My current rent is half (literally) what I’d pay in mortgage and property taxes if I’d bought the same place at the same time. That was when rates were low. It’s even crazier now, with the interest rate spikes.

  Even at the maximum rate it’s allowed to go up, it would take 5 years for that to change. But that isn’t happening, because California prices dropped 30% yoy already, and it isn’t stopping there anytime soon.

Conservatively, my landlord has been ‘paying’ me $4500/mo due to the difference. She inherited it, and refinanced with low rates, so she’s fine at least. A lot of folks I know are staring at bankruptcy right now.

Landlords haven’t had positive cash flow on a property in California in at least 5 years (based on ‘purchase now’ numbers).

What you are talking about is the ‘sane market’ behavior, but that hasn’t happened anywhere in the country (near as I can tell, from real estate investor friends) for years.

Hold onto your butts.