However, supply and demand conditions in the labor market for regular employees do not seem to be so tight, and therefore it seems difficult to expect significant increases in their base salaries, which will be the subject of discussion during the wage negotiations.
Short-term rates were low in 2002-04 as the Federal Reserve countered the risks it saw to good economic performance, and these low rates probably had some effect on housing markets at the time. But the problems largely built up after policy rates were well on their way to neutral, and other factors appear to have played major roles.