But notice, it doesn't affect random assets. You don't see people hoarding and speculating on cars to a ridiculous degree, because cars depreciate.

Likewise, with real estate, the actual improvement values depreciate over time. What can appreciate is the value of the land.

But there's other areas that see such influxes of cash desperately seeking a return, like venture capital, ponzi schemes, cryptocurrency, and so on. However, much of that is akin to gambling and the losing bets mainly just harm the losers of the bets.

With land speculation manias, and related natural resource speculation manias, everyone becomes a loser. Cost of living skyrockets, and so does the cost of new production and hiring.