the original assets. That’s how we got 2008
And you can have 2008 style collapse even if your currency is based on gold coins.
they're saying houses are becoming an financial instrument to keep money safe instead of a place to live.
we currently have 1 trillion dollars of debt interest payments every 100 days.
the only way to pay this is for the Federal reserve to print money which devalues the current currency with inflation.
so houses have become a financial instrument to keep monies safe.
leaving the gold standard allows the Federal reserve to create any amount of inflation they want which allows the government to loan as much money as they want as the Federal reserve can just print money to pay the debt.
the usa is currently hitting unforeseen levels of interest rates on that debt which means inflation is going to increase in perpetuity.
which means rich people need places to park their money as this is the beginning of massive currency devaluation
as interest increases inflation will increase which means people need safe places to park their money... property
Hence, inflation.
Isn't that just economics 101?
In 2024 the interest expense surpassed defense spending for the first time in history.
the fed government already can't meet its obligations without borrowing.
so what that means is the Federal reserve has to print more and more money every year to compensate for these debt obligations of the federal government.
which is ultimately inflation
you're right there's other factors of play but this is the gigantic looming elephant in the room