I've been a landlord. I absolutely was not wealthy.
I bought a house to live in because it was the most affordable solution. When we moved for my husband's career, it got rented out and we became renters elsewhere because we couldn't afford to sell. The market had tanked, our house value had dropped and we didn't have enough equity to sell it without losing our shirts.
Not all landlords are filthy rich. Even if they are, if they are heavily invested in real estate and everyone stops paying them, they will soon be in real trouble themselves.
No one has a Scrooge McDuck swimming pool of money. Rich people tend to have equity in the form of stocks and real estate. When the economy tanks in a big way, they aren't immune from the effects.
This is why a lot of people jumped off of ledges when the stock market tanked in 1929. They knew they were suddenly wiped out and couldn't face living that way.
I bought a house to live in because it was the most affordable solution. When we moved for my husband's career, it got rented out and we became renters elsewhere because we couldn't afford to sell. The market had tanked, our house value had dropped and we didn't have enough equity to sell it without losing our shirts.
Not all landlords are filthy rich. Even if they are, if they are heavily invested in real estate and everyone stops paying them, they will soon be in real trouble themselves.
No one has a Scrooge McDuck swimming pool of money. Rich people tend to have equity in the form of stocks and real estate. When the economy tanks in a big way, they aren't immune from the effects.
This is why a lot of people jumped off of ledges when the stock market tanked in 1929. They knew they were suddenly wiped out and couldn't face living that way.