Sinking a huge amount of money into a depreciating asset as a way to "build wealth" is vastly overrated: it is true that people who bought in the 1970 - 2002 period, and the 2011 - 2018 period have made unusually large amounts of money, but past performance is not a guarantee of future returns. Housing returns have matched inflation since 1900 or 1800.
After reading that book <em>Shut Out: How a Housing Shortage Caused the Great Recession and Crippled Our Economy</em>, I think it’s the reverse. The Great Recession was caused by restrictive lending after 2005, and it was not inevitable.