It’s easier to borrow for rich people too, and they have a lot more money to borrow with, so they can pull out cheap loans and buy everything up. If rates are higher then the poor can’t afford current prices, but current prices were driven up by low interest rates. The rich and the poor borrow for different reasons. The poor borrow because otherwise they can’t afford the things, the rich borrow because it seems like a good investment. That’s how you get things like housing as an investment instead of as shelter.