Sure, a single person can have multiple roles in the system. But this line: > Owners expect (and bank on) the value of their house increasing faster than inf

Sure, a single person can have multiple roles in the system. But this line: > Owners expect (and bank on) the value of their house increasing faster than inflation. may be true for an owner-occupier for whom price appreciation is the only way they can treat their house as an investment, but it’s not at all true for someone receiving monthly rents that exceed their costs. It’s like comparing the prices of two stocks while ignoring the large dividend payments paid by one of them.