This idea presupposes that owners are looking to be landlords. There is so much cash floating around the high end of the economy, thanks to QE and tax dodging

This idea presupposes that owners are looking to be landlords. There is so much cash floating around the high end of the economy, thanks to QE and tax dodging and everything you've heard about, that RE is purchased simply as a way to diversify holdings beyond stocks & bonds. It never has to be used.