What you musn't lose sight of is the effect of the prolonged low interest rate environment on asset prices. Money is cheaper to borrow so zero-sum competition for things like good schools drives prices up. The beneficiaries of this are older people who owned property before the low interest rate environment. The people who'll pay for it are those who are buying now, and will continue to pay well into the future. Thus the inter-generational transfer of unearned wealth.
