It&#x27;s a huge game played by the banks to extract economic rent. Landlords are taking a slice and providing a risk buffer for the banks. I find the whole practice, which as you noted in SF is taking up all spare income, disgusting.<p>Your comment is worded strangely also - I&#x27;m saying they are speculating on land. If they are buying and making a little just by providing a service I have less of a problem with them, but this simply isn&#x27;t possible in the current environment of unlimited fiat issuance. The bank lending and endless speculation means wealth producers are squeezed to the limit.