You have to remember - someone who can make money at a risk is much more appealing if you can't make any at a low risk via bonds. Even people who have no business speculating on things get money thrown at them because borrowing money to fund these is also cheap, so there's two seperate forces squeezing a lot of money being thrown around. This can sometimes be a good thing - interest rates fell to these levels during 2008, because we desperately needed something to incentivize people to move money around and boost the economy. But we never raised it from those 2008 lows, kicking the can down the road - and cheap lending has made rampant speculation on both assets and securities much more common. This drives up the prices of both, leading to higher rents, impossible to buy cars, jobs at companies that are artificial pumped up by debt (think Silicon Valley stupidness, where money is being thrown at practically anyone who can breath), riskier and riskier business practices and investments (crypto!), and a lot of other really bad things. The Fed was too slow to raise interest rates and slow growth before it got out of control, and it's lead to very few people getting much richer off the ability to properly leverage these low interest rates, and that money has to come from somewhere - so it comes from the people too poor or unwilling to speculate on the price of houses or large companies.