It's the symptom.

Whip-saw interest rates push vulnerable middle and lower socioeconomic people out of their mortgages (and other asset building debt too), hence taking their assets.

Then, the rates also increases the cost of living, while wages stagnate to match this. So their buying power is less. The whip-saw nature of this creates this total latency, and some job wages never even make up the difference.

The wealthy class meanwhile swoops in and acquires those very assets once held by the midde and lower class but now for cheaper.