Wealthy people that can afford luxury units only rents one unit, and if that unit is in a luxury building then they won't compete for the rest of the housing st

Wealthy people that can afford luxury units only rents one unit, and if that unit is in a luxury building then they won't compete for the rest of the housing stock. An old building should have decreasing rent over time if the quality of the landlord does not invest in getting the units up to standard, unlike in the bay area where even moldy out-of-date units are going for about he same as a new luxury building unit.