No. The key issue is just the rise and rise of inequality. As more money funnels to the top (thanks covid) the top buy more of the available assets leading to asset inflation.
Nothing will reverse this other than a tax on wealth. Tax wealth, not income.
This is way too narrow of an explanation.
Yes rising inequalities are a problem, but the housing price being absurdly high is a much broader problem: when a middle class family spends $500k+ for a house, they are part of the systemic problem. Same when the same family expects such a sum when selling the old house they inherited from their boomer parents.