I hate the bloated language in this community. Dematerialized my ass.
Since neoliberal deregulation enabled commercial banks to issue finance toward housing, housing as a ratio of their books has increased from close to zero to over 60%.
Previous to deregulation commercial banks were required to only finance productive purposes which would increase net wealth creation. Financing of housing was almost exclusively provided by non profit mutual providers.
Because when a bank issues mortgage finance it creates new money out of thin air- the money in your bank account is an IOU for physical central bank cash. Banks simply credit your mortgage account with the amount of the mortgage. That new fiat money goes into circulation- increasing the money supply and devaluing all other money by a proportionate amount.
Since banking sector deregulation banks have made housing a vast avenue of parasitic rentseeking- enslaving entire economies to debt leveraged housing speculation in which the bank receives the rent on money created out of thin air and drives ongoing house price inflation with ever more debt leverage.
Bitcoin potentially fixes this.
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