It's an interesting thought experiment. We've seen a shift of preferences towards externalizing the risks of asset ownership to third parties. Many people toda

It's an interesting thought experiment. We've seen a shift of preferences towards externalizing the risks of asset ownership to third parties. Many people today prefer to purchase a stake in a real estate conglomerate, and contract out the maintenance and labor, rather than own an apartment building outright and operate it themselves. It's an attractive option for the owners, but carries the risk of creating bureaucracy for the renters. I think if we continue in this direction, we'll see a resurgence of co-op style ownership, where no individual can afford to purchase the 4 story brownstone in Brooklyn, but a board of 4 shareholders can. If you want to buy a house for yourself to live in, you might be purchasing a vanishingly-small set of "living-rights" shares from a conglomerate. You won't have to pay for your hot water heater, but you won't have the right to repair or fix it yourself.