Hi
But not the activity of the Reserve Bank - their financial stability fears very much acknowledge the mortgage-finance->bubble theory of rising housing prices (as it does in general apply to asset prices - look at the impact of borrowing on other asset prices like the U.S. share market.)
Bizarre though it may seem, banks hate public understanding of this and there's alway a spare bank pundit (sorry, economist) hanging around blogs, news etc. who'll try to bat the idea down.
Since the GFC we've moved on (the public, like me) and occupied money-economic territory. Just not enough to go around the territory occupied by money-deniers,
I'm afraid. Think demand & the reasons for demand when looking at house prices, not that old shibboleth of equilibrium economics, supply.
Jim

Hi David
I've been following Steve Keen and went to his seminar a couple of years ago. He's been a long time observer of money in economies (unlike many including some at RBNZ and the Treasury). I've posted a slide he used to show private debt to GDP in both Australia and New Zealand. Tho not specifically mortgage lending, it obviously largely is (covering the large part of bank activity). Debt acceleration and its relationship to unemployment is a very strong part of his work on capitalism as a money economy and his anticipation of GFC as you probably know.
I have little difficulty in accepting his view. This view and the sector balances of Godley & MMT etc.
Jim