Earlier quoted context omitted.
Baffling comment. Providing rental property is a legitimate business.
Read more Adam Smith. In practice, PMCs in college towns are bad actors. At least, on average. They are basically sitting on an investment (land) and providing the minimum level of work necessary to keep money flowing. It’s a legitimate business in the sense that it is “legal”. However, the profits do not correspond to the value that they provide to the economy.
Is that how you measure the value of the business?