Landlords aren't dumb. Their payoff is pretty much binary: ($rent, 0). It doesn't matter how well a startup does, the landlord will get at most $rent. If anyth

Landlords aren't dumb. Their payoff is pretty much binary: ($rent, 0). It doesn't matter how well a startup does, the landlord will get at most $rent. If anything its the VCs who are dumb: why are they not investing in startups in Midwest US, or (say) Paris, Sao Paulo, Tokyo, etc?