Can you please link me a list of cities with a better buy:rent ratio when comparing 2008-2011 SF to 2021 SF? Assuming you were to buy and rent now, since that's the conversation we're having. I have some friends who would be really interested. I just tried to find some on my own, and I could not.
I don’t think you understood his point. Obviously, those homes have appreciated. His point is that people who own property right now in SF stand to make more money by simply selling their property, and using the proceeds to purchase property in other cities around the country, with better ratios.
Appreciation, by itself, will naturally drive this ratio down because of rent control laws. The value of the home is the denominator in that fraction.
I don’t think you can make a claim and then dismiss counter-claims based on relevance. You decided that relative profitability of rent in different cities was relevant here.
They've made more money from appreciation than from rising rents.