[koilke]

If property returns around 5% per year, lending $90k for a stay would be around $4.5k per year and represent perhaps a $375 monthly apartment. Given that you are not even paying fully for the apartment, this makes it possibly even more valuable. This can be considered quite decent given that there is more or less no risk involved. An index fund may generate higher returns maybe even 7% but given the low risk the system may be generous. As an institution it may of course beg other questions if the money is well invested, if it creates a bubble etc.

Housing returns:https://www.nber.org/system/files/working_papers/w24112/w241... S&P : https://www.investopedia.com/ask/answers/042415/what-average...

[Leftium]

Also as someone pointed out: money "earned" by not paying rent is untaxed.