The 20-year worldwide central bank credit boom has generated vast overinvestment in mining, manufacturing, transportation and distribution capacity worldwide.
Bank reserves are not "multiplied" by the banking system nor is such a multiplication necessary for the expansion of bank credit and monetary liabilities.
In most countries, the central bank (or other monetary authority) regulates bank credit creation, imposing reserve requirements and capital adequacy ratios.
Rising construction costs and delays have already tipped over several apartment schemes, with cautious bank credit controllers only willing to fund those projects with exceptionally robust development margins.