I meant capital appreciation in the value of the slip. Today at auction that slip is worth $37K. Next year if it is worth $38K, then leaving the rest of his example as is, buying is about equal to renting. He has interests rates in his example buried in the time value of $37K.
I don't think it all that clear that the capital appreciation of this specific asset is well correlated to the Fed's low interest rates. As a global effect, yes interest rates are a factor. but each asset stands on its own. Slips and other condos have depreciated more than over the last few years than the overall real estate market. They may appreciate more when things recover.
Then again sometimes a turd is a turd.
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