Because investment companies own all the buildings. They raise rents consistently every year regardless of the market.

In addition, banks and investment companies bought up TONS of houses and just sit on them waiting for peak market, even then, tons of them don’t ever get put on the market. They’ve realized that holding the depreciated asset can be worth more than booking the loss by selling houses that have fallen into disrepair while being sat on.

I looked at a 2 family split in cove 8 years ago that popped into the market for a week, then they pulled it. I live near there now and last time I checked it was still empty.

Then, just to top it off, there are thousands of illegal rentals in Stamford, where someone owns a house and rents out a room or each level, or every room on every level of a house that was meant for a single family.

Artificial scarcity and proximity to job markets that pay VERY well… great recipe for endlessly appreciating property values.