You're mixing up cause and effect. Due to NIMBYism and insufficient supply was housing able to become an "asset class" at all. Again the interest rate has been historically low in order to facilitate low rate mortgages to help people finance the increasingly costly housing market.
Of course since demand outpaced supply the added funding just caused even more inflation. (Sure, it caused some new entrants to the housing market, but since the place where people want to live is still constrained due to zoning and NIMBYism, the prices literally skyrocketed in those areas.)
Of course since demand outpaced supply the added funding just caused even more inflation. (Sure, it caused some new entrants to the housing market, but since the place where people want to live is still constrained due to zoning and NIMBYism, the prices literally skyrocketed in those areas.)