No, things are done slightly differently on DreamHost. How you go about this really depends on what you are trying to achieve.
If you want to give your friend his own space, separate from your own, the easiest way would be to create a sub-domain (ie: subdomain.dubisteinspundloch.com) and specify your friends username as the FTP user for this sub-domain, using the dropdown control when creating it.
Then when your friend logs in via FTP, he will see his own home directory with a directory for this sub-domain and when you log in via FTP you will only see your own home directory and the directory for your own domain.
You can create sub-domains in the Web Admin Panel at Domains -> Manage Domains -> Add New Domain / Sub-Domain
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