I’m thinking out loud here but: Lets game this out. Let’s say that interest rates go up significantly- say, to 12% or something. Ok, so then naively you would probably expect house prices to fall, because people won’t be able to make payments otherwise. But what if you’re someone who bought a house in the low rates/high price era. Are you going to sell? No, because your mortgage is underwater- you can’t afford to sel…
High interest rates turning into bankruptcy and people selling their land to the rich is as old as time itself.
It’s how the Roman republic became the empire as small farmers were bought out by huge landowners, financed by the spoils of war which went mostly to the 1% at the time. Then family farms became replaced by slave labor. History doesn’t repeat but it often rhymes.