[vanattab]

So maybe a dumb question but how can this possibly be true without landlords losing their shirt? If it is cheaper to rent the building then to own it? They only thing I can think is this not and apples to apples comparison i.e. maybe the average rental was 900sqft apartment vs 1300sqft condo or something.

[b3morales]

Another possible factor, though I don't know how big it is, is that landlords now aren't paying housing prices now. They purchased some time in the past.

[nexuist]

Bingo. And, the selling price of the building increased over time with basically zero cost to the owner. Sure they paid for maintenance and improvements, but they don't need to in order to benefit from localization-based appreciation.