Indeed. Because fiat money can be printed ad infinitum the price of money - the interest rate - was close to 0. In Europe it was even negative. You had to pay the banks to leave your money on the banks.

So people got fiat money and some invested in real estate.

While average Joe was happy with the free stimulus checks and the helicopter money by the government, the wealthy people grabbed the houses for free.

This always happens. Free money doesn’t actually exist. You get the bill back in higher prices of food, energy etc and everything that cannot be printed easily.

People think fiat money is wealth. Fiat money is worthless. It is what you can buy with it that is worthed.

A house A vacation A car

Those are valuable things. Not the money.