Inflation adjusted salaries would have had the same effect in terms of enabling the housing ladder climb. If you only lock interest rates to inflation what you get is a population of insolvents, and richer banks.
Not really, in Argentina salaries get adjusted by inflation all the time, however house prices are in USD (because the peso is worthless), and we are talking over 60K usd for an old 1bed in a not really nice part of buenos aires city, and buying property for locals is impossible.
You have to also consider that, last time I checked was late 2019, now it's probably worst, ~90% of argentinians earn less than 300 usd a month, and since there is no credit, buying something is almost impossible without the aid of your parents.
A lot of people my age (31) +/- 10 years, middle class, professionals, are leaving the country in droves to Europe, Canada, USA and other LATAM countries as we realize there is no hope things will get better, as it's the same story our parents and grandparents went through.
This system doesn't exist to make consumers "climb the housing ladder", it exists to give foreign investors a higher guarantee in a high or highly variable inflation environment.
