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owners will be less likely to sell if they cant make a profit either, further reducing supply

Plenty of owners will sell a depreciating asset, especially non-resident owners.

Or just rent it out, which is honestly the easier option if you do proper vetting of renters

Well if rental and sale prices track, as they often do, this is also not a great strategy.

Rents have increased 15% in 1 year, and landlords are still trying to recoup covid losses. I doubt we will see rents decrease

As have home prices

also who wants to sell when they got a 30 year loan at a historically low rate

There will still be turnover. The elderly won't stop dying just because of their low fixed rate mortgage, for instance.