The way I see it, the biggest factor that is amplifying the crisis is that the investors (mostly American companies and individuals) and nomads (Apparently 50% of them American or something), have much more usable cash compared to Europeans due to the bloated investment tools and high cost of living in the US. As a result, they buy the housing under the house of Europeans in multiples, swiftly gentrifying neighborhoods with short-term rentals or just parking cash on housing to make a quick buck.