Here is the issue, asset price is inverse of interest rate.
When rates were dirt cheap like what we have seen since the Great Financial Crisis, we went through over a decade long irrational asset bubble, the ones that get hurt are the people who bought during the last two years thinking rates would never go higher.
The top 1% benefited the most seeing all their assets appreciated so much and many took advantage selling into the buying frenzy. Or just held onto generation HODL and collect higher and higher rents.
What’s next? The rich will pick up distressed assets as high interest rate make the principle value cheap again. Their cash flow continues unabated.
The masses continue without fail trapping in debt slavery and mortgage their productive life away, they always FOMO the top.
It is one of those things many did. When I collared my mortgage (bought just before Covid made any impact on the world), people said I was crazy, as I would be paying more than the already super low interest rates.
Absolutely. A couple years of pain for the 99% - buying opportunity for the rest.