Agreed. It is worth mentioning that in CA my landlord is benefiting greatly from Prop 13. They bought the house a long time ago, it is almost certainly paid off by now. And due to prop 13 they have locked in absurdly low property taxes. This is a big quirk to the CA rental market. Anyone buying a property now in order to rent it out is going to see significant negative cash flow. I think AirBNB renters can squeak out a positive cashflow, but they better hope bookings don't dry up.
