Economic growth raises property values, speculators pile on hoping to make money for nothing, property values rocket upward taking rents with them, rents exceed

Economic growth raises property values, speculators pile on hoping to make money for nothing, property values rocket upward taking rents with them, rents exceed their productive value, businesses close and people leave because the rent is too damn high, and recession ensues. Expect property owners to hang on as long as they can. Henry George laid this out 144 years ago in Progress and Poverty. Once you've seen it, you can't un-see it.