This is absolutely happening. Can’t remember if I’ve posted this rant before or not but here goes anyway. We are undergoing a massive secular consolidation of the ownership of the housing stock of this country in the hands of fewer and fewer institutional capital groups. 50 years ago every housing unit was owned by an individual, even apartments. Today an ever growing number of households rent and that number is going to keep growing as we keep building more rental housing as a % of overall new housing units. Since I develop apartment complexes my job is to build vehicles that reach further and further into peoples pockets to facilitate this transfer of wealth. I said that to my boss one day he looked at me like I had three heads. He’s a Wharton B school guy so I know he knew I was right. I think he was just surprised I actually said it out loud. But that’s our world. Better buy the stocks of the companies that own everything I guess.