1. Find a place with a growing population and restrictive zoning 2. Corner the housing market 3. The population keeps growing but the restrictive zoning means

1. Find a place with a growing population and restrictive zoning 2. Corner the housing market 3. The population keeps growing but the restrictive zoning means more housing doesn't get built 4. More people competing for the same housing stock means prices increase Whether they keep the housing forever or not isn't what they're thinking about, they can decide later.