Massive wealth creation in a very small geography creates inflation. I don't see how this is controversial in any way.

Ask the citizens of Portland why they are so angry at Californians moving into the area. It's because a small number of Californians are moving into the area, and they are considerably richer than Portlandians, so they drive up the housing prices for everyone. The exact same phenomenon is happening right now there, and Seattle where rents and house prices are skyrocketing because of wealth.