Earlier quoted context omitted.
His debt doesn't fund consumption, it funds real estate, which he rents or sells for a profit. He's not advocating to go into debt for a lush Bahamas vacation. The value of long-term debt to fund real assets is that inflation corrodes the debt value, while boosting the asset value. Even if the asset doesn't appreciate above the inflation (meaning you do nothing all day), you can still make money if interest is lower…
I dunno if you rent, but the state of rental markets because of people like this is the definition of parasitic behavior.
Also you seem to have cause and effect backwards. When people like him buy new homes and put them on the market, rent goes down because there are now more landlords competing on price.