I think the situation you allude is something like the "buying without caring whether you are a landlord" problem. A combination of speculation and the US print

I think the situation you allude is something like the "buying without caring whether you are a landlord" problem. A combination of speculation and the US printing money to backstop property values results in a situation where large and small investors buy property primarily for the appreciation and, sure, they'd like to get rental income but getting rental income is a high priority so they're OK pricing tenants out of the market and behaviors that result in empty buildings that still increase in value.