Rate double will kill the market and real estate

Provided it is real interest rate not nominal interest rate.

Like in the 1980's, you will see many stores board up their windows and close their doors.

You will also see massive unemployment up north of 25%.

And You will also see many TBTF banks go belly up.

FED is clear about the consequences so inflation, inflation to let the currency to defunct.

Interest rate affects the bottomline of business, because it increases borrowing costs. Real Estate is no exception.