[paganel]

> perhaps even putting the real-estate investor under water if they're leveraged

This made me believe that the OP was talking about a loan, contracted from another private entity (like a bank), so that the real-estate investor renting the place at a sub-threshold price would have meant that the initial estimation on which the real-estate investor had received the loan were not met anymore in case of a refinancing (and most of these types of projects get re-financed from time to time).