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Yes, but they miss something too…
Because of the soft rental market from 1990 to 1997 and then the subsequent home run, very little rental housing was built.
Occupancy in large scale rental developments are unsustainably high.
The question will be who gets busted out first: home owners or renters?
Keep in mind that from 1990 to 1996 bottom that the bulk of the decrease was inflation. The nominal prices only fell 10% or so.
