Vance's explanation was more political than accurate. There are things to pick apart in the article, but overall, I found it more accurate... And that's saying something from the publication. It's usually the establishment line.

Real Wage growth ended in 2000. Since then we've been flooded with cheap credit to disguise that fact.

If you flood the market with liquidity in the form of credit for the same amount of goods, you get rising costs of goods. It really is that simple. More people with more money bidding for the object, leads to higher sales price.