And higher rents result in higher real estate prices. With lower rents housing prices would fall to their intrinsic fair value.
Also a lot of people invest in real estate without external financing (unless it’s way too cheap & an opportunity - a few years back b2b loans were at 1% vs 4+% now). Investment companies on the other hand ofc optimise cost of financing with target yields and leverage.
ultra wealthy would be the only ones profiting
I don’t understand. They do that now, at a much larger scale, I work for them :D. And with low rents everyone would benefit more on average.