I mean… kinda?

I think you’re putting too much evil intent behind the motivations though. Supply and demand isn’t some made up excuse. If the prices were to stay the same and everyone had more money, then there would be shortages. It’s not as if a factory can instantly increase production and the supply chain can instantly get the products on the shelves over night. There are real world factors involved in increasing production.

So what happens is prices increase for many products and this results in inflation. Nobody wants inflation, not even the wealthy. So the central bank will want to tamp down that inflation and the lever they use for that is increasing interest rates. So you wanted to put that UBI towards a mortgage or a car payment? Well a lot of it will be going towards the increased interest on the money you’re borrowing.

And the thing about inflation is that it doesn’t really get reversed. So the inflation from the initial shock to the economy would take a bite out of UBI (and also the income besides UBI). Your employer may be less likely to give you a raise to offset that inflation because you have UBI. and the fix for the inflation will mean paying more interest on a mortgage.

So yeah, UBI wouldn’t gain people much. It’s mostly just a poison pill promoted to kids by wealthy people like Andrew Yang so you don’t push for an increase in minimum wage. An increase in minimum wage would be a direct transfer of wealth from businesses to employees. They don’t want this so they promote UBI which isn’t actually feasible to distract from minimum wage increases (which almost everyone supports) and make taxing the wealthy less likely (which is also supported by most, but not when it’s to pay for UBI).