That's it. Tons of homeowners are letting at a loss in the superstar cities. They're banking on appreciation, or see inherent value to stake a foothold in their

That's it. Tons of homeowners are letting at a loss in the superstar cities. They're banking on appreciation, or see inherent value to stake a foothold in their city, possibly for generations. The cost of renting in the most expensive markets is much lower than the cost of home-ownership in those same markets. It's not because of supposed rent-extraction of landlords that housing is expensive. Renters will be in for a cold shower if they think that the cost of rent is just because of parasitic extraction from landlords right now. It's because of a zoning structure and tax-code which punishes capital investment in land, and favors speculative landholding. Without meaningful change to either, there won't be downward pressure on rents.