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You need to review your assumptions.

> There is no landlord renting at a loss.

there absolutely is. Again, most people don't do the math. It's no different for their rental property. They think it is "worth it".

> the landlord is going to pass that cost on to the renter.

Nope, there are a lot of studies on this. Rental prices are defined by offer and demand, not by costs for the landlord.



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