Yes on the first part and not quite on the second. Let me 'splain.
Loans from banks will be difficult to qualify for because the higher interest rates cause the payments to be higher. Debt to income (DTI) ratios will disqualify most borrowers.
If you were around when rates were in the high teens, you know what I’m talking about.
Second part - rents don’t go up automatically, but when tenants have no option to purchase a home of their own, landlords can raise rents knowing their tenants have no choice.
Last time we had loans available to anyone who could fog a mirror, the banks seized on the opportunity to lend all they could and package and dump those toxic assets on unsuspecting investors.
We’ve learned our lesson.
As a country, we’re all smarter now, right?