High cost of capital is high cost of capital-- whether you're borrowing or foregoing other returns on capital to use it for real estate. (Not to mention the no

High cost of capital is high cost of capital-- whether you're borrowing or foregoing other returns on capital to use it for real estate. (Not to mention the not fully internalized effects of interest rates on other buyers' and sellers' behaviors-- prices have not nearly moved as much as one would predict from interest rate changes).