the ones that get hurt are the people who bought during the last two years thinking rates would never go higher.
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.
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.
Absolutely. A couple years of pain for the 99% - buying opportunity for the rest.