I think the idea is that if the market demand is such that it allows them to raise rents, they'd already have done it, whether or not expenses justify it.

Yeah, that's unlikely. There are certain classes of renters it can't be passed on to during their rental term, but I'm guessing it can and likely would in general.

People can also sell their land/homes and move. It's less liquid than other assets, but less doesn't mean people won't sell/leave.

I'm curious what costs you think will roll downhill and why