For example if you want to go buy a rental property [classic "passive" income route - and yes loathe are landlords i know) the price at which you would buy the

For example if you want to go buy a rental property [classic "passive" income route - and yes loathe are landlords i know) the price at which you would buy the property currently would put pressure on having unsustainably high rental rates such that you have to make a bet on the price of the asset going up significantly over the next twenty years. Current rental rates (in my city) would require pushing tenants to untenable rates and even then you would only be covering principal payments and maybe property tax. Interest is out of pocket. So you tie up a heavy capital load for twenty years on the hopes of an escalating market. If you end up in a recession you end up holding an overly expensive property that you now have to pay for yourself. I am not saying feel bad for the land lord - I am pointing out that that assets are very difficult given macro conditions to find that look attractive in the medium to long run at current valuations.