That universe is hard to imagine without legislation, because landlords will have mortgages and in general rent will be more than the mortgage, so in general it

That universe is hard to imagine without legislation, because landlords will have mortgages and in general rent will be more than the mortgage, so in general it will always be cheaper to own than to rent. That this is not true in all markets only indicates that speculation is driving that market, and either non-market forces are restricting supply, or the market will likely self-correct.