The man that inspired them...
"Over the course of his life, Feeney has given away more than $8 billion.."
"As of 2016, he lives in a rented apartment in San Francisco, with a remaining nest egg of $2 million"
> Feeney is known for his frugality, living in a rented apartment
Seems like renting isn't that frugal in the long-term though... it's unlikely cheaper long-term than owning a condo or small home, ie. you're either paying your own mortgage or someone else's mortgage + rental profits.
It's not that straightforward. Because the capital generally appreciates too, the rental costs can be driven down below mortgage costs in some cases. But even without that, most mortgages require deposits, and to compare that against rental you also need to compare potential return from investing that deposit instead.
You can certainly profit by buying - I have profited substantially that way -, and buying serves as a hedge against outsize increases in rental costs, but there are also many situations where you can profit by renting.
Calling it out as a demonstration of frugality on the other hand is a bit odd.
California has insane property tax control, if he bought decades ago he'd be sitting on millions in property value and pay nearly nothing in taxes. Works both ways if you get lucky.
They also have insane tax control. If you've been in your house for decades you pay a far lower tax rate than your neighbors. There are too many people without skin in the housing market game, we should get rid of both Proposition 13 and rent control and let everyone feel the pain of what happens when you don't build enough houses.
https://en.wikipedia.org/wiki/Chuck_Feeney