My thesis since Covid has been simple - the 50% run in real estate prices during Covid pulled years (maybe even a decade) of appreciation into the present. Rents lagged and they need to converge before real estate can find the footing and the demand to appreciate sustainably. With wage growth declining this operates like a huge headwind on rents. So the convergence will be slow. And it won't happen with real estate prices crashing because there's still pent up demand that can't be fulfilled because mortgage rates are just too high. It's there though, like a dam ready to burst when, if, rates ever come down. The chart looks like 2008, but it's not because you don't have the same forced seller debt dynamics we did then. But with rates at 7.5% on the 30 year this asset is dead money because it just makes too much sense to rent by comparison. I think we're looking at upwards of another 5 years of dead money in real estate until this chart converges a lot more.