People bitch and moan when real estate is falling in price. People bitch and moan when real estate is rising in price.
At the heart of the issue is that most people are just terrible with credit. Housing prices have risen because people didn't actually have to pay for the house, they put in on the metaphorical credit card in the form of a mortgage. If you can just buy a home with a credit card, you can imagine that a lot more people will be bidding up housing, people that wouldn't otherwise be buying housing. Combine that with retarded government policies where the government is also coming in to bid up housing further, and you end up in the situation we are at today. We saw the same thing in US higher education over the past 20 years.
Even Bidens that bought their houses outright 300 years ago likely took out a loan (or several loans) against the value of their house.
And the banks aren't particularly "winning" in this situation either. They gave out credit to degens who can't pay it back. Their collateral is crappy ass plywood palaces that depreciate over time and are clearly overvalued.
In short, malinvestment.