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He assumes an average monthly rental cost of $1354, and 3% rent increase annually. I have lived in apartments where they increased the rent 10% one year and 15% the next.
Even putting that aside, ok, by the time you're dead, say it works out to the same amount spent. But as an owner, you've now invested in a generational asset. Renting now means your kids and theirs will also likely rent.
Gtfo.
You’re forgetting that elder care will eat up that wealth.
Which is the problem we have: For way too many people an asset capable of depreciation is their main or even only retirement savings. So reducing the price of housing will be a problem for a lot of local and state taxpayers.
Not saying it's right, just saying how it is.
Wait - can you explain this further?
Why depreciating asset?
Also, they probably aren't selling it right? Just using as a rent-free option after paying mortgage to lower cost of living?
What am I missing?
If we increase the supply of housing, the price of existing stock will go down. Heck, if we keep hedge funds out it might go down, or at least not increase as much as it would.