I suspect landlords will still need to increase rents to offset costs for the business case to make sense. But what might contribute even more to prices stabilizing back to utility costs is millennials/gen-z stacking bitcoin and renting instead of buying.

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Absolutely.

That will (hopefully) drive down RE prices long term. + For those who hold Bitcoin, things become cheaper over time …

Yeah, I don’t expect nominal prices to go down. Though prices adjusted for inflation might stabilize. And yes, rents priced in bitcoin become cheaper.