Someone said the other day that due to the rise of crypto values if you got, say a bitcoin loan to buy a house instead of USD you would be bankrupted by the next bull run, so we will not even be able to put a roof over our heads without further enriching the owner class?

If you get a loan using Bitcoin as collateral to buy a house, the house is not at risk, only the BTC. If you default, you keep the house but lost the Bitcoin.

So your analysis falls down there.

As for the rest of it, where has that happened. You do realize that technology has raised the standard of living for most of the planet.